About Sactuary Suria

The 6th phase of residential development at Permatang Sanctuary by IJM in Alma, Bukit Mertajam. Located along Lorong Santuari 25 & 27, adjacent to Sanctuary Court. It is only a short drive to an abundance of amenities namely AEON Mall, Tesco Hypermarket, eateries, schools and banks. This development features 20 units of 2-storey semi-detached houses, with two different built-up sizes to choose from.

Find out more about Sanctuary Suria

Ewein Bhd is stepping up its game in the provision of services connected to worker dormitory lodgings and workforce management a related party deal.

The property developer and producer of precision sheet metal fabrication is paying RM25.84 million to acquire a plot of unoccupied industrial land in Butterworth, Penang, to build a workers’ dormitory.

In a bourse filing, the group stated that Magnum Heritage Sdn Bhd (MHSB) is selling the land to its indirect subsidiary, Delight Island Sdn Bhd (DISB).

DISB was previously owned by HS Land & Property Sdn Bhd, Ooi Eng Leong, Poly FHY Properties Sdn Bhd, and Tah Wah Group Sdn Bhd, who are shareholders of MHSB.

However, in November 2023, Ewein Land Sdn Bhd paid RM100,000 to purchase it.

Ooi is a significant shareholder in both companies. He has a 44.72 per cent interest in Ewein and a 23 per cent stake in MHSB.

Ewein said that its entry into manpower management services might account for as much as 25 per cent of its net profits. The move will cause a future diversion of more than 25 per cent of the group’s net assets.

Meanwhile, Ewein said that it will construct a 16-storey worker dormitory block on the 16,004-square metre plot of land that it is acquiring.

The group said that this marks a starting point for their first project, which will allow them to explore the workforce management services industry and generate new revenue.

Ewein said it will use bank borrowings and internal funds to fund the purchase of the land, which it expects will be completed by the second half of 2024.

Source: NST Online

The Housing and Local Government Ministry has recorded 117 abandoned projects covering 30,840 units of houses as at January 31 with 81 of them comprising housing projects priced RM300,000 and below.

Its deputy minister Datuk Aiman Athirah Sabu (pictured) said the 81 projects involve 23,031 unit of houses and 12,565 buyers.

“They are made up of 13 projects with a price range of RM301,000 to RM500,000, five projects at a price range of RM500,001 to RM750,000, two projects between RM750,001 to RM1 million and 16 projects for houses worth RM1 million and above, ” he said.

He said this during an oral question-and-answer session at Dewan Rakyat on Tuesday in reply to a supplementary question by Senator Tan Sri Datuk Low Kian Chuan who wanted to know the number of projects and abandoned houses according to the price range.

Replying to Senator Manolan Mohamad’s supplementary question regarding the surplus of unsold houses, he said the issue of overhang residences is a manifestation of the mismatch between demand and supply of houses in the market.

Among the main factors that cause the surplus of unsold completed houses is the COVID-19 epidemic which affected economic growth and the financial position of buyers besides the sale of houses with high prices but low demand.

Other factors include developers building projects in less strategic areas and do not have good facilities as well as the rejection of buyers’ financing loans by banking institutions due to their qualifications and capabilities.

Replying to Low’s original question regarding the timeline for completing the vacancy tax feasibility study to help solve the problem of unsold residential properties (overhang), Aiman Athirah said the government does not believe there is a need to carry out the Vacancy Tax feasibility study.

“The government is of the view that the intervention actions implemented in the housing market at the moment are adequate,” he said.

Source: Bernama

About Sactuary Row

A freehold commercial development at Permatang Sanctuary by IJM in Bukit Mertajam. Located along Jalan Santuari 2, right across the road from Sanctuary Villa. It is only 2km away from AEON Mall and Tesco Hypermarket, about 15-minute drive to Juru Auto-City and Penang Second Bridge. This development features 24 units of double-storey shop offices.

Find out more about Sanctuary Row

Komtar, Penang’s prime shopping centre in the 1980s and 1990s, has lost its appeal over the years. And the only thing keeping Komtar alive is the fact that it houses the administrative offices of the Penang government and the chief minister, aside from the Urban Transformation Centre (UTC).

Penang Development Corporation (PDC) chief executive officer Datuk Aziz Bakar said they had just appointed a consultant to relook at the whole development in Komtar to breathe new life into the building.

He said they were looking at rezoning the building to see what activities should be brought into Komtar.

“This is the effort that is being made, and in three months time, we should be able to get the proposal from the consultant.

“We will have engagement sessions with the tenants to involve everyone as some of the units are privately owned. Not 100 per cent of the units belong to PDC,” he said when asked on PDC’s efforts to spruce up its old buildings, among which is Komtar.

He was met at the launch of PDC Strategic Plan 2024-2028, Sustainability Initiative and PDC GoDigital by Chief Minister Chow Kon Yeow yesterday.

Such a move, Aziz said, would be good to ensure everyone could share his or her ideas to breathe new life to Komtar.

Komtar or the Tun Abdul Razak Complex was completed back in 1985. At the time, Komtar Tower, which stands at 231.7 metres (760 ft), was the second tallest building in Asia and the tallest in Southeast Asia.

The main complex was built between 1974 and 1986, at an initial cost of RM279.5 million (equivalent to RM642.5 million in 2023).

Plans for a civic and commercial complex within central George Town were first proposed by the state government in 1962 and were approved in 1969 by the then chief minister Tun Dr Lim Chong Eu. It was implemented by the PDC in 1972.

The complex was seen as ahead of its time, and was the largest urban regeneration project in Malaysian history.

With Komtar being just a few metres from the planned location of the light rail transit (LRT) station, it is hoped that the project will facilitate the arrival of more visitors to the state’s most iconic building.

Source: NST Online