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The Penang Malaysia Thread (MY#2)

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The Penang Malaysia Thread (MY#2)
One of Asia Top 10 "most Livable Cities"
================================

City: George Town / Country: Malaysia
Area: 150 km2 .... / Population: 300, 000 : (for Penang as a whole: xxx,xxx)
Language: Malay, Chinese, English

panorama.jpg

POPULATION
The population of George Town is estimated to be around 300, 000 people, spread over around 150 km2, which makes the city one of the most densely populated in Malaysia. The ethnic Chinese comprise 43% of the population of the city, Malays are a little more than 40%, ethnic Indians are a bit less then 10% of the 300, 000 inhabitants of George Town. The common languages in the city are English, Tamil, Malay and Peneng Hokkien, Mandarin is also increasingly spoken. The official religion of the state of Penang and its capital city George Town is Islam, but other religions such as Hinduism and Buddhism are freely practised.

DISTRICTS

Old town - the original commercial town was built between Beach Street, Light Street, Malabar Street and Pitt Street. By the early 1880's a new waterfront was created at Weld Quay, and subsequently, commercial buildings sprang up in the area. The historic commercial centre of George Town was segmented into trading and Banking areas. Today, a lot of the colonial buildings are well preserved, some of them were restored, and they give people visiting an enchanting glimpse of the good old days.

New town - in central George Town, right next to the old commercial city centre, at some places even mixed with it. Do not expect glittery high-rises, huge shopping malls, heavy traffic and smog. Instead of them, the New town can offer you a relaxing stroll in the quiet streets and green parks, small shops, cosy cafes, restaurants offering local cuisine.

Suburbs - if you want to get a better impression of the lifestyle of the native people, you can take a walk in the residential areas in the suburbs of the city. You will hardly ever see large mansions and posh houses - locals inhabit primarily small cosy 1 or 2-bedroom detached houses.

PROPERTY
Proper1.gif
/see: http://www.penangmyhome.com/Properties.htm

LIVABILITY
Penang rates as one Asia’s 10 most livable ‘cities’, boasting a modern and robust infrastructure, an agreeable climate, decent transport links and a pleasant living environment that appeals to foreigners.

Georgetown is the capital city of the state of Penang here in Malaysia. Named after Britain's King George III, the city is located on the northeast corner of Penang Island. The architecture of the city reveals its rich ethnic past - you can see Georgian civic buildings, Chinese mansions, Indian temples, mosques and even cathedrals.

Food stalls greet you as you make your way into George Town, offering just a taste of the city's multi-cultural cuisine.

The older part of the city is a maze of narrow alleys and lanes - and a trishaw is a popular way for tourists to explore.

The Eastern and Oriental Hotel is very famous in Penang. The train was actually named after it. It was established in 1885 by the Sarkies brothers, the same guys who established the Raffles Hotel in Singapore.

Georgetown was voted as one of the best cities in Asia by Asiaweek, ranked 9th in 2000 and 12th in 2002. This year it was ranked as the 10th most liveable city in Asia according to an international survey involving 254 cities worldwide by Employment Conditions Abroad Limited (ECA International). Cities were judged on weather, air quality, infrastructure, health services, housing, security and politics.

PEN_Penang_Georgetown_street.jpg

For some, there’s a feeling of unfulfilled potential in Malaysia’s third-richest state, and city planners are now keen to compete with the likes of Phuket, Bali, Dubai and other pan-Asian centres attracting foreign money

Penang has a relatively small expatriate community and the island is now actively trying to change that, even if it lacks the beauty of Phuket, the cosmopolitan vibrancy of Singapore or Vietnam’s exciting opportunities. It does have a large enough tourism industry to lay on a semi-Westernised environment, but so far has not attracted a huge number of foreign permanent or part-time residents.

Comparing it to its closest rival, Phuket, Penang offers a more conservative but better managed and more transparent city, with forward-thinking planning. Bachelors might not find it as attractive as its hedonistic northern neighbour, but on the whole it offers similar opportunities at attractive prices.

Arguably the most important of the potential overseas segments is the future growth of the ‘retiree sector’. New property developments are now targeting foreigners by building comfortable villas rather than just mass housing for the locals which have hitherto dominated the property scene.

/see: http://www.property-report.com/apr_singapo...amp;date=032008

495081.jpg

 

Penang-3b_zpsotk6cwel.jpg

 

> main source: http://www.starproperty.my/index.php/articles/investment/penang-residential-market-to-remain-active-though-with-less-buzz-compared-to-last-year/

= = = = =
LINKS:
MAP of Penang.................. : http://www.panoramio.com/map/#lt=5.472465&...p;a=1&tab=1
Charts, Advfn thread......... : http://www.advfn.com/cmn/fbb/thread.php3?id=17072022
TheEdge Daily News.......... : http://www.theedgedaily.com/cms/index.jsp
Wikipedia, Georgetown...... : http://en.wikipedia.org/wiki/George_Town,_Penang : Map
Penang Property Headlines : http://www.intproperties.com/penang.php
Property-Report: Sing &MY : http://www.property-report.com/
Penang at a Glance........... : http://www.intproperties.com/penang.php?su...amp;ucat=5&
InvestPenang website....... : http://www.investpenang.gov.my/index.php

Tourism Promotion Board.. : http://www.tourism.gov.my/
Trails of George Town....... : http://www.penang-vacations.com/penang-pla...f-interest.html
George Town Travel Guide : http://wikitravel.org/en/Georgetown_%28Malaysia%29
Photos of George Town..... : http://www.informatik.uni-bremen.de/~net/p...sia/georgetown/
Penang Medical College.... : http://www.pmc.edu.my/theprofessors.html

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PENANG'S TWO PREMIER PROJECTS: The Light and STP

 

Malaysia's second city already rates as one of Asia's "Ten most liveable cities", with a modern infrastructure, decent transport links, and a pleasant living environment that appeals to foreigners. Over the next 15 years it will benefit from massive state spending, and two premier residential projects:

 

Fea_SeriTanjungPinang.jpg.aaa2fn4.jpg.

 

aaa2cf5.jpg.

+ Seri Tanjung Pinang (North of Georgetown, E&O properties)+++

Phase one alone will cover 240 acres of reclaimed land north of Gurney Drive's "millionaire's Row." The entire headland phase should be completed by 2014. The project is mostly residential, and includes highrise apartments, semi-detached units, and luxurious waterfront bungalows. Over 400 of the planned 2,500 residential units have been sold.

 

SeriTgPinang.jpg.SeriTgPinang04.jpg.

 

Within STP:

- Ariza courtard terraces: ave. size 3,400 sf, selling RM216 psf and up

These have been for sale since Dec 2005

 

SeriTgPinang01.jpg.SeriTgPinang09.jpg.

 

- Avalon and Acacia (colonial-inspired)

Are semi-detached homes with 4,000sf of built-up area, selling for RM1.5 million

 

- The Suites-at-waterfront, 160 apartments (1BR and 2BR), selling from RM550psf. The Suites willbe built around a marina, a waterfront promenade, and a retail marketplace. all set for completion in 2010.

 

- Villas by-the-sea bungalows, facing the sea, have a price range oof RM2.75 - RM7.50 million, averaging about RM530-830 psf, with area from 5,193- 9,043 sf andplots of 5,000 to 12,860 sf, and are slated for completion in 2009.

 

thelightwaterfrontrc2.jpg

+ The Light (South of Georgetown, IJM Corporation)+++

300-acre waterfront development, costing RM3 billion over the next 10 years. Is expected to have an upmarket feel, and a range of facilities: with residential, office, and retail properties. The two office buildings will bring in a "work, live, and play" element that may not exist at STP. It will have good (road) transport links, being alongside the newly-bult expressay linking the state capital with Penang's bridge.

 

The Light will radically change the skyline of the east coast, and will help to place Penang in a higher league among Asian destinations. Phase one, due for completion in 2012, will be residential, consisting of a variety of apartments and lofts such as the Light Linear, Light Point, and Light collection.

 

OTHER DEVELOPMENTS:

In Georgetown itself, The Pier at Weld Quay is located alongside the old harbor and makes the most of Penang’s history. Developer Asian Global Business (AGB) will conserving six existing 19th-century buildings and add new structures to create a unique residential, commercial, educational and tourism enclave slated for completion in early 2011.

 

A number of condos are set to be launched in the second half of the year. Noraini Abdullah, AGB’s founder and CEO, believes The Pier at Weld Quay will become the heart of the port city and the key to Georgetown’s revitalization.

 

“The Pier is very niche and given our features, we’ve targeted specific buyer segments. In contrast to, say, Singapore, which is not unlike any of the major cities around the world, Penang offers a different experience altogether. It’s more liveable for the empty nesters and for foreigners who want to consider a ’sincere’ home to live in. I believe Penang Island will become one of the best places to live in the region,” she says.

 

Penang has a robust commercial sector and doesnt depend too heavily upon tourism for its survival. In future, it will also benefit from the announced spending on the Northern Corridor Economic Region (NCER), a master plan aimed at neighboring mainland states of Perlis, Kedah, and northern Perak. Penang provides an obvious logistics hun for the ongoing devlopment of the NCER which is expected to attrct US$50 billion in foreign investment

 

/more: http://www.property-report.com/apr_singapo...amp;date=032008

 

= = = =

Penang projects. : http://www.propertytalk.com.my/project/penang.html

E&O Prop's STP.. : http://www.seritanjungpinang.com/stp/index.cfm

The Light project : Location : Website : Press Releases

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TIMES SQUARE

 

 

 

== == ==

Penang’s Little Manhattan project

PENANG: Peninsular Metro-Works Sdn Bhd (PMW), the concessionaire for the Penang Outer Ring Road (PORR), has proposed to create a multi-billion ringgit man-made island off Penang coast, calling it “our own Little Manhattan.”

 

/more: http://www.intproperties.com/penang.php?su...amp;ucat=5&

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Survey ranks it the 10th most liveable city in Asia.

 

1/ Singapore

2/ Kobe, Japan

3T Tokyo, Japan

3T Osaka, Japan

5/ Hong Kong

6/ Macao, China

7/ Taipei, Taiwan

8/ Bangkok, Thailand

9/ Kuala Lumpur, Malaysia

10 Penang, Malaysia

 

March 17, 2007 .. by Ng Su-Ann

 

Penang has been ranked as the 10th most liveable city in Asia, according to an international survey involving 254 cities worldwide.

 

The 2006 survey by Employment Conditions Abroad Limited (ECA International), a human resource consultant agency, placed Kuala Lumpur in the ninth position.

 

The yearly survey is based on their weather, air quality, infrastructure, health services, housing, security and politics.

 

It also states that the non-liveable cities in Asia are Karachi, Pyongyang, Islamabad, Dhaka and Dili.

 

Chief Minister Tan Sri Dr Koh Tsu Koon said: "Five years ago, Penang was ranked 12th while Kuala Lumpur was seventh.

 

I hope Penang will continue to improve its ranking, not only for the expatriates but also the locals as well."

 

/see: http://www.investpenang.gov.my/ournews.php...=&arcmonth=

 

== ==

 

George Town moves up rankings of most liveable cities

 

By ANTHONY TAN

 

PENANG: George Town has moved up a notch to rank as the 9th most liveable city in Asia for Asians to live in for the year 2007/2008 in a survey of 254 cities worldwide. The ECA International Location Ranking Survey had last year ranked the Penang capital as the 10th most liveable city in Asia for Asians.

 

George Town also saw the biggest improvement in scores among the 49 Asians cities surveyed by rising 11 notches in the global ranking from 74 to 63.

 

ECA International general manager Lee Quane said in a press release that the big rise was due to improvements in recreation, housing and personal security.

 

Globally, Singapore maintained the top spot as the best place for Asians to live in according to the annual survey which compares living standards according to categories, including climate, air quality, health services, housing and utilities, isolation, social network and leisure facilities, infrastructure, personal safety and political tensions.

 

Kuala Lumpur is tied with George Town at the 9th most liveable city in Asia and the 63rd most liveable city in the world.

 

/more: http://thestar.com.my/news/story.asp?file=...&sec=nation

== ==

 

WHY PENANG?

 

Lower cost of living compared to Kuala Lumpur or Johor Bahru

Life in Penang is great and not expensive. A decent meal for a person at the food court, hawker center or coffeeshop costs RM5. An excellent meal for two at good restaurants only costs RM50. High end and classy restaurants will charge you about RM150 for two people. Cooking at home is relatively cheap. For a family of 4, you need to spend only RM600 per month.. Parking is cheap at RM0.80 per hour by the roadside or RM2 per hour in parking garages.

 

Excellent facilities and infrastructure

Penang has the facilities of a modern city. Hospitals and healthcare centers offer good medical services (no waiting required). Universities, colleges and international schools are available in Penang too.

 

http://www.penangmyhome.com/Main.htm?gclid...CFRU1egodXBQr6Q

 

 

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MM2H / Malaysia My Second Home notes

===========

1/

The Malaysia My Second Home (MM2H) Programme is a government led initiative encouraging non-Malaysians to retire in Malaysia or to spend considerable time in the country. Non-Malaysians can apply for ten year renewable visas which would allow them to travel to and from Malaysia easily, as well as give the visa holders various privileges.

 

Many non-Malaysians who wish to stay in Malaysia are often extremely discerning in their choice of home. Used to a certain level of comfort and convenience, you may be looking for the quintessential quality of life that Seri Tanjung Pinang provides on the beautiful island of Penang.

 

E&O Property Development Berhad (E&OPROP) is the Official Main Sponsor for Expat Magazine’s MM2H Programme. As an organization, E&OPROP continues to support the Government’s initiatives in attracting individuals to participate in the MM2H Programme as well as assist in promoting Malaysia as a wonderful place to live.

 

For more information, please visit MM2H Programme official website

also : http://www.mm2h.com/

 

2/

According to the minister, currently there are 9,551 foreigners residing in Malaysia under the MM2H programme and 3,000 more expatriates coming to Malaysia this year. The tourism ministry is hoping to woo 100,000 expatriates to join the MM2H programme by year 2010. To attract more participants, a MM2H center has been set up in May 2006 which acts as an one-stop center for MM2H programme.

 

More than 120 participants comprises of interested participants, licensed MM2H agents, journalists, tourism officials, housing developers and real estate agents attended the symposium.

 

/more: http://www.intproperties.com/blog.php?suba...amp;ucat=3&

 

3/

Application Requirements

 

Letter of application

2 copies of application form for Social Visit Pass, IM.12 for each applicant and dependent

2 passport sized photos of each applicant and dependent

Photocopies of passport/travel document for each applicant and dependent

A certified copy of Marriage Certificate (if accompanied by spouse)

A certified copy of latest bank statement or related financial document

Copy of birth certificates (if accompanied by children)

A certified copy of medical insurance and fixed deposit (these documents can be submitted after receiving conditional approval)

 

Submission of Application (may be out of date)

Applications can be made in or outside Malaysia. Applications can be submitted to either:

 

+ Ministry of Tourism Malaysia

+ All Malaysian Representative Office abroad

+ All Tourism Malaysia Offices

 

/see: http://www.propertytalk.com.my/mm2h/index.html

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Interesting stuff.

 

I can remember as a student in the late 1980s hanging out on Koh Samui, Kph Phangan and Koh Tao in Thailand and there were loads of old hippies who loved there who, every two or three months, would have to head down to Penang to renew their Thai visas.

 

It was one of the main stops on the South East Asia route, but it seems to have been forgotten a bit , so maybe it's ripe for a comeback.

 

I don't think it was as popular with students and backpackers as the Thai islands as it wasn't quite such a party centre.

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QUOTE (Frizzers @ Mar 26 2008, 03:57 PM) <{POST_SNAPBACK}>
I can remember as a student in the late 1980s hanging out on Koh Samui, Kph Phangan and Koh Tao in Thailand and there were loads of old hippies who loved there who, every two or three months, would have to head down to Penang to renew their Thai visas.

It was one of the main stops on the South East Asia route, but it seems to have been forgotten a bit , so maybe it's ripe for a comeback.


300,000 people now, with a massive number of new Condo and Villa projects in the works,
they will need to attract loads of people to fill these new places up.

I understand that they are using the MM2H programme to attract an interesting mix of foreigners,
to go with the wealthy Malaysians that are aiming to retire in this "livable" city.

There are jobs there too, and Penang has the potential to be "the next Singapore",
and you can buy now while it is still reasonably cheap

SHOPPING TOO - here' s new-ish shopping area in Georgetown

Penang Times Square
One upcoming project the developer is especially proud of is said to be by far its most ambitious and significant — the RM700-million Penang Times Square development. Located in the heart of historic Georgetown, Low is confident that the mixed development will become the cornerstone of its efforts to venture into the tourism-related commercial property development market.

The entire Penang Times Square, which recently broke ground in September 2005, includes 800 units of residential units, commercial spaces, exhibition centre, hotel and office blocks, and a two-acre urban open square modelled after the vibrant and activity-filled European town squares.

To be completed in four years, Penang Times Square is widely regarded as the milestone project in support of the Penang government's urban renewal efforts for the 200-year-old Georgetown district on Penang island, which is currently seeking Unesco World Heritage Listing status.

"Within 100 metres of Penang's famed food districts and three international star-rated hotels, Penang Times Square is poised to become the new urban centre for Penang's residents and tourists alike," says Low.
He contends that together with the nearby Komtar Centre, Penang Times Square will create the island's shopping district that is anticipated to rival that of Bukit Bintang in KL and Orchard Road in Singapore.

/see: http://www.theedgedaily.com/cms/content.js...4181c0-a27216b4

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Q&A - On Malaysia My Second Home program

 

House Purchase

 

Are the participants entitled to any special entitlements?

 

All participants are allowed to purchase two units of residential properties of value more than RM250, 000.00 each and for certain areas in Sarawak (above RM350,000.00).

 

Can I purchase a house for residential purpose and a shop lot to be rented out?

 

No, you are only allowed to purchase residential properties.

 

If I buy a piece of land costing RM100,000.00 and to build a house costing RM200,000.00, which is less than RM250,000.00 regulation, am I breaking the regulation?

 

No, since the total cost of the whole house purchase is RM300,000.00 which is more than the RM250, 000.00 and above requirements.

 

Income Tax

 

What kind of taxes are the participants of this programme normally subjected to?

 

Income tax is imposed on income earned from investments in local companies and local share market. Apart from this, gains from the sale of landed property are also subjected to real property gains tax. Please refer to www.hasilnet.org.my for more details on the tax structure.

 

Is the interest for their fix deposit taxable? Some say it is taxable, other it is not taxable. If the deposit amount exceeds RM100, 000.00 OR if the deposit period is one year. What is the exact regulation?

 

Interest earned by an individual from fixed deposit account is exempted in the following situations:-

 

Period exceeding twelve months or more – any amount of interest.

 

Period not exceeding twelve months – interest on fixed deposit account of up to a maximum of RM100,000.00.

 

Is income remitted from abroad taxable?

 

Before year of assessment 2004 income remitted from abroad to Malaysia (apart from pension) is subject to tax. However, from year of assessment 2004 all income remitted from abroad is not subject to tax.

 

Does the participant have to submit any personal tax declaration to the Income Tax Department of Malaysia, like Malaysians have to?

 

Yes.

 

If the participants have to submit income tax return to the Income Tax department, are they entitled to any exemptions under the programme?

 

They will only be taxed on the income earned in Malaysia after taking into account the personal tax allowances. The income will be taxed according to a progressive tax rate structure.

 

/MORE: http://www.penangmyhome.com/FAQ.htm

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Here's a Penang project which advertised on GEI

 

Ferringhi Heights

semidtypecpersp01yq3.jpg.condopersp01yu7.jpg

 

semidconceptcv5.jpg

 

/link: www.penangseaviewproperties.com

 

J. Chin's Jpegs: http://picasaweb.google.com/juanitachin/Fe...eightsJpegFiles

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The gf and I will be visiting Penang this weekend- in case any GEI posters

know any property agents there that they can recommend, or are able to meet for a coffee

 

(we already have one recommended. thanks very much, A.)

 

WE may also make a brief sidetrip to Langkawi

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...from KL (MY#1) thread...

 

Dr Bubb

Its a funny situation in Penang at the moment since the election in March. The opposition party won the state of Penang and there is a rift with the central government (Native Malay run). They have threatened to pull a number of major civil projects such as the monorail. The second Penang Bridge is under pressure as it it several months late. Basically the Malay don't like the situation as the Chinese have control of the state.

 

I am not sure if you are planning to invest or if it is a vacation for you but please ask all of the relevant questions.

 

Nevertheless have a good time its a fun place!!

 

Matsali

 

Thanks for those comments, M.

We have just arrived at our hotel after a long slow journey in heavy traffic.

And you are right- although Penang obviously needs a monorail, there's plenty of scepticism

here about whether it will ever happen.

 

A chinese guy from Singapore told us that he heard about the Coming Monorail when he moved

to Penang 9 years ago, and after 9 years it still hasnt happened. Maybe it never will.

 

A bridge is needed too. Perhaps with the two projects coming (Light, etc), there will be enough

high profile attention on Penang to force them through. That would be the optimists view perhaps

== ==

 

A quick thought is this:

Penang could be turned into a second Singapore, if it had the right leadership.

Are the ruling families in MY afraid of that perhaps?

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PENANG PROJECTS, that we liked, and intend to follow:

 

+ 11 Gurney Drive : 11 Persiaran Gurney, 10250 Penang (2007: 61 units)

11.jpg.11%20Gurney%20Drive9.jpg.aa.jpg

Elegant Tower with a beautiful design. Two properties per floor. Good views, seabreezes

4000 sf cost maybe Rm 2.0 to 2.5 million.

 

+ Bayswater (2007: 396 units) / & Platino - behind (2010: 228 units) : Gelugor, near Penang bridge.

Bayswater3.jpg..Platino.jpg.

"Bayswater with more that 50% ROI in 1 year"

Comment on Location: "Understand that this place will be congested in the future, there'll be a few more buildings coming up around Platino obstructing its sea view. Besides, I do not understand why IJM positioned Bayswater, which is of lower cost, in between Platino & the sea. The more expensive/luxury one ought to be further in front, closer to the sea !!!. Doesn't make sense-lah."

 

+ Penang Times Square - Georgetown city centre.

 

+ The Cove Condominium - Tanjung, Penang (2007: 160 units)

The%20Cove%20(4-Builds).jpg

 

+ STP's Waterfront Suites

Seri%20Tanjung%20Pinang.jpg

 

We saw a very beautiful high-end landed property project (Moonlight Bay- Rm 2.5 mn Houses) near Batu Ferrangi

 

Overall, though, I have some big reservations about the current stage in the property cycle. It looks very toppy at present (see XX). A fall of 20% or more, starting this year cannot be ruled out.

 

==Mass market Pricing, as of two months ago===

Freehold condo:

bayswater......... - 450k +- (completed)

regency height.. - 300k-350k (completed)

palm palladium. - 350k+- (almost completed)

vista gambier... - 350k +- (in construction)

i-regency......... - 350k+- (in construction)

D-piazza.......... - 250k +- (in construction)

 

Leasehold condo:

gold coast........ - 350k +- (completed)

the oasis.......... - 300k+- (in construction)

putra place...... - 250k +- (completed)

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NEW PROPERTY LAUNCHES - are still selling, but what happens after the OC is granted?

===================

 

Penang property still drawing investors - Property News Apr 08

 

Now that the dust has settled after the March 8 general election, the property market in Penang is expected to be stable and moderate for the time being, says Michael Geh, director of Raine & Horne International Zaki + Partners.

 

Although there is talk that planned mega projects under the Northern Corridor Economic Region (NCER) — the second Penang bridge, light monorail system, Penang Outer Ring Road (PORR) and Rapid Penang bus service — might be halted, Geh says local and foreign investors do not seem to be shying away from Penang. In fact, he says, it is the other way around; all these factors are attracting them to invest in a “cleaner and transparent” environment.

 

“This may be attributed to new government policies promoting equal opportunity, be it in education, politics or business. These are deemed as clean and transparent policies especially with regard to land issues,” says Geh.

 

Presenting The Edge Raine & Horne International Zaki + Partners Penang Housing Property Monitor for the period between January to March this year (1Q2008), Geh says factors such as low unemployment rate, steady GDP growth, as well as a balanced and equitable national economic development all point towards greater opportunities for the property development and investment market for this year.

 

“However, due to volatile uncertainties in the global market, foreign investors may, in the second quarter, be more cautious about investment opportunities,” he adds.

 

Geh also foresees a slow start for take-up rates of projects that had already been launched in the coming quarter as locals play wait-and-see because of the political restructuring.

 

“The people are curious to observe strategies implemented by the DAP-led government to boost Penang’s economy, especially in the property sector,” he shares.

 

Nonetheless, Geh says that 2008 will be a historical chapter in Penang’s property market as more and more people are willing, and able to afford, luxurious residential developments. Luxurious developments, especially the high-rises have been coming up in Penang since 3Q2007 and he sees this as “new branding” for Penang properties.

 

“Nowadays, people are looking at modern tropical facades surrounded by lush greenery and serene landscaping. Spacious and airy tropical homes that boast courtyard terraces are being offered. Homes have a resort feel to them and come with private seafront enclaves compared to the traditional 1,400 sq ft, 2-storey terrace demarcated with concrete fencing located just next to one’s working office,” Geh explains.

 

Research by Raine & Horne show that most of the newly launched projects are gated communities, with intercoms connected to a guardhouse, 24-hour CCTV surveillance and 24-hour security. Geh says this reflects the public’s awareness of rising crime. Hence the trend for luxurious residential properties in Penang.

 

According to him, in 1Q2008, Penang’s properties were gravitating towards international standards, with developers building luxurious residential properties to support demand from the expatriate community as well as local and foreign investors.

 

The target market for these luxury properties include upgraders, local and foreign investors looking to make a profit, and foreigners living in Penang under the Malaysia My Second Home (MM2H) programme, who are mostly retirees.

 

“Being one of Malaysia’s front-runners in property investment after Kuala Lumpur, Penang’s waterfront developments are now comparable to the international waterfront communities, including Sentosa Cove in Singapore and the Palms in Dubai or even Australia’s Sovereign Islands,” he says.

 

In response to the rising construction costs and growing number of foreigners pouring into the Penang property market, new developments carry “international” price tags. A survey done by Raine & Horne during the Penang International Property Expo 2008 revealed that at least 75% of the soft or officially launched strata projects comprised luxurious condominiums or super condominiums priced between RM350,000 and RM2.2 million.

 

Most of these projects are coming up in Northern Penang, especially around the tourist belt — Tanjung Bungah, Tanjung Tokong and Batu Ferringhi. Sales are doing quite well, according to Geh.

 

In Tanjung Bungah, Bolton Bhd’s luxury condominium, Surin, recorded 100% take-up rate for Block A while Block B is up to 80% sold. In Queensbay, Baystar by CP Landmark Sdn Bhd was 100% since March 2008 while Ferringhi Heights by Plenitude Heights Sdn Bhd, located in Batu Ferringhi, is 50% booked even before its soft launch next month.

 

Apart from these, Penang’s iconic developments are also attracting a wider range of potential buyers. For example, 80% of E&O Property Development (Penang) Sdn Bhd’s Seri Tanjung buyers are from Penang, Ipoh, Sungai Petani and Kuala Lumpur, while the remaining 20% are foreigners. Meanwhile, Hunza Properties intends to promote Alila 2 — a high-end landed and condominium residential project in Tanjung Bungah — to buyers from Europe, Hong Kong, South Korea, Indonesia and Singapore, says Geh.

 

He says limited supply of landbank in the northern side has shifted landed housing development to the south, especially to low-medium income areas such as Sungai Ara, Batu Maung and Balik Pulau. “As more and more small-scale contractors cum developers come into Balik Pulau, potential land prices have appreciated at least 10% compared to 4Q2007. We foresee Balik Pulau as a new housing gold mine for developers,” says Geh.

 

For landed properties, owners are advised not to rush, as the current RM755,000 for a 1,650 sq ft 3-storey home is still conservative, he says. “A similar unit at Changkat Sungai Ara area was transacted at RM765,000 in 4Q2007,” he adds.

 

Meanwhile, in the secondary residential market, there has been a slowing down of market activities with prices stabilising, says Geh. Prices of standard 2-storey terraced houses sized between 1,300 sq ft and 1,800 sq ft remain largely unchanged except for a slight increase in Sungai Nibong and Seberang Perai Selatan, with prices appreciating 1.89% and 2.86% respectively.

 

In Minden Heights, prices of 2-storey semidees sized between 3,000 sq ft and 4,000 sq ft increased by 2.56% while in Pulau Tikus, 2-storey bungalows sized 6,500 sq ft and above rose by 2.17%.

 

As for rentals, things were on the quiet side except for the tourise belt of Tanjung Tokong, Tanjung Bungah and Batu Ferringhi, where rentals have increased for both landed and strata properties.

 

In Tanjung Tokong, rentals of 2-storey bungalows sized 6,500 sq ft and above increased 1.92% while similar properties in Tanjung Bungah saw a 1.85% hike. Also in Tanjung Bungah, rental rates increased the most for 3-bedroom apartments sized 900 sq ft or more, recording a 3.57% hike.

 

Overall, rental rates for 3-bedroom flats sized between 700 sq ft and 750 sq ft in Green Lane increased the most, recording a 4.41% hike.

 

by The Edge Daily/ Property News Apr 08:

http://apartment-penang.blogspot.com/2008/...-investors.html

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RM2.2b monorail system proposal for George Town, Penang - April 2008

 

MELEWAR Industrial Group (MIG) Bhd has presented to the Penang state government a proposal for a RM2.2 billion monorail system for George Town.

 

aa.jpg.monorailpenang.jpg

 

The proposed ultra-light loop monorail system covering a 52km track is set to operate on a single line and run on three different loops from locations like Gelugor, Farlim in Air Itam and Gurney Drive into the city.

 

“The focus of the main link will be the centre of George Town and we strongly believe that the federal government and state government will work together in bringing a monorail system to Penang,” Melewar Industrial Group’s managing director and chief executive officer Tunku Datuk Yaacob Tunku Abdullah told reporters after presenting the proposal to Chief Minister Lim Guan Eng and members of the state executive council yesterday at Lim’s office.

 

He said the proposed system, which is aimed at moving people from point-to-point into the city, will boast a 12-car train of monorail and can move 17,600 passengers per hour.

 

Tunku Yaacob said the company can take 28 months to complete the system which would feature steel structures.

 

“Land acquisition can also be kept to a minimum because the monorail will be running on road dividers,” he added.

 

When asked to comment on concerns from Penangites that a monorail would mar the charm of George Town’s historic inner city which is vying for a listing on the World Heritage List, Tunku Yaacob said:

 

“We will not bring the monorail to heritage buildings ... we will not run it in front of the buildings but behind them.”

 

However, an artist’s impression of the proposed monorail system for Penang provided by Melewar showed the system running alongside historic structures in the city.

 

On postings in blogs that Penang should bring back its tram system instead of introducing a monorail, he described the tram concept as an interesting one but pointed out that the trams had not been successful.

 

Last November, Melewar Industrial Group Bhd unit Melewar Metro Sdn Bhd (MMSB), which is vying for the estimated RM1.2 billion monorail project in Penang, announced that it had formed a consortium with Putera Capital Bhd to cooperate to jointly secure the project.

 

Melewar Group had said in a statement that the consortium was formalised with the signing of a memorandum of understanding between MMSB’s wholly-owned subsidiary Melewar Metro (Penang) Sdn Bhd (MMP) and Putera Capital. MMSB made the proposal for the monorail project to the government via its subsidiary.

 

Melewar is one of several parties which participated in a tender exercise for the development of a monorail system for Penang on November 14 last year which was called by Syarikat Prasarana Negara Berhad (SPNB).

 

In January this year, SPNB awarded a letter of intent for the project to Malaysian Resources Corporation Bhd (MRCB), which has formed a consortium with Penang Port Sdn Bhd and Scomi Engineering Bhd.

 

/see: http://apartment-penang.blogspot.com/2008/...oposal-for.html

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SP Setia plans high-end condos in Gurney Drive

 

Property developer SP Setia Bhd (8664) is set to make its mark on Penang's popular seafront promenade Gurney Drive, if a plan to buy land in the upmarket neighbourhood goes through.

 

General Manager S. Rajoo said SP Setia has identified a parcel of land measuring 0.92 hectares in the area, and plans to build 70 units of high-end condominiums.

 

"We intend to incorporate lots of greenery into the proposed development for the super-condominiums which are set to boast a floor area of 3,000 sq feet," he told Business Times.

 

Rajoo was speaking during a Chinese New Year celebration hosted by SP Setia in Penang which was attended by the company's president and chief executive officer Tan Sri Liew Kee Sin and chief operating officer Datuk Voon Tin Yow.

 

The proposed project in Gurney Drive is part of SP Setia's move to expand its landbank by 12ha this year.

Gurney Drive, located in the affluent Pulau Tikus area in George Town, is currently lined with high-end condominiums and is near a sea-fronting shopping mall and a host of eateries.

 

"We have also identified another 5.6ha land to acquire in the southwest district of Penang island. We intend to develop a gated community comprising detached and semi-detached homes," Rajoo said.

 

SP Setia is also looking to buy more land in the southwest district for a resort homes development.

 

"This would be a sizeable piece of land where more bungalows and semi-detached units will be built," he added.

 

It now has an undeveloped landbank of around 24.4ha on Penang island.

 

SP Setia still thinks that demand for landed properties is strong despite similar projects being launched by other developers.

 

"The supply for landed properties is still lacking and we intend to market our homes to foreign investors and locals," he said.

 

SP Setia's entry into Penang was via its maiden development "Setia Pearl Island" in Sungai Ara near the Penang International Airport.

 

The project, which is sited on a 45.2ha of land, serves as the company's flagship project in Penang.

 

From November 2009 until now, the company has sold properties worth RM115 million at Setia Pearl Island.

 

"Our target is to chalk sales of RM200 million by the end of October," he added.

 

 

/see: http://www.btimes.com.my/Current_News/BTIM...setia5/Article/

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seritanjungpinangwx4.jpg

EXCERPTS from comments on E&O's Waterside project in Penang

1/

Prices seemed to have settled down at RM1.5mn

2/

Then in Jan there was an offer at RM1.1mn

 

+ + +

 

Secondary offers - at Waterside

"Should be done around May 2010"

(orig. price : about RM 600 psf)

 

Studio

RM 650K / ??? = RMxxx psf - jan.5

( RM638-810K )

1BR

RM 1.10mn / 1210 = RM909 psf - jan.28 ('high fl.")

2BR

RM 1.50mn / 1800 = RM833 psf - jan.27 ('high fl.")

 

E&O shares closed at 1.05, end 2009

 

/see: http://www.apartment-penang.com/2008/01/su...-waterside.html

 

/also: http://penang-property-showroom.blogspot.com

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Market Comment /

topbidd - 15 Apr'10 - 06:17 - 13 of 14

 

Hi Energyi,

 

I did not post those articles to be negative on Malaysian property but to hopefully make you aware of any possible risk.

 

I'm currently staying in Penang & I love it here, although the property market here perplexes me a little as I do not understand why the prices keep going up.

 

There are so many construction sites both ongoing & planned that I fail to see where they will get the buyers from to sustain it. I do not think there are that many local people earning enough to sustain it, but hey I ain't no expert.

 

There is one prominent property that does intrigue me though, it is called 'The View' & it can be clearly seen after crossing the bridge (twin towers). Because it is so visible whenever I go past at night I always count the number of apartments with their lights on & it is seldom higher than 12. The car park can be seen from the road too & it is always virtually empty.

 

Is it that the 'investors' that bought property's here are just sitting on them for capital gain? They will still have to pay the maintenance charges & any other property costs. If most of these properties had tenants paying rent I could understand.

 

I did go to view 2 properties here some time ago, both had never been lived in & I got the impression the owners were trying to 'flip' the properties to make a fast buck.

 

In fairness this is just an observation as I have not done any real research on this property.

 

Having said that every time a new build is complete I see quite a few of them up for immediate sale so I suspect this is being fueled by speculation

 

/see: http://www.advfn.com/cmn/fbb/thread.php3?id=17072022

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Here was my "best guess" on how the 18 year cycle might be applied in Penang, Malaysia.

zzzz.gif

 

In KL, it looks like the cycle peaked about 3 years earlier, in 2008. Normally, the cycle requires at least 3-4 years off the top, to make a low. So we could see a bottom as early as 2011-12.

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Interesting stuff.

 

I can remember as a student in the late 1980s hanging out on Koh Samui, Kph Phangan and Koh Tao in Thailand and there were loads of old hippies who loved there who, every two or three months, would have to head down to Penang to renew their Thai visas.

 

It was one of the main stops on the South East Asia route, but it seems to have been forgotten a bit , so maybe it's ripe for a comeback.

 

I don't think it was as popular with students and backpackers as the Thai islands as it wasn't quite such a party centre.

 

 

I did that same journey myself last year, and to be honest, not much has changed. Compared to the Thai Islands, the amount of backpackers that go to Georgetown is negligible, because as you say, it doesn't have the same party atmosphere. You meet a lot more lone travellers in Malaysia, whilst, unfortunately Thailand has been taking over by hordes of English Gap year students travelling around in gangs.

 

On my way back from Australia, I passed through Thailand again, did a few days on Ko phi phi, which is over on the west coast, and is now just another party island, whilst it was fun for a day or two, I had to get out of the place, it gets a bit claustrophobic and overwhelming, and though the locals are happy to take your money, you can tell they hold the tourists in a lot of contempt, and it's hard to blame them with the constant stream of drunk westerners passing through day in day out.....

 

I'd say the Thai Islands have changed beyond beleif since the 1980's, I hear Ko Pha Ngan never had electricity in those days.

 

The tourism market in Asia has so much potential though outside Thailand.

 

 

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PENANG PROJECTS, that we liked, and intend to follow:

+ The Cove Condominium - Tanjung, Penang (2007: 160 units)

The%20Cove%20(4-Builds).jpg

A new building is going up next to The Cove, called 1-Tanjong. It will be two towers of 41 storeys, and will be completed in late 2013. Apartments are large: 4,700 sf gross, and 4,000 sf net (and that "gross" doesn't count the clubhouse and some common areas around the lifts.

 

Prices on a mid-floor (17) are as follows:

 

==== : == Tower A============ : Tower B============

17/Fl.: RM 1) 2,418.7k : 2) 2,582.2k : 1) 2,558.2k : 2) 2,732.2k

Discount* .... (241.8k) : ... (258.2k) : .. (127.9k) ... (136.6k) - - *10%T-A, 5%T-B.

Net Price ...... 2,176.8k : .. 2,324.0k : .. 2,430.3k : .. 2,595.6

HK$ at 2.48... 5,398.5k : .. 5,763.5k : .. 6,027.1k : .. 6,447.1

 

(Per 4,000 sf)

---- RM ...... 544.2psf : .. 581.1psf : .. 607.5psf : .. 648.8psf

---- HK$ ..... $1,350.. : .. $1,441.. : .. $1,507.. : .. $1,612..

 

69827296.jpg

 

Meantime, I did some checking on the web for prices at The Cove, and I found these:

(1)

Built-Up: 6,000 sq. ft.

Asking Price RM 1,400,000

Asking Price psf : RM 233.33 / that is: HK$579 psf

/source: http://www.iproperty.com.my/propertylistin...ominium_ForSale

 

78733532.jpg

(2)

Asking Price RM 1,600,000

Asking Price psf : RM 266.67 / that is: HK$661 psf

/source: http://www.iproperty.com.my/propertylistin...ominium_ForSale

(3)

Blk C high floor with fully renovated, nice view, selling at RM2.2M.

Other units (original) for sale from 1.8M (Blk B), 2M (Blk C) - 2.5M (blk D),

rental unit RM12,000pm fully furnished / RM9000pm (partly furnished).

/source: http://www.iproperty.com.my/propertylistin...ominium_ForSale

(4)

Storeys/Blocks Four-block 40-storey building (Only one unit per floor)

Area (Square Feet) 5,820 sqft

Gross 6,000 sqft including private lift lobby

Tenure Freehold

Bedrooms Five bedrooms and five bathrooms plus one maid’s room

Service Charge Approx. RM0.12 per sqft

Asking Rent or Sale Price RM 1.45M – 1.88M sale price for Blocks A, B, C

RM 2.1M – 2.3M sale price for Block D

/source: http://www.joycetan.net/index/projects/getan/agency.html

 

First three Listings are no longer active, but even so: RM 233-266 psf is about half what 1-Tanjong is asking. Wow !

 

The Cove:

The Cove is the epitomy of luxury living with its gorgeous beachfront location and top-of-the-line resort facilities. Each unit at the Cove is on its own floor, offering the owner the prestige and privacy of over 5000 sqft of space. The neighborhood, Tanjung Bungah, is a sought-after residential area along the beautiful coast of Penang where you can find famous beachfront hotels such as Crown Prince Hotel, Copthorn Orchid Hotel and Sandy Bay Paradise Hotel.

 

Despite the flattering description, the Cove is essentially a shell, requiring maybe RM 300-500k per 6,000sf flat to be brought up to liveable condition. So if you buy for RM 1,800k and spend 400k, then you will have a flat which cost you RM 2,200k before you live in it. Still, that is only RM 366.7 (HK$909) psf.

 

**Suppose you rent that flat for RM12k per month: that's RM144k, for a return of 6.55%

 

Cove floorplans etc: http://www.penangproperties.com/apartment/...ove/thecove.htm

 

Compare:

Gurney 11 Super Codominium at Persiaran Gurney – Apartments for sale Penang –

= My2 300 000 /4220 = RM 545 = HK$1,351

Gurney 11 Cheapest in town!!!

Below 10 floor-4220sq ft-4+1bedrooms & 4+1bathrooms-Very Nice Kitchen Cabinet(spended YMR60k)-un-furnished-2 carpark-Very Low Density(Each floor only 2 units)-Seafront*Asking price is RM2.3mil.Interested pls call:0164880534 Mr.Chang(Agent)soo_cks@hotmail.com

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Penang’s capital is eighth most liveable city in Asia, on par with KL and Bangkok

Sunday May 23, 2010

 

GEORGE TOWN: The state capital has moved up a notch to become the eighth most liveable city in Asia in an international survey involving 254 cities.

 

The survey, which was carried out by ECA International, now puts George Town on par with Kuala Lumpur and Bangkok.

 

In a press release posted on its website www.eca-international.com, the survey also ranks Singapore as Asia’s most liveable city for the 11th consecutive year.

 

Three cities in Japan – Kobe, Yokohama and Tokyo – occupy the second, third and fourth placings.

 

Hong Kong is in fifth place, followed by Taipei and Macau.

 

The rating for the cities was based on an analysis of living standards, including climate, health services, housing and utilities, social network, leisure facilities, infrastructure, personal safety, political tension and air quality.

 

ECA International regional director for Asia Lee Quane also said the least liveable cities in Asia were Islamabad and Karachi in Pakistan, Pyongyang in North Korea and Kabul in Afghanistan.

 

George Town also moved up a spot in the ranking for the world’s most liveable cities at 62nd place.

 

Five Asian cities made it to the top 10 in the global ranking as the best places for Asians to live in – Singapore (1st), Kobe (3rd), Yokohama (4th), Tokyo (5th) and Hong Kong (8th).

 

1. Singapore

2. Kobe

3. Yokohama

4. Tokyo

5. Hong Kong

6. Taipei

7. Macau

8. Kuala Lumpur

8. Bangkok

8. Penang

11. ???

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Rice Miller Residence - a Luxurious Private Community. Turnkey Convenience.

 

41035205.png

 

Discover urban living in a historic city and yet stay close to many other interests. And all part of a place called The Rice Miller's. This resort-like enclave of town homes and a boutique hotel blends the spirit of the home with a waterside resort. It is a place with all the amenities of a five-star resort in an easy-going nature.

 

The residences are comprised of City Suites which are condominiums with the prospect of lease option with the hotel. With only 83 City Suites, Rice Miller Residence will establish a market for affluent real estate in the heart of George Town.

 

anews.jpg

 

Buyers do not have to wait months to fit out their units. Just unpack and you are home. Residences range from 600 to 6,000 square feet from US$180 thousand to US$2.5 million

 

/more: http://penangpropertyangel.blogspot.com/20...t-vanguard.html

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(Places to visit)

(1)

Penang Art Galleries: The Art Gallery

Address: 368-4-8 Burma Road, Bellisa Row, Georgetown, Penang, Malaysia, MY

Tel: +60 4229 8219

Sited in Georgetown and always popular with tourists, the Art Gallery is home to a large and interesting collection of paintings, created by a number of prominent Malaysian, Indonesian, Chinese and Singaporean artists over the past 100 years. Along with the gallery's permanent collection, a temporary display changes several times a year, while seasonal exhibitions are also staged on a quarterly basis. Most paintings have a distinctive oriental flair and feeling.

Penang art gallery open: daily

Penang art gallery admission: charge

 

(2)

Penang Times Square

... is a planned urban centre in Georgetown on Penang Island, situated on the land of the former Escoy Smelting Company.

Penang Times Square is located in the heart of Georgetown, along Jalan Dato Keramat. It is easily accessible via Jalan Macalister, Jalan Magazine, Jalan Burma, Jelutong Expressway and many other major roads within Georgetown.

This massive development is divided into four phases where phase one (Birch The Plaza) was opened in October 2009, the second phase (Birch Regency) has been topped out and is expected to open its doors by 2011. At the same time, plans for phase three is a world-class meeting, incentive, conference and exhibition (MICE) centre with a cineplex while phase four is a proposed 352-room four or five-star boutique hotel together with spa facilities. The remaining phases will only begin construction by 2012, is expected to be completed within three years.[1

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Georgetown

Times Sq./ Birch / RM at HK$2.53

 

=== : ==(1)== : ==(2)== : ==(3)== : ==(4)== :

Price : 480,000 :: 650,000 : 495,000 : 400,000 :

HK$- : $1,214K :: $1,645K : $1,253K : $1,012K :

Sq.Ft : 1,050 sf : 0,555 sf. : 1,??? sf : 0.950 sf. :

# BR. : 2BR +2 : Shop/Off. : 2BR + 2 : 2BR + 2 :

RMpsf rm457.1 : rm 1,171 : rm4??.? : rm421.1 :

HKpsf +$1,156 : + $2,963 : +$1,??? : +$1,065 :

Fl. # --:

View -:

 

(1)

RM 480,000 / RM3.06 = US$157,000 x 7.75 = HK$1.215 million

Jalan Dato Kramat, Penang Times Square, Penang / Photos

 

penang%20times%20square.jpg : Map

 

Built-Up----------: 1,050 sq. ft.

Asking Price-----: RM 480,000

Asking Price psf : RM 376.19

Bedrooms------- : 2 BR

Bathrooms-------: 2

2166.jpg

 

Unit type: Intermediate

Occupancy: Vacant

Furnishing: Fully Furnished

Posted Date: 03/01/2011

Facilities: Covered Parking, Gymnasium, Playground, Swimming Pool, 24hr Security

 

http://1.bp.blogspot.com/_1J-Ollzp_04/TTPy...es%2Bsquare.jpg

== ==

 

Times Sq. Overview

======

Penang Times Square perfectly located in the heart of Georgetown, along Jalan Dato Keramat.

Consists of 395 typical units and 22 units of duplexes. The built-up area range from 1,010 to 1,180 sq.ft. for typical units. It is scheduled to complete end of 2008.

Type : Condominium / Tenure : Freehold

Total Units : 395

Units per Floor : 22

Built-up Area : 1,010 – 1,180

Floorplans : http://www.leonghousing.com/2009/12/penang-times-square/

 

 

(2)

Shop-Office

QuikPro No: UP691934

Property Type: Shop-Office

Tenure: Freehold

Land Area: 0.00 sq. ft.

Asking Price RM 650,000

Asking Price psf : RM 1,171.17

Maintenance Fee: RM 0

Furnishing: Unfurnished

Posted Date: 12/11/2010 / http://www.iproperty.com.my/propertylistin...-Office_ForSale

 

== == ==

 

(3)

RM495,000 / RM3.06 = US$162,000 x 7.75 = HK$1.253 million

Penang Times Square Birch The Plaza looking for the buyer

Apartment/Condominium - Full furnished

RM495,000

Address: 18 Floor 8

Birch The Plaza, Penang Times Square, Georgetown

 

Extra Description:

Full furnished, penang bridge view, in the middle of the town area, many food stalls at nearby

 

Facility:

Air conditioning, Refrigerator, Television, Kitchen Cabinet, Broadband, Swimming pool, Fitness Center

 

Contact: Mr. Lim Peng Khoon

Phone No: 019-44513131

/source : http://www.housenotice.com/advert.php?id=18344

 

(4)

Sale Price : RM400,000

Sale Price (Built Up) : RM421/sq.ft.

Land type : Freehold

Total Built-up Area : 950sq.ft.

Bedrooms : 2

Bathrooms : 2

Car parking spaces : 1

Occupancy : Vacant

Condition : New property

Position : Intermediate

TP ID : think263655

Last Updated : 17:09 16 Nov 2010

Facilities

Swimming Pool, Children’s Pool, Outdoor Jacuzzi with Bubble Jets, Children’s

Playground, Jogging Track, Barbeque Pits with Washing Area, Foot Reflexology

Path, Landscaped Garden with Water Features, Clubhouse, Multi-pupose Hall,

Gymnasium, Games Room, Management Office, Sauna Rooms, Male and Female Changing

Rooms, 1 car park lot with every unit.

For viewing kindly contact Mr Dixon at 016-4755688 or 04-6565888

 

Hits : 67 / see: http://thinkproperty.com.my/realestate/ind...l&id=263655

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LIVING AT TIMES SQUARE

 

001tif.jpg

/ see: phase 2 photos : http://www.flickr.com/photos/43255924@N04/with/5259418751/

 

Phase One. living issues

 

Originally Posted by hongks

I love Penang Times Square! People said love is blind, haha.. then let it be lah. I invested "heavyly" (at least to me lah, a small investor), I think any investment also got a risk factor. I hope I am not a short sighted investor, but a far sighted investor, hehehe...

 

Posted by

Lol... it sounds more like a Malaysian with some English grammatical error in our sentence. Well to me, PTS is quite a happening place now, ever since BOSS lounge and SOJU started their operation. Which lot are u operating currently in PTS? It's cool as I believe that PTS will blossom when the Birch Regency (Phase 2) project is done. Good luck ya / CutieKen- Dec.xx

 

Weak Prices - on Commercial / Retail

 

Posted by hongks /

Wow... it got me a huge shock! Did I have such a passion on PTS before? LOL!!! Well, I hold a total reverse point of view on PTS now, LOL! My lot is still sitting idle until today, 2 years? Oh no, I try not to figure it out how long I have hold it. It is a total disaster, I was told one unit was auctioned at half of its original price, and it had to reduce its original offer 3 times before there is a taker!

 

Posted by CutieKen / Dec. 9th, 2010

Lol.. being auctioned at half of its original price is totally sucky! Hmm.. it's damn true that the management should carry out some dramatic changes to curtail the mall from continue to be like a dead mall.. It's hard to believe that a shopping mall with the standard like PTS would be in this situation, even prangin and komtar are doing much better than PTS. It's down to the retailer to salvage themselves >.<

 

Posted by pgcitylife / Dec. 9th, 2010

(updates to Phase II development?)

Better not look at the pictures. U will be very disappointed if u happen to be a purchaser. I visited their booth in gurney plaza in year 2006, sales persons said phase 2 condo will complete in mid 2009. Can u believe it? Compare mid 2009 to now end of 2010. I bet they can only earliest finish mid 2011. Those ppl buy and plan to stay or married memang kena teruk with Ivory! When Ivory ppl sell u product, they can promise anything, but when deliver, they will give u a lot of excuse, like the sales person resign already, or it is not stated in s & p. Better be very careful with their s & p and supplimentary agreement if u have no choice but insist want to buy Ivory product. They always play dirty in it.

 

1st Avenue is not doing good, but at least they hav retail shops that Ivory can never get, like Starbucks, Dome, Roti Boy, Sushi King, Red Box. Ivory can only get cheap brand which u never heard of it, maybe from other abondoned mall.

 

It is really shame to have Ivory develop this piece of good land. The boss has no performance, all big and small share holders should vote for his resignation!

 

Posted by ct_penang- Dec.11 - pg.60

Don't expect a quick turn around. It could be a great property over long term when the Luxury Condo Units and the Hotel finally completed hopefully in 5-6 years time frame. Otherwise this will be my retirement home. / ct_penang- Dec.10 - pg.60

 

Posted by

well-said ct-penang.... PTS is a long term project... it's a strategical development usually rich developers will do... ivory is not expecting crowd to the mall as of now. the mall is only an early preparation for future occupancy when the PTS is complete with apartments hotels and phase 4 cineplex...and also convention centre maybe.... in the future PTS will be an all-in-all hub and don't be surprised at that time both the mall will be 110 % occupied with more demand for retail space... / built_in_me- Dec.10 - pg.60

 

Posted by

Love your optimism, but sad to say, in this instance, your optimism doesn't dwell into the reality (note: reality = present)... For the future, let's get a crystal ball, shall we? / $jimbo$- Dec.10 - pg.60

 

06112010844.jpg

 

Mall Management issues

= a )

As for now, PTS need a global brand to get back into the race. Something like Carrefour or WallMart rather than S...... That is the fact. One more thing...I went to AEON Bandar Perda and they got this DinoTrek by Petrosains which is really a crowd puller. Those animatronic dinosaurs really turned people on and it is a success story for the time being. People want multiple attractions in one place not just various shops selling the same products... / supremecouncillor- Dec.11 - pg.60

 

= b )

To be honest, after more than 2 years, Time square phase 1 still got alot of empty lot.

Now the phase 2 going to open soon.....so how to survive.

In the next few years , Paragon and other Mall will come out and how times square going to survive.

I think all the lousy directors of company need to resign...shame to Penang. / victorlau- Dec.14 - pg.60

 

(pg.61 - December 15th, 2010 / pgcitylife )

= a )

There is actually nothing wrong with the location to be an all-in-all shopping center.

The biggest problem is the developer! Ivory keeps on changing the mall manager, all of them are not capable or rejected by other malls. But the director and the biggest stupid boss keep on engaging these kind of bad quality people! Know what? The current one is a young boy who messed up Prangin Mall, BJ Complex and Megamall! What can we expect from him? Turning the only times square in penang into another prangin mall?

 

I know those who pro-ivory, or optimistic people here, or even those who were told by the big boss of ivory to sign up this forum to counter back all the bad comments, will think that i am trying to bring pts into tenants shit list. Actually what i want is to see a successful pts, managed and planned by the correct person. Not the useless managers and the stupid boss of ivory!

 

I remember Harvey Norman news was published in The Star few years back, saying that they r coming to pts, but now do you think they will come after seeing ivory's result?

 

Solution to pts:

1) ivory big boss and directors to stay out of it, let capable people to manage and he can just sit back and collect money.

2) engage really capable mall manager, not cheap no brand kids. have ivory even talked to asia mall or capital mall?

3) bring well known brand in, not bring in all those from prangin mall. btw, what the hell is SOJU?

never heard of it! i heard ppl said it is setup by ivory, true?

 

= b )

lol... PTS location is so great!!

The management really need to work a lot lot harder la!

Been sooooo long didnt go there d.. no news no attractions.. zzz BORED!!!

 

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MOVE-IN DATE - Phase 2 : March / April maybe ?

= a )

Here is another failure of PTS proven. In middle of November 2010, the prangin mall kid engaged by ivory said that the food court and Tao restaurant will be ready by end of December last year. You are welcome to visit PTS to see the result, nothing!

. . .

Owners of pts phase two already received vacant possession letter from ivory. You are also welcome to take a look at phase two, also nothing! Obviously pts phase two is not completed but ivory still issue VP letter to the owners because they worry kena late delivery (LAD). Not sure any of the phase two owners are smart enough to sue ivory for this as this is a very big lie! / pgcitylife

= b )

I'm ready to move in on the Phase 2. Any Phase 2 residents here? / ct_penang

= c )

I got one unit there...

I am currently living overseas. Haven't received anything from Ivory regarding the completion / wdg

= d )

Me too, Ivory guys said probably in March or April we can get vacant possession. / e001334

= e )

The vacant possesion ivory sent out is for commercial lot. / pgcitylife

= f )

VP by March 2011 (Both Commercial units & Residential units) / gboypg

 

/see: http://www.skyscrapercity.com/showthread.p...237&page=91

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