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Penang to enhance affordable housing guidelines Property News/ 30 May 2024
The Penang government, through the Penang Housing Board (LPNPP), is undertaking a comprehensive review and enhancement of the current guidelines for affordable homes (GPRMM). This initiative is aimed at improving accessibility to homeownership for young people and first-time home buyers, as emphasized by State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu. During his winding-up speech at the State Legislative Assembly, Sundarajoo highlighted the significance of these revisions. He stated that the updated guidelines would facilitate easier access to suitable housing loans for prospective homeowners. Moreover, special incentives will be offered to housing developers to encourage the development of affordable housing projects, ensuring their sustainability. The enhanced GPRMM guidelines are expected to be announced by the end of the year, marking a significant step toward addressing housing affordability in Penang. Sundarajoo also recommended that first-time home buyers struggling to secure loans from banks consider applying for a loan scheme under Syarikat Jaminan Kredit Perumahan (SJKP). This Federal Government initiative offers financing guarantees of up to 120% for houses valued at up to RM500,000, with loan tenures of up to 35 years. The scheme is particularly beneficial for low-income or middle-income youth and first-time home buyers who lack fixed incomes and payslips. In addition to these measures, Sundarajoo announced that the Penang government will continue advocating for more People’s Housing Projects (PPRs) in the state. Penang, recognized as one of the highest tax-collecting states, has identified five potential sites for these projects, two on the island and three on the mainland. Preliminary assessments by the Local Government Development Ministry (KPKT) have led to the selection of a site in the central Seberang Perai district for the PPR project. This site is now awaiting funding approval from the Economy Ministry as part of the Fifth Rolling Plan (RP5) of the Twelfth Malaysia Plan (12MP). These strategic efforts underscore the Penang government’s commitment to improving housing accessibility and affordability, particularly for the younger generation and first-time home buyers. Tags: Penang PPR tenants may extend leases for additional 3 years Property News/ 28 May 2024
Penang State Housing and Environment Exco, Dato’ Seri S. Sundarajoo, has announced that tenants of the People’s Housing Programme (PPR) with household incomes exceeding RM1,500 per month may still apply to reside in the same housing units for an additional three years, subject to consideration by the Penang State Housing Board (LPNPP). This announcement came in response to a supplementary question posed by Sungai Puyu State Assemblyman, Phee Syn Tze, during the First Meeting of the Second Session of the 15th Penang State Legislative Assembly today. “The State Government is willing to lease these houses to such categories (i.e., the 40 percent lowest income group, B40) for three years, with the hope that the economic status of these families can improve within that timeframe. If not, they can apply to rent the PPR for another three years,” explained Sundarajoo, who is also the State Assemblyman for Perai. During the oral question session, Syn Tze highlighted that since May 1, 2022, the Federal Government had enforced a minimum wage of RM1,500 per month for all employers with five or more employees. Referring to the enforcement guidelines, she inquired whether the State Government planned to amend some of the eligibility criteria for renting PPR flats, which currently stipulate that household incomes must not exceed RM1,500. “Since the implementation of the RM1,500 minimum wage, many PPR tenants automatically no longer qualify to rent PPR units as they exceed the eligibility criteria set by LPNPP. Therefore, the existing income is insufficient to meet the family’s needs even if both husband and wife work. What are the State Government’s proposals and efforts to ensure the continued rental eligibility of these B40 groups in PPR units?” he asked, suggesting that LPNPP revise the existing PPR rental eligibility criteria. Sundarajoo explained that LPNPP is currently conducting a review of the Household Income Limitation at the state level. “This matter will be thoroughly examined before being brought to the State Authorities for approval. As of April 30, 2024, a total of 940 individuals have registered and are awaiting offers for rental housing (PPR),” he stated, while also mentioning that they are updating applicant data through the Housing Information System (SMP). In related developments, Sundarajoo also disclosed that the State Government, through LPNPP, aims to provide a total of 220,000 Affordable Housing Units (RMM) by 2030 in the state, with 10 percent or 22,000 being distributed under the Rent-To-Own Scheme. Tags: Arya Terraces @ IJM Bayouri Nibong Tebal/ 27 May 2024
Arya Terraces is the first phase of the landed residential component in the 70-acre freehold township development by Chen Yu Land Sdn. Bhd., a subsidiary of IJM Land, located in Nibong Tebal. The development is strategically situated near the entry point of the Jawi toll, approximately a 12-minute drive south of the Penang Second Bridge. It is also in close proximity to several public amenities and government offices, including the Land & District Office, District Education Office, and District Police Headquarters. The development features a total of 100 double-storey terrace homes. Each unit has a typical lot size of 22′ x 65′ and a built-up area of approximately 1,913 square feet onwards. The homes include four bedrooms and four bathrooms. Prices start from an indicative price of RM765,000 onwards. Project Name: Arya Terraces @ IJM Bayouri
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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question. Tags: arya terraces, ijm bayouri, landed, residential, terrace, township development Scientex acquires land in Seberang Perai for RM462.50 million Property News/ 26 May 2024
Property developer Scientex Bhd announced on Friday its acquisition of 708.5 acres (286.72 hectares) of land in Southern Seberang Perai, Penang for RM462.50 million. The acquisition is aimed at expanding its land bank for future mixed-property development. The newly acquired land is strategically located, being 17km from Batu Kawan Industrial Park, 6km from Plaza Tol Jawi, within a 10km radius of Nibong Tebal Town, and approximately 5.5km from Sungai Jawi Town. It is also near the Bukit Jawi Golf Resort and the Universiti Sains Malaysia Engineering Campus. Scientex plans to develop this land into a mixed-property development, although the potential gross development value and specific project details are yet to be determined. The acquisition will be financed through internally generated funds and bank borrowings. This move aligns with Scientex’s goal to build more affordable homes, aiming to complete 50,000 affordable homes nationwide by 2028. “The land is expected to provide a steady and sustainable property development model, as the Scientex group continues to focus on affordably priced landed properties, where demand remains firm and resilient,” the company stated. The acquisition is anticipated to be completed in the first half of 2025. This follows Scientex’s April announcement that it had handed over 35,062 affordable houses, with about 70% sold below RM300,000 per unit. Scientex, which began its property division in Johor, has since expanded to Melaka, Negeri Sembilan, Selangor, Perak, Penang, and Kedah, and internationally to Bangkok and Jakarta through joint ventures. The company reported a net profit increase of 33% to RM141.01 million for the second financial quarter ended January 31, 2024, with revenue rising 12% to RM1.09 billion. Tags: affordable housing, scientex SPIL breaks ground on RM6bil semiconductor plant in Batu Kawan Property News/ 25 May 2024 /中文版
Siliconware Precision Industries Co., Ltd. (SPIL), a leading global semiconductor packaging and testing company, celebrated the groundbreaking of its Malaysia P1 plant at Bandar Cassia Technology Park in Pnenag. This state-of-the-art 8-hectare facility, representing a RM6 billion investment, is expected to create nearly 3,000 skilled jobs over the next 15 years. The plant will feature advanced packaging and testing technologies, including wafer bumping and wafer-level chip packaging, enhancing efficiency and competitiveness in the semiconductor industry. The ceremony was graced by prominent figures, including YBhg. Dato’ Hairil Yahri Yaacob, Secretary General of MITI; Mr. Sivasuriyamoorthy Sundara Raja, Deputy CEO of MIDA; Dato’ Loo Lee Lian, CEO of InvestPenang; and Mr. Michael Chang, CEO of SPIL Malaysia. Their attendance highlighted the significance of this project to the region and the industry. YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of MITI, warmly welcomed SPIL’s investment. He emphasized that this development affirms Malaysia’s position as a preferred destination for global semiconductor companies. He noted, “The National Semiconductor Strategic Task Force (NSSTF) and MIDA’s expertise are key to the New Industrial Master Plan 2030, aiming to increase economic complexity, forge stronger global linkages, and create high-paying jobs for Malaysians.” Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, underscored the benefits of SPIL’s investment, stating, “This facility enhances Malaysia’s semiconductor ecosystem, creating high-value engineering jobs and accelerating the export of Malaysian products globally.” He added that this project positions Malaysia as a key player in the international semiconductor market, driving sustained economic growth. Dato’ Loo Lee Lian highlighted Penang’s substantial contribution to the semiconductor sector, stating, “Penang is proud to host SPIL, reflecting foreign investors’ confidence in our region as a hub for advanced technologies. This facility will advance Penang up the value chain, reinforcing its reputation as the Silicon Valley of the East.” Mr. Michael Chang, CEO of SPIL Malaysia, expressed gratitude to MIDA and InvestPenang for their support. He stated that the P1 plant will foster innovation, cultivate semiconductor talent, and enhance technological capabilities in Penang. He emphasized SPIL’s commitment to environmental sustainability, aiming for GBI Green Globes Certification and a net-zero carbon reduction goal by 2050. As part of ASE Technology Holding, the world’s largest packaging and testing group, SPIL is expanding its global footprint with the P1 plant. This initiative introduces advanced packaging technology, strengthens the packaging and testing industry, and drives innovation and economic growth in Penang and beyond. (责任编辑：) |
