A proposed affordable housing development by Sunrich Conquest Sdn. Bhd. in Paya Terubong, located near Jalan Bukit Kukus, just a stone’s throw away from Asia Heights apartment. It is approximately a 5-minute drive to Air Itam, with an abundance of essential amenities within a 3 km radius.

This development comprises two blocks of 35-storey towers, offering a total of 1,670 affordable housing units, with 6 levels of car parking podium. Facilities will be located on levels 7 and 8. Additionally, there will be 32 units of commercial lots located at the ground level.

The project is still in its planning stage and more details will be available upon official launch.

READ MORE ABOUT AFFORDABLE HOUSING:

• Full list of affordable housing in Penang
• Eligibility and the requirement of buying affordable housing

Project Name : (to be confirmed)
Location : Paya Terubong
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 1,670
Indicative Price : RM300,000 onwards (affordable housing)
Developer : Sunrich Conquest Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

The local property sector is poised for significant growth, driven by macroeconomic factors and thematic plays, analysts say.

TA Research said the rise in developers’ share prices is more than just a fleeting trend and is, instead, a golden opportunity worth accumulating.

“Since August last year, our stance on the property sector has turned bullish, spurred by the emergence of compelling catalysts driving a re-rating.

“These include political stability, increased foreign direct investments, the rollout of major infrastructure projects, the establishment of special economic zones and the continuation of homeowner-friendly policies,” the research house said in a report on Tuesday.

TA Research said the burgeoning data centre thematic play, which was absent during the 2013 upcycle, is now a significant growth driver.

“The property market is not only riding a wave of positive news but is also backed by solid fundamentals and growth prospects.

“Despite the sector’s current valuation being above the long-term average, the strong economic fundamentals and new growth drivers provide a compelling case for continued upward momentum,” the research house said.

TA Research noted that the positive shift from August last year has been validated by the rally in share prices among property developers, with the Bursa Property Sector Index (KLPRP Index) concluding 2023 as the second-best performer on Bursa Malaysia.

“Notably, it recorded a substantial gain of 34.5%, trailing only behind the Utilities Sector Index, which surged by 51.4%. This performance notably outpaced the benchmark FBM KLCI, which experienced a decline of 2.7%.

“Although the KLPRP Index retracted some gains in the last two weeks of June as investors locked in profits, it still maintains a 28.7% gain year-to-date, outperforming the benchmark FBM KLCI’s 10.7% increase,” the research house said.

TA Research said comparatively, in 2013, the country’s economic strength was centred primarily on the Klang Valley and Johor.

However, in 2024, there is the emergence of two additional economic powerhouses, namely Penang and Sarawak.

“For the first time in Malaysian history, major public transportation infrastructure projects are simultaneously underway in the Klang Valley (mass rapid transit line 3 and high-speed rail or HSR), Johor (rapid transit system or RTS), HSR and automated rapid transit or ART), Penang (light-rail transit or LRT), and Sarawak (Kuching Urban Transportation System ART).

“This shift, alongside an improving macro-economic outlook, increased infrastructure investments and various housing schemes aimed at assisting first-time homebuyers, points towards a more resilient housing market moving ahead,” the research house said.

Meanwhile, UOB Kay Hian (UOBKH) Research said in view of the record-high total investment for the country over the past two to three years, it anticipates positive spillover effects on the property sector.

“Property transactions are hitting record highs, overhang is decreasing, and investment is climbing in the real estate sector, suggesting that the worst may be behind us,” the research house said.

UOBKH Research said in the second half of 2024, the outperformance momentum is expected to continue on government policies like the Industrial Master Plan 2030 and data centre investment incentives boosting land sales for the industrial segment.

Source: TheStar.com.my

About Wellspring Residences

A high-rise residential development by Airmas Group in Butterworth. Located near Jalan Telaga Air, next to Telaga Emas Apartment by the same company. It is about 500 meters away from the ever-bustling Jalan Raja Uda, and only a 5 minutes drive to Penang Sentral. This development comprises a 21-storey condominium, featuring 144 residential units with built-up sizes ranging from 1,070 sq.ft. – 1,260 sq.ft.

Find out more about Wellspring Residences

Silicon Island reclamation works ongoing as of June 2024. (Source: The Star)

Penang Silicon Island, an ambitious reclamation project that is garnering international acclaim for its innovative approach to urban development and sustainability. Spearheaded by Silicon Island Development Sdn Bhd (SIDSB), this initiative is set to transform the landscape, not just physically, but environmentally and socially in Penang as well.

At the core of Silicon Island’s vision is a bold commitment to reducing carbon emissions and fostering sustainable mobility. The project’s pioneering 70:30 public-private transport modal shift aims to drastically decrease reliance on private vehicles in favor of more environmentally friendly alternatives such as public transportation and cycling. This strategic move is projected to achieve a substantial 44% reduction in transport-related emissions compared to conventional urban developments.

Datuk Szeto Wai Loong, CEO of SIDSB, underscores the holistic nature of Silicon Island’s sustainability strategy. Beyond transportation, the island will implement cutting-edge waste management systems. These include food macerators in every household to break down organic waste before it enters the sewerage system, thereby alleviating pressure on landfills and reducing methane emissions. Additionally, Silicon Island promotes composting of organic waste to produce natural fertilizers, further enhancing its circular economy approach.

Silicon Island is not merely a residential or commercial enclave; it aspires to redefine Penang’s identity as a global leader in green technology and sustainable living. Central to this ambition is the Green Tech Park, an industrial area powered entirely by renewable energy. This eco-friendly infrastructure is designed to attract ESG-conscious businesses, positioning Silicon Island as a hub for innovation in the electrical and electronics (E&E) manufacturing sector and beyond.

Water management is another cornerstone of Silicon Island’s sustainability framework. The island incorporates rainwater harvesting systems and dual-function sewerage treatment plants that recycle water for non-potable uses. These initiatives not only conserve water resources but also minimize the environmental impact of traditional water infrastructure.

In terms of green spaces, Silicon Island prioritizes public parks and gardens, allocating 17.5% of its total land area—162 hectares—to natural habitats and recreational areas. This commitment to greenery not only enhances the island’s aesthetic appeal but also promotes biodiversity and improves the quality of life for its anticipated 102,000 inhabitants.

Silicon Island’s efforts have not gone unnoticed on the global stage. The project has been awarded the prestigious 5 Diamond MGTC Low Carbon Cities 2030 Challenge Accreditation by the Malaysian Green Technology & Climate Change Corporation (MGTC), recognizing its exemplary commitment to reducing carbon emissions and promoting sustainable urban development.

Looking ahead, SIDSB remains focused on accelerating the development timeline for Silicon Island. With ongoing reclamation efforts and strategic partnerships, including with turnkey contractor SRS TC Sdn Bhd, a subsidiary of Gamuda Bhd, the project is poised to meet its ambitious goals of reclaiming substantial land by 2032.

To ensure the integrity of its Environmental, Social, and Governance (ESG) commitments, Silicon Island adheres to stringent urban development plans. These plans not only guide the physical construction and infrastructure development but also ensure compliance with national and international sustainability standards, including potential legislation under the Town & Country Planning Act 172.

(Source: The Star)

Penangites and visitors can now look forward to visiting the long-awaited reinstated moat at Fort Cornwallis, scheduled for full completion in July next year.

The milestone is a testament to the ongoing efforts to rejuvenate Fort Cornwallis and its surrounding assets, enhancing the site’s public appeal.

Chief Minister Chow Kon Yeow, who visited the progress of the south moat of Fort Cornwallis in conjunction with the George Town World Heritage celebrations, said it is now undergoing testing and allowing the landscape to mature.

“The public is now restricted from entering, but the south moat can be viewed from the clock tower through a newly installed wire mesh fence. The works are still in progress.

“The reinstatement of the southern and western moats are scheduled to be completed by July next year, ” he told reporters after attending the pre-launch ceremony of the south moat.

The Fort Cornwallis initiative is led by the George Town Conservation and Development Corporation (GTCDC), a partnership between the Chief Minister Incorporated (CMI) and Think City, with Aga Khan Trust for Culture acting as the technical adviser.

The project follows the recommendation of the George Town World Heritage Site Special Area Plan and the Fort Cornwallis Conservation Management Plan.

Chow said the works for the west moat are now in progress. A food court, which is part of the Fort Cornwallis project, has been temporarily relocated.

“Once the west moat is completed, a new food court will be built alongside the Fort Cornwallis moat reinstatement next year,” he said, adding the overall project cost is about RM20 million.

Chow also lauded the cooperation between the relevant agencies in ensuring the project is carried out smoothly.

Meanwhile, Think City managing director Hamdan Abdul Majeed said his organisation has played a crucial role in this project.

“Over the past 15 years, we have supported the state’s transformation into a model of cultural preservation and urban revitalisation.

“The restoration of the moats combines Think City’s expertise in heritage rejuvenation,” he said.

Tanjong MP Lim Hui Ying, delighted with the progress of the overall project, expressed hopes to witness its completion.

Source: Buletin Mutiara