Chief Minister Chow Kon Yeow announced yesterday that Penang Sentral is set to be part of the proposed Penang Light Rail Transit (LRT) project, making it one of the major alignments under the estimated RM10 billion project.

Penang Sentral is the main transportation hub for the state of Penang, as well as the northern area of Peninsular Malaysia.

While adjustments in the alignments are more likely to happen, just like how the line from Bayan Lepas will be extended to Tanjong Bungah instead of ending in Komtar, the railway scheme, as discussed and agreed principally by the Federal Government, remains unchanged for now.

The Bayan Lepas – Tanjong Bungah alignment falls under Phase One.

“We were informed that by sticking with the initial proposed scheme, the project can very likely kickstart faster, and if it happens otherwise, new and thorough research needs to be done again,” Chow said after attending the DAP Chinese New Year Open House in Bukit Mertajam yesterday.

Based on previous reports, it is learned that the proposed LRT route is expected to cover Bayan Lepas-Komtar-Tanjung Bungah-Air Itam-Butterworth-Kepala Batas-Simpang Ampat.

With the latest announcement of Penang Sentral being part of the project, Chow is optimistic that the proposed cross-channel link, connecting the island and mainland, will be a reality under Prime Minister Datuk Seri Anwar Ibrahim’s watch.

He also said the proposed line connecting the island and the mainland would be through an elevated railway.

Datuk Seri Anwar Ibrahim on May 6, 2023, broke the good news that the Federal Government had principally agreed to fund Penang’s first LRT project.

MRT Corp (Mass Rapid Transit Corporation) is the project manager.

In a related development, Chow said a delegation from MRT Corp was in Penang a few weeks ago to provide an update on their latest efforts about the LRT project.

“They informed us that the next step is to present a Cabinet paper with comprehensive details about the project to the relevant ministries, namely the Transport and Finance Ministries.

“The Cabinet paper will encompass details such as the depots and their locations, the proposed alignments, and many other technical studies that were discussed between the state government and MRT Corp,” Chow added.

Source: Buletin Mutiara

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Ideal Capital Bhd will develop about RM1.12bil worth of residential properties in Bayan Lepas, Penang, this year.

According to group executive chairman Tan Sri Ooi Kee Liang, these properties comprised projects that were launched in 2022 and 2023.

The projects, Lucerne Residences with a gross development value (GDV) of RM340mil and Maldives Residences (GDV of RM780mil), have already been 85% and 50% sold, respectively.

“We are optimistic that the Lucerne and Maldives Residences will be sold out by 2025 and 2027, respectively,” Ooi told StarBiz recently.

The Lucerne Residences, a semi-luxurious scheme, are priced from RM670,000 onwards, while the Maldives Residences, a mid-range project, are priced from RM498,000.

Ooi, who also helms Ideal Property Group as executive chairman, said Ideal Property would be launching the Queens Residences 3, a luxurious project with over RM1mil price tag, in the second quarter of 2024 (2Q24).

Queens Residences 3 will have a GDV of RM720mil.

“We are confident that Queens 3 will sell well. The responses to the first two phases of Queens Residences were overwhelming, although the price of the units ranged between RM940,000 and RM2mil.

“The Queens Residences registered solid sales because the condominiums are close to the Queensbay Mall, the first and second bridge as well as Pantai Hospital,” he said.

Meanwhile, Ooi said the selling price of properties would be adjusted following the 2% sales and service tax (SST) implementation in March.

“The move will raise the cost of building materials and property prices,” he said.

In addition, Ooi said due to the current value of the ringgit, foreign enquiries for high-end properties had surged by a double-digit percentage.

“There is also a shortage of high-end properties in strategic locations. The enquiries for the Queens Residences project are from Taiwan, Singapore and Hong Kong.

“Chinese nationals who buy properties in Penang have investments here.

“Despite the steep pricing, foreigners have been buying the completed Queens Waterfront Phase 1 and 2 in Bayan Lepas,” Ooi said.

According to Ooi, Ideal Property Group will launch in 4Q24 a commercial and office tower, a five-star hotel and super-condominiums with a GDV of RM900mil under the Queens Residences Phase 4.

One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said residential property prices were currently at between RM630 to RM680 per sq ft.

“After the 2% SST implementation, the residential housing prices are expected to increase to between RM750 and RM800 per sq ft next year,” Chandra said.

He added that Penang currently has a property overhang of 2,947 units.

“There are 503 unsold units, or 17%, priced below RM300,000. Most of these units are unsold due to the applicants’ failure to obtain financing,” he said.

Chandra said the revised Malaysia My Second Home (MM2H) programme guidelines to allow foreigners to buy properties priced from RM500,000 onwards would help stimulate the local property market.

The National Property Information Centre (Napic) in a report said some 5,742 property deals were transacted in Penang in 1Q23, reflecting about 10% increase compared with the same period in 2022.

“The transacted deals in 1Q23 in the state was worth about RM6.12bil, depicting a significant growth of more than double the value transacted in the corresponding period of 2022 (RM2.82bil),” added Napic.

Ideal Capital recorded RM34.5mil in after-tax profit on RM387.3mil in revenue for nine months of its 2023 financial year, which ended on Sept 30, 2023.

Projects currently underway and in active progress include affordable housing such as Ideal Residency and Ideal Venice Residency in Island Glades and Havana Beach Residences in Bayan Lepas.

“While we have the residential units under construction, our company is now concentrating on industrial land, underscoring a strategic shift towards fostering industrial growth and development,” said Ooi.

Barring any unforeseen circumstances, he said the company expects the property sector to contribute further to its future revenue and profits.

Source: TheStar.com.my

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Happy Chinese New Year 2024! Embrace the festive spirit with your loved ones by exploring these events and discovering your dream home. Take advantage of exclusive CNY offers and make this season even more memorable!

Jayamas Property (24 & 25 Feb)

Maya Residensi show unit opening

Hunza Group (24 & 25 Feb)

Fortune Extravaganza, Lantern festival event and CNY food street

Paramount Property (13 Feb)

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Mah Sing Group (15 Feb)

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EcoWorld (15 Feb)

CNY Online house viewing

Iconic Development (14-18 Feb)

Iconic Property Roadshow @ Queensbay Mall

PDC Properties (10-12 Feb)

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OSK Property (12 Feb)

CNY celebration @ Harbour Place Sales Gallery