Category: Economy

South-East Asian property market carries growing risks

Among other things, this Oxford Analytica report (link above) says:

South-east Asian banks will be tested as the eventual end of quantitative easing affects local currencies, capital flows, financial asset prices, borrowing costs and repayment capabilities of corporate and household borrowers. A rise in interest rates and cost of borrowing could prompt a surge in bad loans. (more…)

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Uproar over Soho project near Queensbay

  • 1 (without building)
    Without proposed new buildings - Images supplied by residents
  • 2 (with building)
    With the proposed new buildings
  • car park facing bay garden 1
    Car park facing Bay Garden
  • height comparison
    A height comparison between the existing homes and the proposed project
  • Queensbay Waterfront Development Plan
    The original Queensbay Waterfront Development Plan
  • Residents expressing their ire and concern over the plan to reclaim Queensbay_2
    Photograph: fz.com

Residents of Bayan Bay are unhappy about plans for massive development and land reclamation near their area, which is already close to the massive RM10bn Penang World City project. Small office/home office (Soho) projects are creating unease in various ways and that has prompted a freeze on all new projects for now – but that doesn’t mean the project won’t proceed in the future. To placate the residents, they have been told that the height of the proposed buidlings will be reduced.

Meanwhile, Soho buyers elsewhere are disgruntled at having to pay higher commercial rates for assessment even as developers reap handsome profits e.g. by building at a higher (commercial) density.

This Soho mess was easily foreseen by many quarters.

The following press statement was issued by residents in the Bayan Bay area. (more…)

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