PENANG CONSTRUCTION PROJECTS | General Thread

[rizalhakim]

From leasehold to freehold
Leaseholders of state land have welcomed Penang’s new land policy allowing them to convert their property to freehold status as it would mean an increase in property prices.

Pioneer Bayan Baru resident and the area’s Rukun Tetangga chairman Chai Tsing Boo, 64, said he would meet with the township’s various residents associations (RA) and Bayan Baru MP Datuk Zahrain Mohamed Hashim to discuss the procedures for getting their residential leasehold titles converted.

“Everything we know so far is from the media. I think it is important to speak to a state representative who can advise us on what needs to be done so that we can submit the relevant forms collectively,” he said.



According to Chai, “thousands and thousands” of Bayan Baru township homeowners would benefit from the policy as a majority of the homes there were built by the Penang Development Corporation (PDC).

“Developed in 1974, my single storey terrace house was under the first phase of PDC’s Bayan Baru development comprising 477 single-storey terrace houses and 74 units of single-storey semi-detached houses.

“The unit was originally priced at RM29,500. Today, despite being a 99-year leasehold property, the value has increased by sevenfold.

“Some of my neighbours who have renovated their homes managed to sell them for about RM300,000,” he said, adding that there was “about 30 years” left on his lease.

“Of course I will take advantage of the conversion policy because I want to leave our family home to my children,” he said, adding that under the last administration, a similar conversion policy was allowed but only for certain areas.

Food outlet owner Azhar Ramli and his mother, Halijah Yusof, were both unaware of the new policy but welcomed the news.

“Between my two siblings and me, we own two commercial shop lots and four flats in Bayan Baru – all are 99-year leasehold properties by PDC.

“We definitely want to convert our residential titles and will find out more at the Land Office on the procedures involved. Hopefully the premium won’t be too high,” Azhar, 36, said.

Halijah was “very happy” but hoped the policy could be extended to include conversion of commercial leasehold units into freehold titles as well.

A photographer who only wanted to be known as Ch’ng, said he would not be “rushing” to convert his land just yet.

“We don’t know how long it will take for the re-alienation to take place. If it is within six months, then I will consider.

“For people like us who are not planning on selling our units, the increase in value after conversion doesn’t really make a difference. In fact, we may end up paying more in assessment after conversion,” the 56-year-old said.

Penang Development Corporation Properties Sdn Bhd (PDCP) chief executive officer Osman Kallahan said he was in “total agreement” with the new land policy as it would benefit the rakyat.

“The change in title will add value to the property, making it more ‘bankable’. This will allow PDC home owners to upgrade their lives and standard of living,” he said, adding that prior to 2005, all PDC development projects in the state were leasehold properties.

“In the past 35 years, PDC had built 22,000 homes but since PDCP was incorporated three years ago, we have developed four freehold projects on the island and mainland.

“With this new policy, we hope to focus on building freehold properties from now on so that we can offer home owners a more valuable title," he said.

Real Estate and Housing Developers Association (Rehda) Penang chairman Datuk Jerry Chan lauded the new land policy as it would prevent property prices from dipping.

"Generally, property prices always appreciate in value but if you own a leasehold property, the prices of the land or unit will fall after a certain period.

"For example, if you have a 99-year leasehold property, chances are you will not be able to sell it for a good price if you only have about 20 years left on the lease.

"Furthermore, a leasehold property can only remain in the family for two or three generations - which is not long at all," he said, adding the home owners still preferred to purchase freehold over leasehold property if given choice.

"Just look at Singapore and Kuala Lumpur.

"A freehold title can easily fetch between 25% and 30% more in market as compared to a 99-year leasehold property. At the end of the day, a freehold title will give you peace of mind because it is more tangible - you can renovate it and give it to your children without worrying," he said.

Raine & Horne International senior partner and property consultancy director Michael Geh agrees.

"I believe conversion will result in an immediate property appreciation of over 30%.

"Lim's new land policy is definitely a good decision as it provides certainty for land title holders," he said, adding that the majority of PDC's residential developments were leasehold titles.

"My advise is to apply for the conversion but let your lawyer and bank handle the legal documentation process for you," he said.

Geh also noted that the decision to allow commercial and industrial leasehold owners to extend their 66-year lease to 99 years would instil "confidence" in leaseholders in investing in their companies.

[SEED]

Originally Posted by proud_penangite

jom kawin org korea!!

too expensive dude.. high mainteinance fee..

[kubundu]

Originally Posted by khensthoth

Hi all. If it isn't too much of a trouble to anyone, could someone please take a picture of the construction of Pine Valley Business Centre (yea, fancy name). It's developed by Lone Pine Group of Companies, located on Jalan Paya Terubong, directly in front of the cemetery.

Thanks!! =)

I passed by it a few days ago and they are installing the huge glass windows. maybe will be completed end of this year. I'll snap some pics next time.

[khensthoth]

Originally Posted by kubundu

I passed by it a few days ago and they are installing the huge glass windows. maybe will be completed end of this year. I'll snap some pics next time.

Thanks man. =)

How's your overall perception towards that project, or any project by Lone Pine for that matter? How does everyone here think about them? I know they are not large scale, big time developer like IJM, Ivory, Hunza, E&O and others, but I haven't seen much, if any, post about them here.

[rizalhakim]

found this but not sure whether dis is new





Pay 10% and balance upon completion
90% Financing
5% discount for Bumiputra


This waterfront haven has the added bonus of assured exclusivity with only 68 units available for select adquisition. With up to 2,950 sq.ft. per residence, The Waterfront is a true statement of luxury & prestige.


Enjoy the confort & relaxation with your family and loved ones in a resort home where every thought is put into the layout for better functionality and practicality
(Approx. build-up area: 1,475 sq.ft.)


The extra spacious corner units take into consideration your need for extra space with built-up of 2,950 sq.ft. for a truly lavish setting that is epitome of modern luxury living.
(Approx. build-up area: 2,950 sq.ft.)



Specifications

Structure: Reinforced concrete frame
Roof: Pitched roof
Walls: Cement bricks/concrete panels

Doors:
Entrance: Hardwood decorative door
Bathroom: Waterproofed timber plywood flush
Others: Timber plywood flush door

Windows: Naturalised anodised aluminium frame and clear glass

Ironmongery: Quality locksets

Floor Finishes:
Living & Dining: Quality ceramic tiles
Bedrooms: Quality ceramic tiles
Kitchen & Baths: Quality ceramic tiles
Balcony & Drying Area: Quality ceramic tiles

Wall Finishes:
Bathrooms: Quality ceramic tiles to ceiling height
Kitchen: Quality ceramic tiles to ceiling height
Other Internal Areas: Quality emulsion paint
External Areas: Quality spray tiles
Woodworks & Metalworks: Quality gloss paint

Ceiling Finishes: Skim coat paint & asbestos free superflex boards

Sanitary Fittings:
Type A: Master Bathroom:
Quality white glazed basin with vanity top
Wall mounted shower rose
Quality white glazed
sitting W.C.
Soap holder
Toilet roll holder

Type B Master Bathroom:
Quality white glazed basin with vanity top
Wall mounted shower rose with shower screen
Quality metal longbath with handset shower
Quality white glazed sitting W.C.
Soap holder
Toilet roll holder

Type A&B Other bathrooms:
Quality white glazed basin
Wall mounted shower rose
Quality white glazed sitting W.C.
Soap holder
Toilet roll holder

Kitchen: Single bowl stainless steel sink

Electrical Installation
Adequate power plug points,light points & ceiling fan points are provided
Door bell point at entrance
Water heater point at master bathroom
A/C point at master bedroom

Telephone
Plug-in telephone points at living and master
bedroom

TV Point
Plug-in MATV point at living and master bedroom

Other Common Facilities
Main swimming pool
Children’s wading pool
2 hi-tech passenger lifts
Poolside BBQ pit
Gymnasium room
Changing rooms
Sauna rooms
Jacuzzi
Community Hall
Central refuse room
24-hours security
Ample carparks


Contact:
55-11-A (Menara Northam)
Jalan Sultan Ahmad Shah, 10050 Penang
Telephone: 604-226 9537
Fax: 604-227 6841
sales@tamanratu.com

[TYW]

i guess it's new. Baverly Hills used to have landed properties only..

[kubundu]

Originally Posted by TYW

i guess it's new. Baverly Hills used to have landed properties only..

The condo is opposite Coastal Towers..the bungalows are further up in front of Straits Regency condo.

[kubundu]

Tune Hotel Penang


Bukit Dumbar Villa

[kubundu]

Balik Pulau Syariah Court (the shiny dome caught by attention)

[rizalhakim]

may i know what is kubundu? sound like an african to me....

[khensthoth]

Haha. I have wondered about that too. It sounds similiar to Kubuntu - a free (as in beer and as in speech) operating system.

[TYW]

hm.... i'm using Kubuntu

[kubundu]

Originally Posted by khensthoth

Haha. I have wondered about that too. It sounds familiar to Kubuntu - a free (as in beer and as in speech) operating system.

LOL. I was installing Ubuntu on my PC when I first joined this forum. so naturally....it's the first thing that pop into my mind at the time. I just change the spelling.

[khensthoth]

Wow. So many Ubuntu (and variants) user here! Cool man. And all from Penang? Kubundu are you from Penang?

Anyway, I have been using the LiveCD on and off for a very long time now. I just decided to switch about a week ago. Now I am using Ubuntu all the time, although I have tried Kubuntu and Xubuntu.

To others: Resistance is futile. Embrace the open source culture!

[TYW]

interesting to know there are others using *ubuntu. i've tried GNOME before but i didn't really like it. i prefer KDE. but it's true what people say about KDE's stability...

[khensthoth]

Going off topic now. When I first started using Linux, I like KDE more. It's closer to the Windows feel, and functionality wise it's closer. I guess I have grown to like GNOME. GNOME is simplistic, but even Linus Torvalds commented on them being too simple.

What version of KDE are you using? I heard KDE 4.0 is particularly incomplete and unstable.

[TYW]

Originally Posted by khensthoth

Going off topic now. When I first started using Linux, I like KDE more. It's closer to the Windows feel, and functionality wise it's closer. I guess I have grown to like GNOME. GNOME is simplistic, but even Linus Torvalds commented on them being too simple.

What version of KDE are you using? I heard KDE 4.0 is particularly incomplete and unstable.

ha ha... it's ok to go off topic once in a while...

actually i've only used GNOME for about less than a week. i just didn't like it like the way i liked KDE the 1st time i used it. the settings and stuff are more scattered compared to KDE. maybe i didn't forced myself to use it longer to get used to it?? i think KDE have the best apps. i've heard of Konqueror and Amarok even before i've started using Linux.

i'm using KDE 4.0 now. but i have KDE 3.5 as my other DE. yea, 4.0 is rather incomplete that's why i have 3.5 by my side can't wait for 4.1. it looks really cool.

[khensthoth]

Yup. Agreed about the settings in GNOME. Even moving the Computer and Trash to the desktop needs configuration editing, and it's scary. It's like the registry in Windows.

KDE does have a lot of good applications, and I am patiently waiting for 4.1 too.

[rizalhakim]

any construction pic for this project???



Project :Crystal Prestige Block B

Property Type :15 Storey Medium Cost Condominium

Facilities :Sharing the same facilities available from Crystal Prestige Block A. Please see Crystal Prestige Block A for details.

Est. Launch Date :2007

Est. Completed Date :2010

Tenure :Freehold

Listing Price :RM 220,000 to RM 235,000

Bumiputra Discount :5 %

Unit Type :Total 42 units.

Single Type - 875sq.ft.

Show Unit / Location :Jalan Free School, Section 6, Penang Island



http://www.am-el.net

[rizalhakim]

Pinhorn Suites



Pinhorn Suites a low density, exclusive and luxurious condominium development. The apartment sizes range from about 1,700 sq.ft. to 3,000 sq.ft per unit with basement car parks, roof gardens, gymnasium, & covered swimming pool. Sculpted in concrete and glass the building contrasts clearly with the surrounding making it even more extraordinary. Each floor of the building comprises only 2 units of apartment and serviced by 2 elevators.

Location : Jalan Pinhorn, Greenlane, Penang
Type : Condominium
Total Units : 24
Built-up Area : approx. 1,700 - 3,000 sq.ft.
Developer : Harta Intan Group
Price : RM700,000 onwards