The government will draft a new bill on urban development, which will among others set “consent thresholds” for redevelopment.

Presently, redeveloping a building requires a hundred per cent approval from residents.

Housing and Local Government Minister Nga Kor Ming said this requirement could lead to unfairness if the majority of a building’s residents want it redeveloped, while the minority do not.

Nga said the ministry plans to establish a threshold of 80 per cent approval for buildings which are less than 30 years old and 75 per cent for buildings older than 30 years.

For buildings deemed unsafe and abandoned properties, he said, the ministry proposes a reduced approval threshold of 51 per cent.

“We are several decades behind other countries in urban renewal, compared to countries like Singapore and Australia,” Nga said in a statement.

“With this act, we can ensure that urban development is sustainable and safe for residents,” he said, adding that there are risks associated with aged and dilapidated buildings.

Nga said the National Council for Local Government chaired by Deputy Prime Minister Datuk Seri Fadillah Yusof, has agreed to draft the bill for the Urban Renewal Act.

It is expected to be tabled in Parliament next year.

Meanwhile, Nga said Kuala Lumpur City Hall has identified 139 potential sites for redevelopment with a gross development value of RM355.5 billion.

Previously, the National House Buyers Association (HBA) insisted that any plans for redevelopment, rejuvenation, or renewal of real estate in Malaysia must have the unanimous consent of all unit owners.

Source: NST Online

Tesla Malaysia has made a significant move to strengthen its presence in the northern region with the opening of a new service centre and workshop in Seberang Jaya. The facility, unveiled by Tesla regional director Isabel Fan, is equipped with cutting-edge body and paint services, designed to provide comprehensive support for Tesla owners. This new centre will play a crucial role in ensuring that maintenance and repair services are handled efficiently, offering Tesla owners in Penang faster and more convenient service options.

Isabel Fan emphasized that the service centre is part of Tesla’s broader strategy to enhance customer experience by offering superior service capabilities and accessibility. The new facility is expected to cater to the growing number of Tesla users in the northern region, helping streamline after-sales services and contributing to the brand’s growing footprint in Malaysia.

In addition to the new facility, Tesla launched its first V4 supercharger station at Gurney Plaza. This advanced station, which features four 250kW chargers, was inaugurated by Penang Chief Minister Chow Kon Yeow. It will not only meet the charging needs of local Tesla owners but also support long-distance travel across the northern region, making EV charging more accessible and convenient.

Tesla is also set to deliver its first vehicles in Penang. On September 12 and 13, 25 new Tesla vehicles will be handed over to owners in a two-day delivery event. This marks a major milestone for Tesla in Penang, signaling the increasing interest in electric vehicles (EVs) and further promoting sustainable mobility in the state.

These key developments underscore Tesla’s commitment to expanding its operations and infrastructure in Malaysia. With the new service centre in Seberang Jaya, the V4 supercharger at Gurney Plaza, and the upcoming vehicle deliveries, Penang is set to become an essential hub for Tesla, reflecting the company’s dedication to meeting the growing demand for EVs in the region.

Jayamas Property Group is delighted to announce a soft launch event for the Ventus and Tradesmen project this weekend on 14th and 15th September 2024, from 10 am to 6 pm. This event will be held at Ventus & Tradesmen Sales Gallery which is located at Level 1, Queens Waterfront 2, Penang Island.

The launch will embrace a Mid-Autumn Festival theme, featuring traditional lanterns and mooncakes to create a vibrant and culturally immersive experience.

Event Highlights

• Lantern Making Workshop
• Snow Skin Mooncake Workshop
• Pet’s Walk
• An insightful Investment Talk
• Brand-New E Class Test Drive

For more information kindly contact 016-291 6133.

ELNA PCB (M) Sdn Bhd, a subsidiary of Global Brands Manufacture under the PSA Group, has officially opened its second facility in Penang’s Perai Industrial Zone. This expansion represents a significant investment exceeding RM1 billion and aims to further strengthen Penang’s position as a global electronics manufacturing hub.

The new five-story manufacturing plant, located adjacent to ELNA’s first facility, was inaugurated by ELNA PCB president Ian Yang and Penang Chief Minister Chow Kon Yeow. Yang highlighted that the plant’s first production phase will generate 300,000 square feet of printed circuit boards (PCBs) for industries such as automotive, server, network equipment, personal computing, and consumer electronics. As demand grows, the plant is projected to reach a full production capacity of 1 million square feet.

Yang noted that the existing facility will continue manufacturing double-sided and multi-layer PCBs, while the new plant will add advanced production capabilities, enhancing supply chain flexibility and catering to diverse customer needs.

PSA PCB Business Group president Lance Tao emphasized that the expansion reflects the company’s commitment to providing world-class solutions. Penang, a major hub for Malaysia’s semiconductor industry, offers a rich talent pool and favorable business environment, making it an ideal location for ELNA’s new facility. Tao also praised Penang’s robust industrial ecosystem, which aligns with PSA’s growth strategy.

Chief Minister Chow expressed pride in Penang being the preferred choice for ELNA’s expansion. He highlighted the project’s impact on the local economy, with over 1,000 new jobs expected and a transfer of cutting-edge manufacturing technology to the region. Chow also emphasized that ELNA’s continued investment in Penang, where the company has been present for over 30 years, is a testament to the state’s sustainable industrial growth and appeal as an investment destination.

The opening of this new facility marks a significant milestone in ELNA’s growth and Penang’s continued rise as a global electronics manufacturing leader.

Image source: Facebook

Penang recorded 2,400 unsold residential units in the first half of 2024 (1H2024), placing it fourth among states with the highest property overhang, according to the National Property Information Centre’s (Napic) report. The total value of unsold units in Penang amounted to RM2.02 billion, reflecting the ongoing challenges in the state’s property market, particularly in the high-rise condominium and apartment sectors, which dominate the overhang.

Kuala Lumpur topped the list in terms of value, with RM3.06 billion in unsold properties, while Johor came in second with RM2.80 billion. Despite Penang’s high number of unsold units, Perak had the largest volume, recording 4,161 units, accounting for 18.4% of the national total, followed by Johor (3,219 units) and Kuala Lumpur (3,051 units).

Overall, Malaysia’s property market overhang improved slightly compared to the second half of 2023 (2H2023), with the total number of unsold units falling by 12.3% and their value decreasing by 19.5%. The report showed 22,642 overhang units worth RM14.24 billion in 1H2024, compared to 25,816 units valued at RM17.68 billion in 2H2023.

Condominiums and apartments made up nearly 60% of the national overhang, with 13,535 unsold units. In Penang, Johor, and Kuala Lumpur, these high-rise properties accounted for 18.9% of the total unsold units across the country. Terraced houses contributed another 24.4%, or 5,524 units.

Napic also noted that the overhang was most prevalent in the affordable housing segment, with properties priced below RM300,000 making up 30.2% of the total. However, units priced between RM500,001 and RM1 million followed closely, contributing 29.6% of the overhang. Despite some improvement, the number of unsold properties under construction rose by 13.3%.