Jayamas Property Group, a prominent player in the Penang property market, marked a significant milestone with the groundbreaking ceremony and signing ceremony of the Ventus & Tradesmen development project in Batu Maung on Thursday. This event signifies an important collaboration between Jayamas Property Group and The Ascott Limited, heralding a new era of profound partnership.

The signing ceremony, held at 10:30 am on the aforementioned day, officially solidified a strategic partnership between Jayamas Pintar Sdn. Bhd. and The Ascott Limited. This collaboration heralds the arrival of a new era in upscale living, combining the renowned hospitality management of The Ascott Limited with the steadfast commitment of Jayamas Property Group.

Following the signing ceremony, Jayamas invited guests to witness the groundbreaking moment. Located in Batu Maung, Ventus & Tradesmen is a mixed development project comprising hotel suites, co-living units, and serviced apartments, totaling 397 meticulously crafted units ranging from 409 sq.ft. to 1,238 sq.ft. Prices for this project range from RM457,000 to RM1.73 million. The hotel suites will be managed by The Ascott Limited, promising to redefine luxury living in Penang.

The Department of Occupational Safety and Health (DOSH) Penang has issued 49 stop-work orders and 11 improvement notices through the Construction Site Operation (OTP), which was carried out at several construction sites statewide between Feb 27 and March 6.

Besides that, they also issued 13 seizure notices, 11 warning letters and 38 compound recommendations for various offences and violations.

“Our team conducted surprise visits to 14 construction sites throughout this OTP.

“This is to ensure compliance with the Factories and Machineries Act 1967 and the OSH Act 1994 as well as monitor the effectiveness of the preventive measures taken by contractors in ensuring the safety and health of all workers.

“Following checks, we issued 49 immediate stop work orders, 11 improvement notices, 13 seizure notices, 11 warning letters and 38 compound recommendations,” it said today.

DOSH Penang also said that the operation this time centred on management of OSH at construction sites, the responsibilities of project managers, the establishment of the Safety and Health Committee and management and regulation of work activities at high places as well as pits and open edges.

“We hope that the operation this time and the actions that have been taken can bring about a sense of awareness to employers and employees to comply with the requirements and regulations in ensuring that the workplaces, especially construction sites, are in a safe condition at all times,” it added.

DOSH Penang has continuously taken stern actions to ensure safety of workplaces.

Source: NST Online

With Malaysia’s household debt reaching RM1.53 trillion, the country and its households are poised to encounter significant challenges during times of hardship.

Centre for Market Education chief executive officer Dr Carmelo Ferlito said the household debt figure was concerning from both micro and macro perspectives.

“The economy proceeds via fluctuations, with ups and downs, booms and busts. If a household is highly in debt, it is likely to suffer during a moment of difficulty, whether it’s a general economic downturn or a personal situation, such as illnesses or a loss of job,” he said.

“From a macro perspective, a financially fragile private sector will suffer more because it does not possess the resources to face such hardships, such as the Movement Control Order.”

Ferlito said addressing household debt and financial strain required long-term solutions rather than quick fixes.

He added that ongoing financial literacy initiatives tailored to individual circumstances should be part of the solution.

“Financial literacy initiatives may help households make more informed decisions. Each step needs to be proportional to the leg length. This will always be true.

“Even with higher wages, without proper financial education, people may make financially unsound decisions.

“In the long run, what is needed is a growth strategy centred on the promotion of entrepreneurship, investments, and the creation of added value,” he said.

Prime Minister Datuk Seri Anwar Ibrahim yesterday revealed that Malaysia’s aggregate household debt stood at RM1.53 trillion at the end of last year.

Housing loans constituted the largest portion of the country’s aggregate household debt at 60.5 per cent, followed by vehicle loans at 13.2 per cent and personal financing at 12.6 per cent.

He said the annual growth rate in household debt from 2018 to 2023 was 5.1 per cent.

The aggregate household debts for previous years were RM1.45 trillion in 2022, RM1.38 trillion in 2021, RM1.32 trillion in 2020, RM1.25 trillion in 2019, and RM1.19 trillion in 2018.

Ferlito said he had consistently highlighted over the years that discussions on home ownership should also focus on household debt and not just home ownership rates.

He said with the home ownership rate close to 80 per cent and the household debt-to-GDP ratio at 90 per cent, the real emergency was household debt rather than home ownership.

Deputy Finance Minister Lim Hui Ying, during the question-and-answer session, said Bank Negara Malaysia was taking a cautious approach to risks associated with household debt to ensure they will not have a negative effect on the country’s financial system.

Apart from ensuring that individuals borrow based on their ability to repay within the stipulated period, she said BNM wasworking to improve the public’s financial literacy level and encouraging households with substantial borrowings to follow the Credit Counselling and Debt Management Agency’s online financial education programme.

Source: NST Online

Sunway Wellesley has announced the upcoming launch of a new phase of gated and guarded landed development right in the heart of Bukit Mertajam, Penang.

Surrounded by an abundance of comprehensive amenities and infrastructure, including shopping centers, healthcare facilities, educational institutions, sports complexes, and recreational venues, Sunway Wellesley offers the ultimate convenience and lifestyle for its residents.

Strategically located near an ETS station and a proposed LRT station, this development ensures seamless connectivity to major transportation hubs and beyond, making travel hassle-free and efficient.

Comprising 210 units of townhomes, the new phase at Sunway Wellesley promises modern living spaces designed for comfort and style. Residents will also have exclusive access to a private clubhouse featuring facilities such as a swimming pool and gymnasium, perfect for leisure and relaxation. Additionally, indulge in your fitness pursuits with the tree-lined jogging trail, outdoor fitness area and a half basketball court.

With the 7ft high perimeter fencing and CCTV surveillance system providing enhanced safety and security, whether you’re relaxing in your residence or enjoying the amenities within the community, you can feel assured of your surroundings.

The project is now OPEN FOR REGISTRATION.

Project Name : Sunway Wellesley
Location : Bukit Mertajam
Property Type : Residential development
Total Units: 210 (townhomes)
Land Tenure: Freehold
Indicative Price: (to be confirmed)
Developer: Sunway Bintang Sdn. Bhd. (a subsidiary of Sunway Berhad)

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.

Passangers will soon be able to enjoy a seamless connectivity experience between the Penang International Airport (PIA) and the multistorey car park building when the construction of the link bridge is completed.

Penang Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari said the construction works of the link bridge and other components of the project were scheduled to be completed by April 27 this year.

“The project, undertaken by the Malaysia Airports Holdings Berhad (MAHB), includes constructing a covered link bridge from Level 3 of the multistorey car park to the departure-level terminal building of the PIA; a covered crossing at the ground level; pedestrian crossing traffic light at the ground level; and improving access ramps and the ground level.

“The cost of the project was RM4.6 million,” Zairil told Buletin Mutiara yesterday, adding that the project started on Aug 18 last year (2023).

He anticipated the link bridge would provide seamless connectivity between the airport and the multistorey car park.

“Crucially, it will ensure safety, offering independent access away from road traffic and shelter from the rain,” Zairil added.

Source: Buletin Mutiara