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The Penang Malaysia Thread (MY#2)

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WHATTA THEORY / talk about reversing the cart and the horse !

 

PENANG's POPULATION : Decline caused by Komtar Tower ?

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

PenangiteInSingapore - 24 Sepy. 2010

Location: Massachusetts - Singapore - Penang

 

To all my fellow forumers, if we believe Feng Shui does exist in this world or even in the universe, Kompleks Tun Abdul Razak (namely KOMTAR) Tower is one of the main reasons Penang Times Square is still mostly vacant today.

 

I shall provide you some facts about George Town.

When KOMTAR tower was under construction, in 1980, the population of George Town was 450,000.

After it was fully built; in 1990, the population declined to 370,000.

In 2000, it further declined to 290,000.

Today, it is around 200,000 people residing in George Town.

 

Why? KOMTAR is giving out negative energies to the residents around it. People who are heavily influenced by this energy do not find them successful in George Town. They soon slowly moved away from the once bustling city, and mostly migrated to other part of the world which they find successful rate higher.

 

 

In context of Feng Shui, a high, lonely and solely building tower in a city is a definite feng shui destroyer. It causes the people staying near it ended up lonely. It causes disruption and stagnation to the city's economy activity. Let's see some similar stories in other cities as well, just to list a few,

 

1. When Empire State Building was almost completely built in New York in 1930s, the United States fell into a great economic depression.

 

2. The Sears Tower, Chicago built in 1974 causes the United States another economic recession.

 

3. The Petronas Twin Towers built in 1998 brought Malaysia a great economic crisis. From that moment onward, as long as Petronas Tower still looks as a lonely high structure in Kuala Lumpur, Malaysian Government has the hard way to end budget deficit.

 

4. When Taipei 101 constructed in 2003, Taiwan's economy suffered a severe blow from the global financial tsunami. Until today, it is not yet recovered.

 

5. Burj Khalifa, the world's tallest building causes Dubai a debt crisis.

 

All these supertalls appeared to be a lonely high structure in their cities when they were built. They did not bring good economy progress to them. However, when there is time of other similar height buildings built in the city, the problem would eventually diminished.

 

There was a report by an economist on the effect of constructing high standalone structure in a city. But, he got no way to know the reason behind it.

 

If Penang would like to progress and become a great global city, build more skyscrapers in George Town. Cure the problem caused by KOMTAR.

 

/source: http://www.skyscrapercity.com/showthread.php?t=128237&page=86

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I'm B-A-A-A-C-K !

 

After a brief four day holiday in Penang

 

A beautiful place with good food, and loaded with history

 

Apparently the new British Ambassador there want to make it easy for undergrads in British universities to spend 1-2 years there during their university days. Makes some sense, I think. It would give those who do it some notion of what Britain must compete with in the future

 

== == ==

 

We were very disappointed with Penang Times Square (it is "parked" in an undesirable area, nit pleasant or easy to walk around in.)

The area around the E&O and Bayview Hotels are much nicer, and that includes old streets like "Moon Tree", and over to Campbell St.

 

THANKS TO:

 

+ Illka and Talia,

+ Tonio, his wife, and the chef at Soul Kitchen,

+ Dicky at 47 Moon Tree

 

For having made our trip more worthwhile

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NEXT TIME we visit Penang, we shall probably have a good look at the area around Gurney Drive

 

With a particular focus on projects like:

 

11 Gurney Drive, Sri Pangor*, Edgecumbe Court, Sri Emas, and maybe look at older buildings like: Gurney Park, and 1 PG.

 

(some good ideas from Eileen T. at Hs--/ who showed us some useful ways to use : iProperty )

 

== == ==

 

zzzzbm.jpg : photos : description

*Sri Pangkor - strategic location near No.1 Persiaran Gurney and 11 Gurney Drive.

"an integrated condominium resort"

Facilities: Cafeteria, Club House, Covered Parking, Gymnasium, Sauna, Swimming Pool, Tennis Court, 24hr Security

Completed : 1999 w/ leasehold (129 years)

No. Blocks: 2 lo rise w/5 st. 1 hi w/30 st. = 171 units

Size units: standard: 1820 - 2310 sf

 

/see: http://www.apartment-penang.com/2007/09/sr...kor-penang.html

 

Examples: rent (RM 2.14) / sale (RM 480psf) = Gr.Yield: 5.35%, rents offered: RM3,500-4,500 pm

=======

RM 1,100K / 2200sf = 500psf (24/11/10) : 3BR+3B. Corner,East. Tenanted

RM 0,900K / 1820sf = 494psf (06/05/10) : 4BR+3B.

RM 1,250K / 2150sf = 581psf (09/11/10) : 4BR+3B.

RM 1,200K / 2160sf = 555psf (12/06/10) : ?BR+?B. seav.Renov.furn, 2carpks

Older...

RM 0,840K / 1800sf = 466psf (02/23/09) : ?BR+?B. Hi Fl. Full Seav. 2carpks

RM 0,950K / 2300sf = 413psf (08/07/09) : 4BR+5B. Renovated, furnished

RM 0,880K / 1750sf = 503psf (10/28/09) : 4BR+3B. Lorise.Renov., 2carpks

RM 0,870K / 1750sf = RM 5xxpsf (01/15/10) : 4BR+3B. Lo Fl. Renov.furn, 2carpks

listings: http://www.apartment-penang.com/2007/09/sr...kor-penang.html

 

11 Gurney : prices typically RM 2.4mn plus for 3500-4000+ sf, or RM650-700 psf

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PENANG : As Good as They Say?

 

"Time to Catch Penang Boom" - in today's Standard, pg.15

========

 

The premise is:

 

+ Malaysian property is "the most underpriced in the Asian region"

 

+ Luxury condos in Penang are "selling at a tenth of the prices on HK Island",

and they start from only HK$1,500 psf, with three car parking spaces

 

+ FDI in Malaysia rose by 12.3% in 2011, led by Penang, and

Penang contributed 28% of MY's growth, with only 6% of its population.

On the island are: Dell, Motorola, Hitachi, Bosch, and Intel

 

+ Penang ranked as one of Top 10, best places to live in Asia.

English is widely spoken, and the cost of living is low.

 

+ Malaysia My Second Home, can provide a 10 year Visa,

and investments may benefit from an appreciating Ringgit

 

(Free Plug):

Gabriel Choi of Asia Homes (HK) says:

"It is a golden time to buy in Penang as it is now at the same place as HK and Singapore were in the 1980's".

 

He recommends new luxury condos for MYR 1.0 - 1.6 Mn (= HK$ 2.47 - 3.96 mn)

 

(I reckon that such recommendation is based on what he has to sell.)

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THE LIGHT COLLECTION - is the property mentioned in the story

 

b_p12TheLight.jpg

 

(Directly across from Mainland Penang, near the bridge)

 

LightCollection-3 is now under construction,

and is described as "40pct underpriced*, compared with other new launches)

at HK$1,500 per sf

 

Project will be complete in 2015, an no interest is due until then

 

4615268_497x368.JPG

How it looked in 2009

 

Video- :

== ==

 

*Why underpriced? The clue is in the OP:

"they start from only HK$1,500 psf, with three car parking spaces"

 

You absolutely need a car to live there.

From memory there is No Shopping at The Light, and Nothing to Do.

 

6061634290_2e199ee0a3_b.jpg

=====

 

Light-1 : http://www.thelightwaterfront.com/

Light-2 : http://thelightwaterfront.com/collection_two/collection2.html

Light-3 :

brochure: http://www.propertyguru.com.sg/singapore-overseas-properties/2538/the-light-collection-iii

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Gimme a break! Cement & Sand don't drive prices, Demand does !

 

 

Penang properties said to increase 5%-10% due to more costly cement

 

GEORGE TOWN: The selling price of properties in Penang will soon surge by 5%-10% following the recent move by Lafarge Malayan Cement to raise cement prices by about 6%, according to housing developers here.

 

Following Lafarge’s announcement, a 50kg bag of cement is now priced at RM17.50, compared to RM16.50 before the hike.

 

Penang Master Builders & Building Materials Dealers Association president Lim Kai Seng said 60% to 80% of the materials used for a building comprised cement and cement-related materials.

 

“This is why an increase in cement price will have a significant impact on property prices.

“The other cement manufacturers in the country have sent signals that they will raise prices very soon,” Lim said.

. . .

House prices on the island are expected to rise by 10%, while in Seberang Prai, housing prices are expected rise by 5%, following the hike in cement price.

 

Kuala Lumpur-based developers such as Mah Sing Group Bhd and SP Setia Bhd with projects in Penang will continue to absorb the cost of the cement price increase.

 

Ideal Property Development Sdn Bhd managing director Datuk Alex Ooi said the company was now revising the selling prices of its new projects upwards, due to the hike in cement price.

 

“There will be at least a 10% hike in the selling price of properties on the island.

 

“A hike in cement price means the price of all cement-related products such as concrete and bricks will rise. Construction cost will go up by between 15% and 20%.

= =

/more-comments: http://www.penangpropertytalk.com/2012/08/house-price-hike-likely/comment-page-1/#comment-49263

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CHART

house-price-index-data.png

> http://www.channelnewsasia.com/news/business/caution-advised-on/1790094.html

 

INDEX - May 2016

=====

Rent Per Month [ Edit ]

Avg. Range Apartment (1 bedroom) in City Centre 950.00 RM 800.00-1,500.00

Apartment (1 bedroom) .............Outside of Centre 700.00 RM 400.00-1,000.00

Apartment (3 bedrooms)............... in City Centre 1,894.44 RM 1,400.00-2,500.00

Apartment (3 bedrooms) .........Outside of Centre 1,475.00 RM 1,000.00-1,800.00

Buy

Apartment Price [ Edit ] Avg.

Price per Square Meter to Buy

Apartment ......................................in City Centre 7,283.24 RM 5,381.96-8,611.13

Price per Square Meter to Buy

Apartment ...............................Outside of Centre 3,961.81 RM 3,000.00-5,597.23

Salaries And Financing [ Edit ] Avg.

Average Monthly Disposable Salary (Net After Tax) 3,125.00 RM 1,500.00-4,700.00

Mortgage Interest Rate in Percentages (%), .............Yearly 4.75 4.55-5.00

 

==

> http://www.numbeo.com/property-investment/city_result.jsp?country=Malaysia&city=Penang

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The situation in Penang

 

Raine & Horne Malaysia senior partner Michael Geh says that in Penang the residential property market has contracted by almost half since its peak in 2011. (almost 10,000 transactions in one quarter !)

 

“The market recorded total transactions of 9,667 in the last quarter of 2011 which is the highest number of transactions in the past four years before it saw a drastic drop of about 48.47% in the first quarter of 2012 to only 4,981 transactions.

“The corresponding value of transactions also dropped from RM2.27bil in the fourth quarter of 2011 to RM1.5mil in the first quarter of 2012.”

Geh says the market was a lot more volatile in 2012.

 

“In the second quarter, the transactions increased by about 38.68% to 6,908 transactions valued at RM1.92bil in the second quarter. It dropped slightly to 6,398 transactions in the third quarter. The market plunged again by 22.17% or to 4,979 transactions in the last quarter.

The market continued to contract in 2013 where transactions dropped slightly by 786 transactions to 4,193 transactions (with a total value of RM1.55bil) in the first quarter and it remained stable with slight increases throughout the year bringing the total transactions to 17,700 units with a total value of RM7.1bil for the year.”

According to Geh, high-end high-rise units are selling well in good prime locations.

“Landed residential units seem to hold their values because of scarcity of land on the island. In butterworth the price of landed is strong,” he says.

This year, Geh says the Penang market contracted by about 26.17% to 3,834 transactions worth a total RM1.55bil compared to the last quarter of 2014.

“If compared to the same quarter of last year, the market also saw a contraction of about 10.65% or a by 457 transactions.

“In the second quarter of this year, the market improved slightly from the first quarter by only 75 transactions to 3,909 units with a value of only RM1.59bil. When compared to the second quarter of 2014, the market contracted by 17.39% or by 823 transactions.”

Geh also believes that the contraction in the market in Penang could also be due to the strict loan requirements with lesser loan approvals.

 

“The drastic catalyst for the penang property market is 2016 would be how the market will react to the announced Public Transportation Plan. LRT station site’s proximity areas will see existing values remaining steady and even soar with optimism of ease in moving around the island.

 

Penang Bridge catalyst

 

According to C H Williams Talhar & Wong’s (WTW) Property Market Report 2015, overall, landed residential developments are focusing on Seberang Perai due to the availability of lands with a comparatively lower land cost as compared to Penang Island.

“In Penang Island, 985 units of landed residential came into the market in 2014. The construction and completion of the Second Penang Bridge has been a catalyst for new developments in the southern region of Penang Island.

 

“The existing supply in North-East district is slightly ahead of South-west district (namely 51% of existing supplies in north-east district and 49% in south-west district).”

Citing the National Property Information Centre, existing supply of landed residential was 141,599 units of which 104,804 units (74%) are in Seberang Perai and 36,795 units (26%) in Penang Island.

“Scarcity of land in Penang has driven up land cost and snowballing into the hike of prices for newly launched projects. As a result, sales in the primary market showed signs of slowing down compared to 2013.

“In the secondary market, prices have generally remained stable or increased slightly from last year, backed by the fixed land supply.”

Although more attractive and relatively affordable condominiums are being launched in the market, landed residential properties remained the preferred choice of accommodation for Penang residents, WTW says.

“The prices of newly-launched houses continue rising unabated to new benchmark levels. Older residential units in established and growing neighbourhoods such as Greenlane remained highly sought-after despite higher asking prices.

“The steep hike in prices is expected to taper off in the near future with more choices of new housing accommodation entering the market.”

 

Existing supply of high rise residential in Penang State, meanwhile, according to WTW, is about 46,000 units with a majority of the units located within the North-east District (67.6%).

 

“Several newly completed projects in 2014 include One Tanjung, Summerton, Light Collection II, The Peak, Maritime Suites, Golden

Triangle, Elite Avenue and Elite Heights. New launches in 2014 have been less compared to previous year.

“The condominium market in Penang continued to be the most active property sector in Penang with a large number of projects launched and under construction. However, due to the various cooling measures implemented, challenging economic outlook and weakening sentiment, most of the surveyed newly launched projects received slackening response compared to previous years.”

With more choices of new housing accommodation entering the market, the steep hike in prices over the last few years, has tapered off, says WTW.

Yields have been compressed as increase in rentals have been much slower than capital prices.” - ANN

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