City & Country: Briefs

Hunza chairman: Penang property market in for another boom
The Penang property market is expected to enter another boom cycle, following signs of a gradual rise in prices due to a limited supply of land in prime areas.

Datuk Khor Teng Tong, Hunza Properties Bhd (HPB) group executive chairman, said on Aug 17 that the local property industry is well on the road to recovery as the impact of the financial crisis fades.

Khor said prices on the island have been appreciating due to the scarcity of land. “The Penang property market is on the uptrend following the economic recovery. According to news reports quoting government sources, supply of Penang island properties for the previous year was reduced by 2,600 for various types of residences,” Khor added.

Gadang bids for RM2 bil govt jobs

Gadang Holdings Bhd is stepping up its construction ventures, having put in over RM2 billion in tenders for mostly government projects.

Gadang managing director and CEO Tan Sri Kok Onn says the company hopes to secure at least 20% in value of the projects it has tendered for.

The projects it is eyeing include part of the Selangor-Pahang water transfer project and the proposed RM1 billion 300mw gas-fired power plant in Kimanis, Sabah.

Gadang has secured a contract for part of the new low-cost carrier terminal at the Kuala Lumpur International Airport valued at RM292 million and the new Cheras Rehabilitation Hospital project estimated at RM342 million.

48 serviced apartments on sale for RM32 million

Forty-eight out of 240 units in a serviced apartment block within the Kuala Lumpur city centre are up for sale en bloc, with an indicative selling price of RM32 million. The apartment block is 10 to 15 minutes’ walk to the Pavilion KL and Suria KLCC shopping centres. It is close to Changkat Bukit Bintang as well as LRT and monorail stations.

“The building is managed by a reputable service operator, and occupancy is always high, at about 90% from past records. Obtaining a gross yield of more than 12% a year is not a problem,” says Tiffany Goh, director of YY Property Solutions (Valuation) Sdn Bhd.

The 25-storey tower is four years old and the 48 units for sale have a total net saleable area of 39,000 sq ft.

Cabinet approves guarded community guidelines proposal

The Cabinet has approved a proposal to streamline guidelines for gated communities and guarded neighbourhoods, which have been mushrooming lately, Housing and Local Government Minister Datuk Chor Chee Heung said last Wednesday. However, he added that the guidelines would only be implemented after they had been considered by the National Council for Local Government (MNKT).

He also said Deputy Prime Minister Tan Sri Muhyiddin Yassin was scheduled to chair a meeting of the council on Aug 26. The meeting would be attended by the menteris besar and chief ministers.

Gated communities and guarded neighbourhoods have sprung up in recent years as residents, especially in urban areas, launched their own initiatives to protect themselves and their properties by employing private security firms to guard their housing estates.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 820, Aug 23-29, 2010.

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