Posts Tagged ‘Property investment’

Malaysian Budget 2008 and its impact on the property sector

Thursday, September 13th, 2007

Here are the highlights of the Budget 2008 relating to property sector tabled in Parliament by the Prime Minister of Malaysia on 7th September 2007 :-

a) EPF contributors can make monthly deductions from their EPF account to buy a house. The move will greatly benefit all the five million EPF contributors in the country and spur consumer led growth. Read more follow-up explanation by Second Finance Minister Tan Sri Nor Mohamed Yakcop on EPF withdrawals;

b) 50 Pct Stamp Duty Exemption For House Purchase costing not more than RM250,000. Purchasers can save up to RM2,000 being 50 percent stamp duty exemption on documents of transfer for the purchase of one house costing not more than RM250,000. Related link on Stamp duty payable;

c) Foreigners can take up to 70% stake in fund and REIT management firms;

The relevant appendices on the stamp duty exemption on purchase of residential property (Appendix 24), stamp duty exemption on transfer of real property between husband and wife (Appendix 26), stamp duty exemption for mergers and acquisitions of listed companies(Appendix 7), and tax treatment on transfer of building to REIT (Appendix 9) are available at Budget day Appendices.

And here are the comments on the impact of this budget on the residential property market especially on the release of about RM9.6 billion EPF fund annually to the five million EPF contributors - Higher sales forecast. More resources at The Star online on Malaysia budget 2008 and Economic report 2007/2008.

Update link : EPF announces details for housing loan monthly instalment withdrawal dated 14.12.2007.

For advisory on individual property needs, email to us at Izrin & Tan Properties Sdn. Bhd. or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.

Penang’s skyline - Jelutong - Gelugor - Bayan Baru area. Many housing projects are taking off along this coastal area of Penang Island…

View of the landed homes at Bukit Gambier /Gelugor area.

Villa Emas Apartments at Bayan Baru area

Desa Palma in Bukit Mertajam

Focus on Gurney Drive, Penang’s property hotspot – Part II

Monday, June 25th, 2007

Gurney Drive (Location Map), Penang’s famous sea-front promenade, is one of the popular housing development hotspots on the island favored by both housing developers and property investors / expatriate communities. The stretch, once lined with mansions belonging to some of the region’s rich and famous, has in recent years been transformed into a business and high end residential enclave.

Existing hotels and a shopping center sprouted along Gurney Drive are Evergreen Hotel and Gurney Hotel and Gurney Plaza, a premier lifestyle shopping mall completed in 2001 with a retail space of 700,000 sq ft. The mall is currently undergoing expansion with a RM83 million new wing and when completed, the retail space of the premier mall will be increased to 850,000 sq ft.

Notable sea-front super condominiums located along Gurney Drive vicinity include 11 Gurney Drive, Silverston, The Regency, Millennium Tower, Mayfair, Gurney Palace, The Palazzo. Other luxury condominiums and apartments include No 1 PG, Gurney Villa, Gurney Park, Gurney Beach Resort, Bella Vista, Mutiara Villa etc

Besides the luxury lifestyle condominium facilities, some of which also offers splendid sea views, high-rise but low density with only 1 or 2 units per level with enhanced privacy as well as round-the-clock security, spacious floor area with superior interior decorations. Prices for super condominiums and luxury condominiums along Gurney Drive generally ranges from RM300 psf to RM450 psf whilst monthly rental ranges from RM7,000 to RM10,000 per month for super condominiums of sizes from 4,000 sq ft and above.

Like Mont’ Kiara of Kuala Lumpur, Gurney Drive / Kelawei area is the preferred expatriate address as there is a relatively high expatriate population residing in some of these exclusive luxury condos. Recent reports indicated that foreign purchases on sea-fronting luxury condominiums are also on the rise as more units were bought and owned by foreign nationals over the last few years.

For more information on property investments and advisory on your property needs and expatriate accommodation in Penang and Kuala Lumpur, email to us or call us at +604 6588333 (Penang) or +603 92839782 (KL), we would be pleased to assist.

Some of these super condominiums located within Gurney Drive vicinity are:-

Silverton, a super condominium scheme with build-up area 4,123 & 4,230 sq. ft. Comprises One block of 36-story tower (total 70 units) with 2 units per floor.

11 Gurney Drive - is a brand new 35-storey modern luxury condominium comprising 61 units and two pool villas. Each units has a floor area ranges from 3,466 to 4,200 sq ft.

Gurney Palace – another newly completed super condominiums – a 33-storey block tower comprises only 20 units with a floor size of 6,000 sq ft each.

My residence at Millennium Tower – a super condo with a block of 35-storey tower with 20 units (5,880sq ft to 6,380 sq ft )

The Regency – completed in 1999, comprises a block of 37-storey tower with total 100 units. Floor areas ranging from 4,000 sq ft to 5,000 sq ft priced from RM1.5m to RM1.7m.

The Palazzo, a newly completed 17-storey tower block with only 14 units and 1 duplex penthouse. A typical unit with a floor area of 4,000 sq ft has 4 bedrooms and 4 bath plus a study room. Sales price from RM1.5m per unit.

Other super condo in the vicinity of Gurney Drive is Mayfair, a super condominium due for completion this year and comprising 49 units with floor areas ranging from 5,000 to 5,200 sq ft and a super penthouse of 12,000 sq ft, and Kelawai View, a 30-storey super condo project with total 34 units with floor areas ranging from 4,600 to 11,000 sq ft. Kelawai View is due for completion in 2008. More info on Mayfair ; Billed to be the bestand Kelawai view; Super condo in Pulau Tikus.

Other high rise luxury condominiums within Gurney Drive vicinity are:-

No1 Persiaran Gurney – one of the pioneer luxury condominium schemes along Gurney Drive, completed in 1986 & 1988, comprises 2 blocks with total 198 units inclusive of 6 penthouses. The standard unit has a floor area of 1,900 sq ft. The selling prices ranging from RM550,000 to RM650,000 per unit whilst rental per month ranges from RM2,500 to RM4,000 perunit.

Sri Pangkor – developed by IJM Properties and completed in 1999, comprises 2 low rise blocks and 1 high rise block with a total 171 units. Built-up areas ranging from 1,820 sq ft to 2,310 sq ft.

Gurney Beach Resort Condo- completed in 1998, 1 block of 39-storey tower with a total of 146 units with a floor area of 2,760 sq ft each.

Gurney Villa - completed in 1996, it consists of 1 block of 18-storey tower with total 68 units. Each unit has a floor areas of 1,120 sq ft to 1,160 sq ft. Monthly rental rates from RM2,400 per unit.

Gurney Park – Completed in 1999, comprises 2 39-storey tower blocks with a total 588 units. Each typical unit has a floor area of 970 sq. ft. Market prices for a standard unit range from RM330,000 to RM360,000 per unit whilst current rental rate per month – RM1,800 to RM2,500 for fully furnished unit.

Bella Vista – 1 block of 7-storey condo with 38 units with a floor size of 1,050 sq ft.

Mutiara Villa – 1 Block of 30-storey tower with total 104 units. Built-up area ranges from 1,180 to 1,420 sq ft.

Located along the northeast coast of Penang Island and just minutes away from Gurney Drive is the ongoing Penang’s largest integrated sea-front development of Seri Tanjung Pinang [Click here to view Seri Tanjung Pinang master plan]. This mega water-front development, which spread over 980 acres of reclaimed land, is being developed by E & O Property Bhd. Phase One of the development involves 240 acres of reclaimed headland while Phase Two consists of 740 acres including islands which are linked via two bridges. For more related info on Seri Tanjung Pinang, see web articles; Waterfront project to take shape in Penang, Gurney Drive set for a big change and Project to woo yachting community.

Other upcoming project along Gurney Drive include a RM700 million redevelopment project - Gurney Paragon on a 10.21 acres heritage site by PENANG-based Hunza Properties Bhd. The proposed mixed developments, scheduled for completion in 2010, comprises a shopping mall and 2 phases of super condominiums comprising 270 units and Hunza’s corporate headquarters.

On the longer term, the landscape of Gurney Drive coastal area will likely to see changes following the Malaysian Government’s decision to built a privatized 17 km dual carriageway, Penang Outer Ring Road (PORR) connecting from Tanjung Tokong / Gurney Drive area to Penang Bridge near Gelugor area. See Star online’s link on PORR and updated link on PORR-shareholder agreement on PORR Project ready.

A stretch of Penang Outer Ring Road (PORR) will be built on the 52ha reclaimed land off the shore of Gurney Drive. A new Gurney Drive is being planned that will include a ten acre public park and two-kilometre promenade that will be beside the road, on the seafront. More info on PORR, click here.

Intproperties.com has blogged a website which offers lots of online messages and comments and nice pictures on Gurney Drive. Read more on Gurney Drive! .

Sea view overlooking Gurney Drive skyline

View of the new developments along Gurney Drive

The skyline of Gurney Drive. Located at the forefront is No 1, Persiaran Gurney Condominium.

The skyline of coastal area along Northam Road (Jalan Sultan Ahmad Shah) between Georgetown city centre and Gurney Drive. The newly completed super condominium - Mayfair is located along this stretch.