Projects by Oriental Max Group
Penang
Wednesday, 5 February 2014
Thursday, 30 January 2014
The Garden
A Project by Jade Valley Development
Balik Pulau, Penang
Property Details
Type: 3 Storey Semi Detached
Type: 3 Storey Semi Detached
Tenure: Freehold
No. of Types: 3
No. of Units: 10
Land Area: 2,368 - 2,669 sq.ft.
Built-up: 2,835 - 3,360 sq.ft.
Expected Date of Completion: June 2013
The Star
Alyssa
A Project by TF Land
Macang Bubuk, Bukit Mertajam, Penang
Property Details
Type: 2 Storey Terrace
Type: 2 Storey Terrace
Tenure: Freehold
No. of types: 2
Land Area: 20 x 60 & 20 x 65 ft
Built-up: 20 x 40 ft & 20 x 45 ft
The Star
Sunday, 26 January 2014
EPU to issue new guidelines on RM1m price floor in March or April
KUALA LUMPUR: The Economic Planning Unit (EPU) is expected to issue new guidelines that will require foreigners to buy properties here that are priced at RM1 million or above in March or April this year, said National Housing Department deputy director-general Datuk Mohamad Yusoff Ghazali.
The revision to the Guideline On The Acquisition Of Properties will put into effect plans by the federal government to increase the minimum floor price of properties foreigners are allowed to buy from the current RM500,000 to RM1 million.
“The EPU will release the new guidelines as early as March or April this year,” Mohamad Yusoff told The Edge Financial Daily yesterday.
However, Mohamad Yusoff said the various state governments can still voice their objections to the new guidelines to the EPU.
He was commenting on news reports that Johor could opt out of a new ruling, announced last year by Prime Minister Datuk Seri Najib Abdul Razak in Budget 2014, that the minimum value of properties that foreigners can buy will double to RM1 million as a measure to address rising property prices.
When contacted by The Edge Financial Daily, Iskandar Regional Development Authority (IRDA), the federal government statutory body tasked with regulating Iskandar Malaysia in Johor, said it has not been informed by the Johor government about exempting projects approved by the authorities before May 1 this year from the minimum RM1 million purchase price ruling.
“This is a state matter, [but] we have not heard anything from the state [government] and we should not speculate,” said the IRDA spokesman, adding that IRDA will be informed if there are such plans.
However, real estate agents revealed that the state government may be mulling such plans to boost sales of Iskandar properties.
“The delay in implementing the new minimum price of RM1 million for foreign property buyers could be seen as unfriendly and may affect their confidence in their investments,” said Malaysia Institute of Estate Agents president Siva Shanker.
“Total foreign property purchases [in Malaysia] are estimated at about 4% to 7%, which is comparatively a small figure,” he added.
A real estate agent who declined to be named said most foreign buyers are now adopting a “wait and see” approach following the announcements by the government on the proposed new price limit.
Currently, Medini Iskandar is the only area in the US$30 billion (RM99.3 billion) Iskandar Malaysia in Johor that enjoys an exemption from the 30% real property gains tax, announced in October to cool soaring property prices.
Land is considered a state matter and states like Penang and Johor have come up with additional guidelines.
For instance, Penang has set the floor price for foreign buyers at RM2 million for residential landed properties and RM1 million for high-rise units on the island, and RM1 million and RM500,000 respectively for the mainland, where land is much cheaper.
Penang and Johor also currently charge foreign purchasers a RM10,000 state consent application fee. Penang will replace the charge with a 3% levy on the transacted price in the sale and purchase agreement signed on or after Feb 1, 2014, and Johor with a 2% levy beginning May this year.
This article first appeared in The Edge Financial Daily, on January 21, 2014.
Penang Times Square’s phase four set to start in 2015
KUALA LUMPUR: Ivory Properties Group Bhd expects phase four of the Penang Times Square (PTS) to commence work in the first half of 2015, said group chief executive officer Datuk Low Eng Hock.
He told The Edge Financial Daily via email that phase four of The Central is expected to be completed by 2019. The Small office Home office (SoHo) has a gross development value (GDV) for phase four of about RM480 million.
The construction of the project’s third phase called The Wave, started in mid 2013 and will be completed by end-2017.
The Wave, with 312 office suites in four different designs, has an estimated GDV of RM263 million. The units are spaciously spread over 27 floors and sits on 11 storeys of commercial components, complete with car parks and facilities. Currently, the take-up rate for phase three has reached 80%.
“Despite the take-up rate, we will retain the commercial podium for long-term recurring income purposes,” said Low.
Ivory Properties will have a roadshow in conjunction with the Chinese New Year celebration from Jan 30 to Feb 9 at Gurney Plaza Central Atrium from 10am to 10pm.
Low foresees the take-up rates for phase three and four will be good with the group’s upcoming roadshow.
“Most customers like to purchase or register their preferred units during Chinese New Year for it symbolises prosperity, particularly Penangites who have just returned from overseas.
“Secondly, we are confident with The Central and The Wave for their good location in the Central Business District (CBD) of Penang and with George Town gaining its popularity following its Unesco World Heritage Site status,” Low said.
In addition, the group will offer 10% discounts and 5% cash rebates for all its projects during the roadshow.
Ivory Properties started developing PTS in 2006, with phase one called Birch The Plaza in 2006 and phase two called Birch Regency in 2007. Phase one and two were completed in 2008 and 2011 respectively.
The group said it achieved 100% take-up rates for both phases.
Other projects to be featured in the roadshow are The Latitude, The Peak and The Latitude commercial lots, Island Resort Bungalow, City Residence and Tropicana Bay Residences.
Commenting on the outlook of the property market in Penang, Low remains optimistic despite new regulations imposed in the state.
“We are confident about the property market in Penang, especially on the Island. The 3% levy on foreign purchase will not significantly affect the Penang property market as transactions by foreigners only contribute a small percentage.
“We believe that buying activities will resume with strong demand, especially in the second half of 2014, and the draw of strategic locations on Penang Island such as the CBD area in George Town where prime land for development is scarce,” said Low. — by Zatil Husna Wan Fauzi
This article first appeared in The Edge Financial Daily, on January 24, 2014.
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