The Malaysian property market was active in the first quarter of 2024 (1Q24), recording a 34.3% growth compared to the first quarter a year ago, with more than 104,297 transactions worth RM56.53bil, a 34.3% jump in transaction value.

Valuation and Property Services Department director-general Abdul Razak Yusak said in terms of volume, property sub-sectors recorded positive growth in 1Q24; the commercial sub-sector grew by 33.4%, residential by 16.6%, industry by 14.3%, agriculture by 13.7% and development land and others, 10.7%.

“The residential sub-sector continues to dominate market activities with over 62,000 transactions, valued at over RM25bil, comprising nearly 60% of overall property market activities.

“Housing priced at RM300,000 and below dominate the market with 33,500 transactions, comprising more than 50% of total transactions,” he said when presenting the 1Q24 Real Estate Market Report in a live broadcast on Facebook yesterday.

According to Abdul Razak, construction activities also showed positive growth in 1Q24 when commencements rose to more than 21,300 units, an increase of almost 8% from the previous year, while planned new developments decreased to around 11,000 units.

New residential launches increased by 19.8% to 5,585 units from 4,661 units in 1Q23. The serviced apartment segment saw a 70% spike in completed units to 5,500. Projects starting construction and planned new developments each rose by more than 100% versus the same quarter in 2023.

The Malaysian House Price Index rose marginally by 0.5% to 216.9 points, with house prices averaging RM468,000 a unit, Abdul Razak said.

“All states recorded moderate growth of between 0.5 and 4.6%, except for Kuala Lumpur, Penang, Perak, Melaka, and Sarawak, where prices contracted by between 0.2% and 2%.

“Terraced housing remained stable with a positive 1.8% growth while other types of housing recorded a marginal decrease,” he said.

Completed unsold housing, commonly known as a residential overhang, decreased to 24,208 units worth RM16.49bil compared with 25,816 units worth RM17.68bil in 4Q23. Serviced apartment overhang rose by 5.2% to 21,913 units, with a 9.7% rise in ringgit value to RM18.16bil.

“Serviced apartment units priced between RM500,000 and RM1mil make up 58.1% of the total overhang,” he said.

Source: Bernama

A Malaysian tuna fishing and trading company, Alpha Ocean Resources Berhad (AORB), is set to revitalize the Swettenham Pier area in Penang with an ambitious agro-tourism initiative named “Cove by the Pier.” This project aims to transform the existing warehouses into a dynamic tuna landing port and multifaceted tourism hub.

Deputy Chief Executive Officer Sylvester Pua of AORB recently presented the preliminary design proposal to Penang Chief Minister Chow Kon Yeow. The project envisions six distinct zones: a tuna landing zone, Maritime Legacy, Heritage Luxe, Culinary Bay, Urban Retreat, and Market Wharf. Additionally, Pua proposed the creation of a bazaar-style commerce strip to enhance local entrepreneurship and enrich the experience for cruise passengers.

The initiative not only aims to boost the initial impressions of visitors disembarking at the pier but also seeks to honor and integrate the heritage aspects of the area. During the briefing, AORB project manager Nosly Wazid Kasmani introduced a complementary proposal for a super-frozen (-60°C) tuna and seafood export project, adhering to the standards of the Organisation For the Promotion of Responsible Tuna Fisheries (OPRT).

Chief Minister Chow expressed appreciation for the comprehensive briefing, highlighting the importance of collaboration with the Penang Port Commission (PPC) and other relevant bodies under the Transport Ministry, which oversee the administration and development of Penang Port.

Chow acknowledged that while this was not the first briefing on the warehouse transformation, he remains hopeful that AORB’s proposals will receive due consideration from the ministry and associated entities. The project has garnered attention from key stakeholders and international business partners, including representatives from Taiwan and Japan.

With its innovative approach, the Cove by the Pier project promises to enhance Penang’s agro-tourism landscape, fostering economic growth and cultural preservation simultaneously.

Malaysia’s property market is on the road to recovery, as evidenced by improved volume and value in property transactions last year, says housing and local government minister Nga Kor Ming.

In his keynote address for the Real Estate and Housing Developers’ Association Malaysia’s (Rehda) Regional Housing Conference 2024, Nga said Malaysia witnessed 399,000 property transactions worth around RM200 billion in 2023, a 2.5% growth in volume and 9.9% in ringgit value.

He was quoted by Bernama as saying that since the Madani government took office, the number of completed but unsold properties, commonly referred to as an overhang, has decreased by over 40% with a drop from 37,066 units to less than 24,000 units.

“We expect steady performance in the property market in 2024. This will help boost our gross domestic product (GDP),” he said, adding that property stocks have appreciated, some by more than 600% in the last 12 months.

The minister also said Malaysia had become a magnet for expatriates, with the number of working permits issued by the immigration department to highly skilled foreigners rising to 154,115 in 2023 against 110,819 in 2022.

He said this 40% rise suggested that the influx of foreign direct investments had created more high-skilled job opportunities.

Source: FMT Online

Avion, a serviced residence development by Rackson Group at Bayan Lepas. Part of its maiden Penang Gateway project located just across Jalan Sultan Azlan Shah from Penang International Airport. There will be a link bridge connecting to the proposed Light Rail Transit (LRT) station at Penang International Airport and the airport’s future expansion.

This development will involve the construction of a 36-storey commercial building, comprising a total of 608 serviced suites with an 8-level car parking podium. The serviced suites range in size from single-bedroom units at 488 sq.ft. to 3-bedroom units of up to 1,328 sq.ft. Additionally, the same building will house the Le Méridien hotel.

Project Name : Avion
Location : Bayan Lepas
Property Type : Serviced residence
Total Units: 608
Built-up Area: 488 sq.ft. – 1,328 sq.ft.
Indicative Price: RM342,000 onwards
Developer : Rackson Group

The upcoming SJKC Kuang Yu is poised to embrace the Industrial Revolution 4.0 (IR4.0) concept upon the completion of its construction.

Bukit Tambun assemblyman Goh Choon Aik, who is also the school’s executive adviser, said the two-storey building would be designed with an IR4.0 concept, as the school operates within an Industry 4.0 ecosystem in Batu Kawan.

“The school is anticipated to attract many residing in the vicinity of the Penang Science Park and the Bukit Minyak Industrial Park.

“The facilities may differ from traditional schools, focusing on science, technology, and artificial intelligence (AI), adopting a smart school setup,” he told reporters after attending the groundbreaking ceremony of the school in Batu Kawan on Saturday.

Choon Aik said the establishment of this SJKC is essential.

“This is because, in this area, we already have SK Batu Kawan, SJKT Batu Kawan, SMK Batu Kawan, and two universities – UOW Malaysia KDU Penang University College and The Ship Campus.

“There is a gap in having an SJKC here. The relocation of SJKC Kuang Yu is timely,” he added.

The relocation of the 89-year-old SJKC Kuang Yu from Kuala Muda to Batu Kawan has been challenging.

Choon Aik said the cost to build the new school was RM22 million.

“A total of about RM15 million has been raised so far.

“SJKC Kuang Yu will continue its effort to raise funds for the establishment of the school.

“We look forward to the school being ready for classes by early 2027,” Choon Aik said.

Chief Minister Chow Kon Yeow said the SJKC Kuang Yu, now located in Penaga, has only 27 pupils.

“Therefore a decision was made a few years back to relocate the school.

“The Penang government and Penang Development Corporation (PDC) offered a six-acre land, designated for education purposes, for the relocation of the school from Penaga to Batu Kawan.

“The school committee is raising funds to construct the new school in Batu Kawan and it is expected to take two years to complete the building. This marks the beginning of a new ecosystem to continue the school’s role,” Chow said.

Choon Aik stated that upon the successful relocation of the school to Batu Kawan, both the land and the school building in Penaga would be returned to the Penang government.

On student enrollment, Choon Aik said that Batu Kawan, when fully developed by PDC, would have approximately 30,000 housing units.

“If we estimate that 10% of residents choose to enrol their children in SJKC Kuang Yu, we could potentially accommodate around 3,000 pupils,” he said.

After the groundbreaking ceremony, Eco Horizon Sdn Bhd also contributed RM500,000 in support of the development of SJKC Kuang Yu in Batu Kawan.

EcoWorld (northern region) general manager Datuk Chan Soo How presented a mock cheque to the school’s Board of Directors chairman Datuk Goh Kim Heong after the event.

The presentation was witnessed by Chow and Choon Aik.

Source: Buletin Mutiara