The granting of extra density of 1500 homes “over and above the maximum permissible density” for S P Setia’s projects across Penang Island sets an extremely worrying precedent.
The higher density and land for a hotel are supposed to be the trade-off for S P Setia handling the state government’s pet project, the Spice convention centre.
This is the relevant section of the concession agreement:
MPPP agrees to grant to EMSB the right to Additional Density of any developments within the island of Pulau Pinang over and above the maximum permissible density for the land, provided always that the total sum of such development rights utilized and spread over all projects within the island of Pulau Pinang does not exceed 1,500 residential units (note that this is not additional 1,500 residential units per project but spread out throughout the island during the concession period). Should EMSB not be able to source land able to absorb the additional 1,500 residential units spread out throughout the island, then EMSB shall forfeit these rights at no cost to MPPP. Such development rights are only exercisable during the concession period and if the development rights are not completely exercised by the end of the concession period or prior to any early termination, the balance portion shall lapsed.
A rooftop ‘park’ (without trees?) in return for congestion elsewhere? Why not just take several acres from the Bayan Mutiara land and use that as a park?
Where is the Local Plan for Penang Island? What are the densities allowed under the plan? When can we see it? The plan was approved in 2008 and shown to MPPP Councillors, some of whom attended briefing sessions. So what is holding the Local Plan back? Answers, please.
Also, let us know who will handle the traffic impact assessment. Will they be really independent traffic consultants? What role will the lalulintas committee in the MPPP play. Is this lalulintas committee really independent or do they worry about rejecting projects if there are problems with the traffic flow?
By the way, how does MPPP know it got a good deal from from this project? And will the business plan for Spice also be published to show us if this project is financially viable?
Summary of Concession Agreement For Build-Operate-Transfer (B.O.T) of the Project Facilities of the Penang’s People’s Park namely:
(I) Subterranean Penang International Convention & Exhibition Centre (sPICE) and Complementary Retail/F& B Outlets/ Offices
(II) Refurbishment and Rectification Works to Existing PISA Indoor Stadium
(III) Refurbishment and Rectification Works to Existing PISA Aquatic Centre1. As instructed by the Penang Chief Minister YAB Tuan Lim Guan Eng, MPPP is making public the concession agreement for the BOT of the above 3 project facilities known collectively as the Penang’s People’s Park that would yield a 7 acres green public park free for the public.
2. The Concession Agreement has been signed on 19/08/2011 between MPPP and Eco Meridian Sdn Bhd (EMSB), a wholly owned subsidiary of S.P Setia as the Concessionaire of the Project Facilities. The Concession Agreement has been duly stamped on 24/08/2011.
3. Kindly find as stated below the brief facts on the terms and conditions of the Agreement. sPICE will consist of :
(I) an exhibition hall
(ii) ball room
(iii) grand foyer &
(iv) complementary retail outlets.4. Anticipated Costs For the Project.
The anticipated project costs to be borne by the Concessionaire (EMSB) is at least RM250,955,259.00 which could rise up to RM 300 million and includes the refurbishment and rectification works costs for existing PISA Indoor Stadium and existing PISA Aquatic Centre. SP Setia Group Berhad has given a performance security in a form of corporate guarantee worth RM10 million upon signing of the Agreement.
5. Concession/ Lease Period
Concession/lease period of the project facilities is from the date of signing of the Agreement up to a period of 30 years commencing from the concession period. EMSB is entitle to apply for a renewal of the lease for a two(2) further terms of 15 years each in the event of an extension or further extension.
6. Project Completion Date
The scheduled project completion date is 36 months from the commencement date. EMSB shall be liable to pay to MPPP an agreed liquidated damages for the delay in the completion of the Project Facilities at the rate of RM20,000 per day of delay.
7. Sale of Hotel Site in order to complement the Project Facilities
MPPP agrees to sell and transfer a part of Lot 7481 to EMSB for the purpose of a Hotel site with leasehold title 99 years. The purchase price of the Hotel site is RM13,669,980.00 calculated based on an agreed rate of RM100.00 per square foot. A Sale and Purchase Agreement has been signed between the parties on 19/08/2011.
8. Grant of Development Rights
MPPP agrees to grant to EMSB the right to Additional Density of any developments within the island of Pulau Pinang over and above the maximum permissible density for the land, provided always that the total sum of such development rights utilized and spread over all projects within the island of Pulau Pinang does not exceed 1,500 residential units (note that this is not additional 1,500 residential units per project but spread out throughout the island during the concession period). Should EMSB not be able to source land able to absorb the additional 1,500 residential units spread out throughout the island, then EMSB shall forfeit these rights at no cost to MPPP. Such development rights are only exercisable during the concession period and if the development rights are not completely exercised by the end of the concession period or prior to any early termination, the balance portion shall lapsed.
9. Low Medium Costs Housing Units
EMSB to construct 450 of LMC housing units which shall not exceed RM72,500 for the 1,500 residential units and the State Authority shall provide a piece of land for the purpose of the same.
10. Vacant Possession
Vacant possession of the Project site shall be on 31/10/2011.
11. Progress Reports
EMSB shall during the implementation period furnish to MPPP monthly progress reports in regards to the construction of the Project Facilities .
12. No Dealings
EMSB shall not transfer, charge, lease or deal with the Project site.
13. Annual Event Days
MPPP and the State Government shall have access to and use of the Project Facilities for all purposes necessary or incidental to its functions for a combined maximum period of 42 event days in a calendar year free of charge.
14. Traffic Impact AssessmentA (TIA)
A TIA of the area has to be carried out at and complied with.
15. Penang People’s Park(PPP)
PPP will fulfill Penang’s aspirations to be an international and intelligent city that is a location of choice for investors, a destination of choice for tourists and habitat of choice for sustainable living comprising 5 key important portions:-
1. RM300 million sPICE;
2. A new 7 acre public park
3. Refurbished, repaired and upgraded Penang International Sports Arena(PISA);
4. Refurbished, repaired and upgraded Aquatic Centre;
5. A new hotel and retail outlets and additional car park.Prepared By:
Legal Unit
Municipal Council of Penang IslandDated: 6 September 2011
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Do these guys know that the water table around the lowlands of Penang is very high.
For Fantasy Island Property Chase & Dizzy Flashy Development, rainy green horned wildebeests will try to stampede on 2 hoofs like Charlie Chaplin in lowlands with water table just inches below or no water table in drought season. Either way, the consequences are predictably woeful.
Present businesses at PISA asked to vacate by 31 October to make way for sPICE development :
http://www.kwongwah.com.my/news/2011/09/08/97.html
in mandarin but those who can’t understand mandarin can see the pics of present (PISA) & future (sPICE).
Msia Business Times report on the “heat up” sPICE project :
http://www.btimes.com.my/Current_News/BTIMES/articles/pngdent/Article/
No mention of so-called MPPP’s RM50 million allocation ? Anil pls enligten the readers in your next update.
A courtesy thank you from appreciating readers.
Yes, the RM50m was mentioned earlier, but not these days. I am not sure what’s happening with that. I will try and ask around.
I already sensed RM50 million free money info is missing.
tunglang
probably your penang street museum concept can become a reality now that more people take notice of Anil’s blog ?
Thank you very much. You make my day (or is it night? Now 11:29pm). My TCK subconscious is awaken from deep mental slumber in make believed Street Food Museum at Macalister Road built somewhere in my cranial void).
Many will owe it to Anil who initiated this dream in his first food blog for authentic Penang street hawker cuisine that speaks with passions.
Time for Kopi-O kau kau just to forget about O-Bladies and refresh my vision with hope.
(Visited 1,115 times, 1,115 visits this month)
Anil
Is this a record for daily viewership in your blog ?
Surely now Penang Gomen & MPPP & SP Setia etc will be awaken to read your investigative (follow-up & updates) reporting & challenging comments from the readers.
No, not a record. There have been other times when it was higher. It really depends on the topic of the article, I suppose.
SP Setia and the big developers will not give a damn. LGE must wake up.
nkkhoo lost his credibility thru his responses in Anil’s blog.
nkkhoo.com though brilliant at times, has sadly now lost his streams of readers vs 3K-5K daily readers of Anil’s blog.
a postmortem is needed.
Sometimes we must curb our emotion in order to write in a constructive way. I too avoid a certain blogger (however talented) who likes to ridicule his readers with uncalled names and sarcastic remarks when his view is challenged.
In this aspect I salute Anil who poke his readers consructively without any use offending words. I have therefore recommended his site to my friends, and others must have done likewise, so not surprise that he is getting more visits.
Thanks, everyone is welcome here; only ask they be civil even when disagreeing or expressing opposing views.
Agreed Anil. Play the ball, not the man as they say. To post an opinion is every man’s right, but I think a line needs to be drawn when personal attacks and unsubstantiated accusations are made. That is how things escalate.
Quality, not quantity counts.
I and others have forced PDC to admit and take full responsibility is more important than readership in my blog.
Not all bloggers are nice guy to take on personal attack. Go read whole comments first to see who started the flaming war.
Anil, your blog is suddenly invaded with high traffic of stampeding wildebeests, nur-love-tulangs, Tze Meows, Ying-Yang, Rilaks (or Relax), Hoorays, and poor nkkhoo. Your investigative and questioning articles are excellent, mind-awakening, and getting ‘hotter’ by the days and ‘laku’ even by midnight than Penang’s famed Black Night Cake. And I didn’t fathom (not fantasize) the kind of Clint Eastwood style of easily provoked-cowboy shooting-then-talk-sense (boyscout) response from Texan Americana Red-Neck banker’s shilling boys willing to ‘die’ for a dime. Thus my nicknamed of one of them Tze Meow. The next few days I will consult my sifu Bruce Lee for… Read more »
All visitors welcome of course, but hope everyone will be civil and share their thoughts without getting too personal.
You are right, Anil. I will tone down my vocabs.
No Phai Seh to admit that.
nkkhoo, my sympathy. You are not the only one attacked.
Learn from Ah Soon or Yang. And believe in your rights to speak out, the rest is subjective.
Otherwise, why we all come in droves like steam-breathing wildebeests to Anil’s Blog for a comment or even wild, wild bull-screech of Serengeti Property Chase Talk?
Tunglang, I am not new in Anil’s blog.
I am not good guy when idiots try to personal attack on the messenger.
For building his monument, LGe can stooge so low to give unusual concession of 1500 extra units in total disregard for rules and regulations, is this the people champion that we have voted for?
1/3 neutral people reject BN, do not mean they like PR.
Malaysia is a condemned country, you have no better choice except to vote low standard politicians like LGE, Anwar, etc. to replace BN pirate.
PR people think they are better than BN, that is their own illusion.
Eu Soon, without the concession who would do it? The developer needs to make a profit or he wouldn’t want to proceed. Business not charity, remember? Since u are so quick to condemn , pls put up a viable alternative instead of just making noise. Unless you are not even capable of doin that?
Come one, invite foreign investors from Singapore, China, etc.to build such a tiny project. (for them)
They can do it at much cheaper cost than SP Setia….
invite foreign contractors, who then sub sub to local contractors ……. how come nobody complaint about the present lousy condition of PISA ? The water fountain cannot function. The pavements broken. Leaking here and there. Who was the contractor during gerakan era ? This sPICE project has potential to create job opportunties spillover. Muar folks can come to penang to work as manager, chaimbermaids, cleaners etc when the convention centre is up and ready. As for those who complaint about potential traffice jam …. then stop driving cars in Penang Island. RapidPenang can take you various destination you like. If… Read more »
Why u complained PISA again?
Pemamg rakyat kicked out BN is a direct answer to your unthoughtful question.
Muar people are much richer than working class in your Penang, many of them are small plantation holders with good steady income.
Muar furniture industry is already providing more jobs than Muar people can absorb.
So, Penang jobs are better reserved for land-less people like you.
Yes, sPICE is a good project with smelly executive.
Can you explain why LGE put in RM50 million for no share ownership?
I hope Anil would agree that we can criticise the views but not the person with opposing views in this blog discussion.
Yes, Frankie, that’s the way it should be. No need to get personal.
Bank door lickers can get overtly personal, Anil.
Really, and how do you know? I am sure everyone would love to see how you do.
The proof is in the instant response!
Standard boy scout’s running nose response!!!
And please for Scout master’s sake and face, go check what is ‘metaphorically’ speaking.
Ooops, S.O.T. Anil. (Sensitive mah!)
Ah Soon is not CM, not power to invite foreign investors.
You should ask LGE why no foreign investors came to bid this project?
I am more concern about the architectural and engineering aspect of the project. The fact is that it is cheaper to build than to maintain it. Is it quake proof, energy efficient and the type of materials used must be scrutinize. MPPP do not want an inefficient building at the end of the concession.
This is also one pertinent point many fail to address in the blinding flashes of blink-blink development of Speedy Gonzales gleefully waiting for their house keys in shorter months time to either rent or resell at max profits. The days of red bricks and well-mixed cements for quality workmanship of care and passion in house building is over the horizon. Ask most foreigners in the building industry if they truly care for excellent@work. If you treat them like peanut butter, they give you sour apple jam. This is so sad a reality of today’s housing industry, not withstanding the well… Read more »
Don’t build this, don’t build that. Blame the developers, blame the banks, blame LGE, blame anyone but yourself. Apart from banks and developers some accused of building white elephants and unaffordable homes, inflation and scarcity of building materials are some of the major factors affecting home prices. How about the livelihoods of those in the construction industry? Penang is an island, but it is not on Mars.
LGE is a blame expert, no one can better job than him.
Anil, how about LGE justification (for MPPP) to give away RM50 million to developer?
I still cannot understand why LGE give away RM50million in return for zero profit sharing. RM50 million investiment should be allocated with 16.7% for sPICE share….
Do you have good housing examples in your Muar to share with readers? We can do benchmarking here.
By the way, how is the development there under MCA?
RM500,000 can buy a big bungalow in Muar.
What you can buy in Penang Island with RM500,000?
A semi-detached house cost more than one million in Pantai Jerjak is crazy.
No toll for all bridges in Muar, no toll for 4-lane highway around Muar city.
You Penangites must be over jealous and crying like babe for such facilities for Johoreans.
Now you should know why Johor is a BN fortress, if you do not understand the reality, move to Muar for good sake.
Ideally, life will be complete and wonderful if you can combine the best of Penang and Muar into one. However, this is not to be. Same principle as you cannot have a wife while rejecting the in-laws. Good thing is that we can make our own choice. If we find that Penang is not a good place to stay, there are always options in the nearby Sungai Petani or further south in Muar. Pain is inevitable when we look at the high property price, but misery is still an option we can avoid unless you continue to cry foul over… Read more »
As I said earlier, go learn from Singapore on how to fulfill have and have-not groups in Penang.
Well-maintained public housing is urgently needed in Penang.
High-end houses can still be built in PG island but limit it to certain percentage and certain location.
You are right brother, not the 1 stick rule for all pricey properties but no affordable homes! This stick or kayu thinking is a no brainer for a start of metropolitan international Penang.
Is this called doing the right thing for the people of Penang? I would like LGE to come live in Bayan Baru when the e-Spice is completed. Already the roads are choking like mad with traffic in and out of FIZ. The Assemblyman here promised to do sth about it but till no concrete action is seen. Still there is jam. We do not need another grand old lady building, we have had enough. We want fresh air to breate, a safe place for recreation and of course, less traffic choke in our area! Please be considerate instead of just… Read more »
Some blokes from the banks can count the money but not the social costs. Anything to do with developers or banks is merely black and white of high profitability. The only way is state legislation to control the dizzy speculation of dead cats (Tze Miao) already in the frays, created by greed mentality of wealthy-not-enough and flashy development not in tune with the majority. Penang is only an island but they dizzy-minded think expanding land areas and high ratio, high priced properties is one absolute answer, not factoring in traffic congestion, crime rates, environment degradation and eventual high cost of… Read more »
Many many months back, I have commented about LGE chasing the poor away from Penang and they’ll be forced to stay in the mainland near Bertam or Sungai Petani and travel to the island……and now it is really happening. It’s congested, people have no regard for traffic rules, it’s just a lawless place now. Penang island is only for the rich and foreigners….
Because the poor cannot contribute in terms of heady, dizzy funding for surreal flashy development meant only for the financially rich or mentally-perceptive ‘rich’ of easy-cash credit card holders. The yesterdays when prudent control of state development and lack of easy swiping of plastic (borrowed) money made it realistic for potential buyers to or not to buy a property, not being into the speculative mood of kamikaze rainy green horned wildebeests. Bankers then had a sense of social responsibility to only truly capable home buyers and understanding of market forces and not simply bent to corporate profit targets at all… Read more »
“chasing the poor away”?…..what basis do you have for making such comments? Prices are rising and everything is the CM’s fault? Good god. The sky is not falling down and people are not being chased away. Markets go up due to various reasons. Who said Penang is only for the rich and foreigners? Nonsense..
No development….CM wrong.
Too much development…..CM wrong.
You cannot win with these people.
Sustainable and balanced development is not a rocket science.
Blame expert CM, LGE can learn from down south Singapore to make green city and comfortable housing for the mass.
i agree, which is why penang’s pop density is still lower than Singapore. Oh and not many think ur qualified enough to define sustainable nor balance for penang.
Go check out density in Singapore is better or worst than Penang.
There is no place in Singapore like density in Paya Terubong…
Every problem can be solved with a creative solution. If the road gets too congested, we should implement electronic road pricing to make people take public transportation, can then reduce carbon footprint and the hazy conditions. In that way the savings from not buying a car will allow people to pay for housing.
Some just cannot do maths. Why go and buy a 900ft2 where one can buy 2x600ft2 for the same price? We are still in DEMO cracy and why being held ransom to the developers? Why we wanted to play (with) the developers? If we are very hard up for 900ft2, then it is our fault. There are those buy 2 condo units developed by MK land next to each other so that they can create a door between the two units. Malaysian please think laterally.
King Kong,
You are only entitled to apply for only 1 (one) unit of a 650 sq ft flat and you are not allowed to chose except in certain case. Even if you use 2 different names to apply you may not get the units next to each other.
Hey, rainy green horns wildebeests of X,Y,Z generations.
Learn to be prudent from this .. man (which means no business for the banks): Chinese Man Buys Car with Spare Change
http://www.youtube.com/watch?v=687P-ngSVKU&w=350
And no need to save face without a credit card! Cash is still King ala Teochew Lang!
The bottom line is:
if developers know you can only pay this much without easy credit or plastic money, they wouldn’t have charged giddy price for dizzy properties.
And property agents and property gurus genuinely love sky-high ticket homes for the simple fact that they can earn dizzy commissions in a shorter time from a ‘property stampede’ compared to selling unattractive 75K properties in their lifetime. Gurus love to tout this as the must-pursue career of the 21st century vis-a-vis medical industry (ready for burnt and gone insane rainy horns wildebeests of the Property Bubble).
Many wanting to upgrade themselves from low cost units of 500 – 600+ sq ft to medium cost unit of 900 – 1000 sq ft now find it virtually impossible as the developers do not built these type of units any more. Instead they combine their 900+ sq ft unit together with their higher end unit and it cost more than 320k. The Boulevard 935 sq ft cost 320K while the All Season unit for 700 sq ft at 220k and 887 sq ft at 375k less 8% discount that come to 350k. This is how LGE is helping the… Read more »
…Developers are businessmen. Businessmen seek profits, so why do you expect any less? It’s a business…not charity.You said it yourself, these people already have homes. They are having difficulty upgrading…..
So does anyone owe it to them to provide cheap and affordable , yet larger homes for them to upgrade? Lets get real. Who is going to provide the land, and provide funding for more of these 100 sq feet homes?
If we don’t show our visible complain (which we as Penangites have woke up to this sort of ‘deal’ from LGE) and continue being unrealistic by being subservient to developers’ wanton disregard for average Penangites inability to pay such giddy prices of bigger-sized property, we will be the real losers except for the rainy green horns wildebeests (yet to be burnt comes The Bubble) of wannabes wealthy-not-enough. It is like asking average Penangites to buy Porsche when what we Kiam Siap (financially prudent) actually want is a Kenari. And to say upgrade thyself or worst don’t drive lah is arrogant… Read more »
For benchmarking purpose:
My son working in JB wanting to buy an ‘affordable’ condo.
He is single and enquired about the 495-sq-ft studio unit of the lease-hold Zenith Condo (at junction of Jln Kebun Teh, 5 mins from causeway).
The cheapest unit on 2nd floor for the 495 sq-ft unit is RM160K.
Crazy!
But too bad it is too near to Singland of 2.5x more spending power to not take advantage of potential buyers from across the causeway.
That’s the price Malaysians are now paying with Timbuktu salary scale and no property legislations to protect the Rakyat.
The price of some condominium units at D’Esplanade Residence (at KSL City, near Century Garden) Johor Bahru:
Type S5 (578 Sq Ft) = RM619K
Type X3 (933 Sq Ft) = RM811K
According to the brochure, the price ranges from RM286K to RM7.5 million (penthouse unit on top floor)!
Still very expensive although they come with beds, kitchen cabinet and wardrobe & zero maintenance fee for 3 years.
So expensive property is not only an issue in Penang!
I think we can only find low-cost properties in small towns like Muar and Sungai Petani.
It is a fact that prices of properties in cities like KL, Penang and JB are high.
Have to seriously consider moving to small town when retirement comes, by selling your city property for retirement fund. Look for a town with 1malaysia clinic, of course. Then sign up a broadband package to read blogs like this instead of buying newspaper, except the free The Sun.
I guess the only way to meet the housing demand in a land-scarce Penang is to increase the density. You have the choice not to stay in dense area although the market demand seems to be otherwise.
As some readers have suggested, towns like Sungai Petani at the mainland is an alternative if you want affordable landed properties where you can have your own garden or some land to grow your own organic vegetables.
We should not complain too much while the options are still there.
But what if you are working on the island? The petrol bill will finish you off.
That is the reality, Anil. You can’t expect to have it all. If you want a home on the island, in a convenient location it won’t be cheap. Unless you have an idea?
Remember the market adage that ‘Fresh & Cheap’ do not come hand in hand.
If you are staying and working in Penang and continue to ‘kau peh kau boh’ about the high property price or high density, then you should seriosly reexaming why you cannot have high income in Penang. Otherwise learn to accept that one cannot have it all. You need to sacrifice certain thing to gain another advantage. Lose some and win some.
Rein in the developers’ surreal fantasies of the Serengeti Property Chase and make livable homes for actual (needed) demands of average Penangites at affordable price.
I surmise most developers don’t learn the basic Laws of Marketing, one of which is to product to the right target market. In this case the social responsibility of making affordable homes for willing, capable Penangites as first priority.
The heady days of expensive surreal properties are on the way to The Bubble. My Teochew Lang millionaire buddies are just waiting with gleeful anticipation for lelongs.
Anil, there is always the option of renting.
Compare to loan servicing, renting is dirt cheap on the island with many rental returns to the landlord hovering below 1.5% annually.
If you are not born with a silver spoon in your mouth, you will not be eating from a silver plate, what choice do we have? My friend lived in semi-D in Seremban which he bought for RM220K with land area of 3200sq ft and take the KTM Kommuter every morning @ 6am to work in KL His brother stays in a terrace house 20′ X 65′ land area cost 460K in Puchong also works in down town KL and leave the house 6.30am for work. This is an example of reality the Penang people will have to face soon… Read more »
The sad part is people in Penang don’t have the option of trains.
Neither the high salary level of KLites to compensate for the travel to work. Imagine having to travel by car paying expensive petrol and daily RM7 bridge toll.
Nor buy properties in SP waiting for future development when earning 3 meals now is not for the waiting game, reserved only for richie speculators.
Why not exploring the option of motorboats as water taxi in Penang?
I think the travel time via a motorboat from Batu Feringhi to Bayan Lepas is shorter than driving time.
Silver Bullet Trains, Anil.
They tried it with Speedy Gonzales Fridge Train for Penang Hill, remember?
And some SG blokes love it missing the slow train ride.
Where got time for a life?
I am thinking to sell stop watches to these SG as wrist watch replacement.
Spot on Wira. In comparison to other countries, renting vs ownership is very much affordable in malaysia (especially Penang). The continued population growth and monetary inflation guarantees that density (and to some extent) and prices will continue to rise. It is a simple matter of supply and demand given Penang’s scarcity of land.
You can go to Batu Kawan pay a deposit of RM1000 and a monthly installment of RM100 to stay in a condo. BUT make sure that the developer won’t run away after you purchase the unit with a bank loan.
Are you saying that paying high premium for expensive housing on Penang island will give you the peace of mind and assurance? So high price can justify such benefits?
Horatio and all, I am neither anti or pro LGE. I just wanted to point out the facts. Ong Eu Soon was right in several aspects regarding the development in Penang. LGE in trying to fast track Penang development has been held in ransom by the big time developer succumbing to their demands without much concern or priorities for the poor and middle income. When the Deputy CM announced last year to increase the density of the unit, I thought wow its a great ideas to help the poor and middle income to achieve their aim of owning a bigger… Read more »
Yang, you are right in saying out loud, without biases but clear as Penang blue sky in no confusing terms or twist and turn of word play, the exact dilemma of those earning 3K household income or less. You have echoed the true sentiments of us not richie Penangites (who are mock-lectured to work even harder-lah, regardless of individual circumstances) awaken by the sudden surreal ‘change of rainbow colors’ that hit smack right into our beholden hopes of 308. We for the past 3 years believe in the ‘safe hands’ of PR that new rules of law will prevail in… Read more »
LGE must wake up. Where can you now find a medium cost housing of 900+ square ft costing less than 200k. A 900 sq ft apartment now cost 320k going up to 1000+ sq ft for 400K and above. AND THERE IS NONE THAT IS BEING BUILT. Worse there is none being built from 10ok – 250k. 680 sq ft FLAT will cost from 72k up to 125k when upgraded and you have to apply through MPPP which may take some time. And there are over 324 units empty units at the Maccallum Street flat. (Is there)… under table(?) Why… Read more »
Yang, Penang is not just island. If the Island has become too expensive, there are 2 routes a Penangite can take.
1. Earn more.
2. Go live in Seberang Prai.
Yes, Penang island is for elitists, those condemned one with generations stay in the island have to move out for them.
Do you know making rich (I mean make a few million in a month or a year) in Malaysia is not sheer hardworking, it’s your connection to whom…
Your suggestion smacks of dirt elitism and self narcissism of the wealthy-not-enough of Donald Ducky Trumpet clans. It is as if Penang is now for the grabs with money. This is but an outdated behaviour of the capitalist colonialists of by-gone era of grab, short-change and evict. So disgusting is such minion thinking still lingering among us Asians as if we are today biologically turned white, blonde or shiny gold haired and smattering in Hindi-style English accent and boasting aristocratic ego of the worshipped Caste system (of differentiation of social class) seconds after acquiring new elitist. Please go back to… Read more »
There are rainy green horns wildebeests vouching it is good for the economic development of the new metropolis international Penang, good for the rich and famous to come invest in land scarce Penang and good for up and coming materialistic Penangites of X,Y,Z generations to follow suit the ‘advanced economy’ living standard while still earning Timbuktu income level! Such is a so called ‘be realistic’ and ‘don’t complain’ simplistic surreal big heady wannabes of the wealthy-not-enough of the Serengeti Property Chase of Penang. And banks may not be enthusiastic anymore for loans of 72K since it is easily paid up… Read more »
Timbuktu income level…..or poor money management? Who knows. Someone who couldn’t manage his personal finances but pretends to be knowledgable about property, credit cards and the banking system…Go figure.
Please show your cultured financial behaviour or get lost. This is Anil’s blog, not yours for own abusive language talk or derision assumption character assassination of others.
If you cannot counter with good, humble discoursement of factualities but boyscout snideness or ‘tak tahan’ for others to learn from others’ experience good or bad, that is too bad for your ‘so-so cultured’ narcissism.
At least Gerakan K is more gentlemanly, knows when to back off and more pleasant to engage with like a man!…
Do you even know what abusive means? Nonsense as usual. It is obvious you can’t take it when your half baked assertions are debunked here. Well, if you can’t take the heat…get out of the kitchen. Feel free to rant on in your local kedai kopi and fill your time.
Standard reply of a boyscout with no discourse manners.
tunglang
apa kata u jadi wilderbeast migrate ke Belum (also kena jaga diri silap silap kena tembak orang ingat u harimau !) buat semenata waktu.
Bila Penang hit quoto orang kaya yang beli rumah, u boleh pulang beli properties yang mungkin dilelong (tak payah pakai kredit).
nkkhoo boleh jadi jiran anda. Mr Yang jiran kedua. Ketiga tiga kamu kemudian boleh yam seng bersama Tan Tee Beng yang mungkin jadi Ketua Menteri Pulau Pinang ????
Yam Seng tiap tiap hari satu kemungkinan. Bila satu hari sampai saya boleh beli rumah lelong! Sekarang saya bukan orang kaya-tak-cukup. For the time being, I am not too concerned or greedy to buy an extra property as I already owned one, to be fully paid up comes 55. My concern is my children education. Let them be competitive enough to survive, excel at work and thrive in their dream future. Then they can buy any Penang lelong homes, and not be like rainy green horned wildebeests of Property Chase Fantasy Island which only depend on fast bucks speculation to… Read more »
Penang for the rich and famous priority No1. Wow! Did I hear that from the widebeest of wild wild plain talking any sense! Orang tak kaya pergi Butterworth dan Ulu. Got balance housing tak laku jual baru di beli orang tak kaya. Truly Korot thinking of the 1st class mentality of TimBerLand Kasut Buruk Busuk Langit Tinggi. When did blink-blink GaGa of anything goes reach Penang’s once pristine shore for anything goes Serengeti Property Chase Launch and Fantasy See-All Show? How about painting heritage George Town in vulgar night-glowing Green and Orangy-Pink Panther? What a sudden change of men’s heart… Read more »
READ these excerpts if you are 50 & above: Most people used to pay off their debts before retiring. But as wages have barely kept up with rising prices over the past 35 years Americans have pushed debt higher, living beyond their means. Now, people are postponing retirement, cutting living standards or both. The combination of easy credit, low interest rates and a consumption-oriented culture helped fuel a spending binge for Americans until the financial crisis. “We have gotten into this ‘debt’s OK’ mentality and it is going to be very hard to get out of it,” says financial planner… Read more »
If you are used to conspicous consumption via credit card spending, your retirement years will be very miserable when you have no more active income to support that habit.
This message made certain readers more frustrated because it highlights that there will be at least 1500 more people who has higher purchasing power than them in the context of home buying.
Well, to be fair there are valid some concerns about the current state of our property markets. Affordability and pricing concerns affect many who are still below the upper middle class level. Fair enough. But it is far too simplistic to condemn new pricier developments without considering the pros and cons of it objectively. Even more unfair it is too take cheapshots and insinuate wrongdoing by the state gov for approving such projects. We are bound by laws and regulations. If these are duly followed, then it should not be denied.
Well said…
What do mean you can a get a loan(and money) approved within 7 days?You must be joking, Yang? I am for LGE!!
David, It seem that you are not quite familiar with the banking procedure and purchasing of new house. After you have booked the unit and paid the required 10%, then you have to immediately apply for a loan from any commercial bank, unless you wanted to buy it in cash. Within 7 days you will get a reply whether your loan has been approved or not. At the most 10 – 14 days. If your loan has not been approved then you can ask back the deposit from the developer and your unit would be sold to another party. Once… Read more »
Rooftop without tree also consider open space! Where to find? Only thy Johor born Melaka mari Penang Chief Minister can figure out such a grand plan for Penangites. As for local plans, LGe said need to reconcile with George Town Special Area Plan, so you can wait til thy kingdom come. At least there is a good news for Nibong Tebal, Nurul Nuha will be contesting as a Parliamentary candidate. My brother can go fly kite, I am ready to give her my full support and mobilize my connections to help her. 1500 extra units not only will breach the… Read more »
Yes, I am now also getting fed up with LGE and the govt. I thought the extra density would help the poor and middle income get cheaper, better and bigger housing unit but instead he is helping the developers to become more richer with their high end products. All these high end unit are being sold not for local but for oversea buyers. If not because of UMNO I would switch my allegiance at the next GE. LGE must now wake up before the people start getting fed up with him. DAP and their people are now getting more and… Read more »
Welcome to the anti-LGe club! One more new member, more to come. Now I am no longer lonely in the fight against LGe administrator, lot of buddies now a day. What a different!
Ah Soon, very happy la. So you can lead the anti-LGE club lo. Now you got Yang to sign up as a member. All yours.
Yang and Soon are all alumni of kelab Tan Tee Beng?
Yang and Soon can opt for the low cost housing in Batu Kawan that they can afford. It is still Penang after all.
Everthing has a price. When you go to McDonald’s, you can opt for Cheeseburger if you cannot afford the more expensive Grilled Sandwiched Chicken.
Moral of story, upgrade to earn better wages to enjoy the better things in life. Enlarge yor circle of influence and do not sulk within your circle of concern.
What low cost unit? RM1000 deposit and a monthly installment of RM100 you can stay in a condo in Batu Kawan!
You are not alone. I add a new portfolio @ Anti-LGE to my belt.
Fed up with his blame game to previous government on everything.
If Obama like him keep whining against previous government. I think Americans will ask him to step down.
Such naive and utopian comment reflects low understanding in the game of politics, particularly in Malaysia.
A standard reply from PR idiot.
Want to debate with me about politics in any venue at your choice? I throw my open challenge to you.
Only coward used pseudo name in the forum. ….
Yang cakap macam dia nak masuk Kita berganding bahu sama Tan Tee Beng ? Jaja diri lah kalau macam tu.
…informative write up, Anil. Hope to read more details about this development. Too bad Eu Soon has to pip in with the usual anti Cm gibberish. Empty vessel.
Well they did destroyed the most important historic site in Malacca by pushing up the padang merdeka to the top of a shopping mall. I think thats where he got his idea.
Try the ‘Two Sisters’ Char Kuey Teow in Penang and you will instantly learn the simple economic concept that ‘high demand’ can justify high price – and you can ignore all the noise to carry on. That is in Penang itself, not Melaka.
My son from KL took me to the “Two Sisters” Char Kuey Teow in Penang” I have eaten this type Kuey Teow at many places in Penang, Perak, N.S.(Seramban – Tampin), Selangor, Melaka and Johor. The taste of the Kuey Teow has been the same everywhere if it has been prepared properly. Some of the Kuey Teow I had eaten during the past 60 (sixty ) years had tasted much better. The best Kuey Teow I had eaten was in KL, Tampin and Melaka. The quantity and the ingredients were more. The taste was better; and the price was much… Read more »
Nadarajan. You share the same thriftiness as me. Money is very hard to earn these days, what with the GST on the way.
But some like to spend with egos as surreal as a wildebeest running free in Penang Road. Next this wildebeest will drink Chendol and pay in gold bars!!
In the business of wheeling and dealing, there will always be something hidden from public scrutiny. The same goes for gomens. It is up to us to be more alert to these discrepancies and call for correction.
Otherwise, the people will suffer, not the wheelers and dealers of anything seemingly ‘good for the people, by the government for the people’.
Till Kingdom comes, governments are as fallible as humans, neither be idolised.
“over and above the maximum permissible density ”
How can someone be allowed something that is not permissible?
False sentence or a law is being broken.
It’s just nomenclature, planning terms used. Maximum permissible density is something over and above permissible [or allowable] density, granted if the developer pays something called “development charge [infrastructure]”.
Then the person who used the words ‘Maximum’ and ‘Permissible’ in this system of categorization is dumb.
…..im still voting for PR.
Federal government “choking” Penang government with direct funds resulting with more & more collaborations with developers (eg the coming Penang-IJM Golf torrnament” ?
Rather than finding faults with this and that, we the readers welcome more investigative-like reporting (Anil be brave !) to enlighten us (with some very ‘insiders” comments which we hope Anil would not censor) !!!!!!
Comments welcome, but try and substantiate them with documents, reports, links; otherwise they will be merely unverifiable allegations or hearsay.
Anil
Understood your point.
Some unpublished “insiders” comments can be helpful (with your judgement) as you probe further in your investigative reporting.
ALL THE BEST.
Yes good point. If you have heard something that you cannot verify but you would still like to let me know, just send it to me here with a note telling me not to publish. Thanks!
Hello Anil.
Thanks for this write-up. Can count on you as always ahead of the local press.
According to the Sun report today, the full Spice agreement can be viewed at the MPPP office at the16th floor of Komtar during office hours (that’s CAT). Is there any other additional details besides those you have put up?