Archive for February, 2007

Focus on Penang Property and Housing-Part II

Monday, February 12th, 2007

Based on the draft report of Penang Structure Plan 2005-2020, it is noted that much of the housing guidelines focus on providing affordable low cost and low medium cost housing as well as strategies that aim to enhance the quality of housing and living standard of Penang.

The report, however, provides little clues and information on the guidelines and directions for medium to high costs or luxury housing segments. These housing guidelines, inter-alia, include pricing and density on new low cost and low medium cost housing developments according to locational zones ie primary zone (Zone A) and secondary zone (Zone B) for the 5 districts of Penang State. For example, new low cost units to be built within the designated housing zones in the North East District of Penang are subject to price control ranging from RM25,000- RM42,000 per unit depending on location and type of low cost (LC) units (flat or cluster house) whilst for low medium cost (LMC) units, the price range is being fixed at RM40,000 – RM75,000 according to the housing zones as indicated in the Map on Penang State LMC housing zones.

For new housing developments, private housing developers are required by the state government to built 20% Low cost (LC) and 20% Low medium cost (LMC) housing units of the total planned housing units beginning of 2005. Notable LMC housing developments currently under construction on the Penang Island are a) Sri Saujana, a privatized housing project by PLB – Wonder Bay Developments Sdn Bhd comprising 2,304 units at Gat Lebuh Nordin, Georgetown. The sales price is RM75,000 perunit with a floor area of about 646 sq.ft, b) Sri Aman, Relau by Chong Company Berhad with typical 680 sq.ft 3-bedroom unit priced at RM70,000 per unit; c) Puncak Eskine Apartment (total 1,038 units) at Mount Eskine by Aseania Group from RM55,000 perunit with a floor size of 604 sq.ft. For eligible Malaysians, the guidelines on the application for low medium cost housing are available at Penang State Government’s website;

The draft Penang Structure Plan 2005-2020 also placed emphasis on Public Housing ie housing schemes developed by state government-initiated programs such as Public Housing Program (PPR). It was reported recently that the Penang State government has approved 13 public housing projects. In addition, the Penang state government, through its development agency, Penang Development Corporation (PDC) will continue to built another 1,628 units of low and medium cost houses between 2006 till 2010. PDC have so far successfully completed more than 22,000 housing units since 1970s. More related information on Malaysia’s housing sector under the 9th Malaysia Plan (9MP) for the period 2006- 2010, click here .

For next episodes, will bring you more insights on Penang’s medium to high end and luxury housing subsectors at upcoming or popular locational hotspots namely Bayan Baru coastal area, Gurney Drive, Tanjung Tokong coastal area etc. As Lunar new year is approaching next week, would like to take this opportunity to wish all our valued clients and visitors worldwide a “Happy and Prosperous NEW YEAR”.

Penang’s popular locational hotspot; Gurney Drive, is fast becoming an international enclave. The skyline of Gurney Drive ..

New housing developments mushrooming along the newly completed Jelutong coastal highway. The skyline of Jelutong coastal area of Penang..