The first phase of a 760-acre island, mainly for the well heeled, is emerging off the northeast coast of Penang Island – part of the Seri Tanjung Pinang Phase 2 reclamation. Smack in the middle of where the Tanjung Tokong fisherfolk used to work.
This frenzied reclamation work comes at a time when the property market is experiencing something of a slump, with the signs of unoccupied high-end condos and a glut in retail property growing ever more visible.
Meanwhile, with the total fertility rate in Penang plunging well below the replacement level of 2.1 children per woman, the population of Penang is only inching up (thanks to a small net annual inflow of people from elsewhere).
So who are they building for?
Photos taken by a concerned Penangite.
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Just think we should be a bit careful about information here. The MM2H program that the overseas Chinese may have is fairly limited. They do not come in “tax free”…they are allowed to import a used vehicle tax free or purchase a new Malaysian produced one “tax free”. After various fees for the long-term visa and the purchase cost of their condominium, most will still be required to place nearly RM500,000 in a frozen account in a Malaysian bank. If they earn money from Malaysian based investment they will be taxed at the normal income tax rates. My understanding is… Read more »
Reclaimed land or not, it still belongs to Malaysia
http://www.malaysiakini.com/news/376153
Selling land as freehold is not what it seems so trivial as to sovereignty of Malaysia.
Who you sell to is something that matters.
Tanah Air Cinta Ku, Tanah Orang Asing Punya?
Could it be the reason why the Johor state exco member in charge of housing gets implicated in corruption when under table money can change hands easily with policies of vague nature as in the case of freehold definition?
“Sultan Ibrahim Dream House” project for local Bangsa Johor, while Forest City project for foreign Bangsa Johor?
Only in Forest City, get freehold titles on ‘leasehold’ land http://www.malaysiakini.com/news/376021 Anonymous #44199885: Ninety-nine years is a long, long time and enough for at least three generations to multiply and grow – three generations of foreigners who are alien to our shared culture, customs and values. Why should millions of them who do not contribute to our economy and nation building be given tax-free status? Mind you, if they enjoy tax-free status, then it is Malaysians who will bear the cost and expenses via higher taxation to support the supply of services and infrastructure for them. My Observation: Malaysians are… Read more »
Freehold or leasehold? http://www.malaysiakini.com/letters/375775 It is almost comical to read the current debate between ‘freehold’ and ‘leasehold’ at Forest City, Johor. More than that, the debate has now extended to ‘reclaimed land’ and ‘existing land’. What started as ‘sovereignty’ and ‘development model’ issues have now turned into freehold versus leasehold and reclaimed land versus existing land debates. I have a few questions: First, does it matter whether the land is freehold or leasehold when the issue is national sovereignty? When foreigners own leasehold lands, do they have lesser claim on Malaysia when a situation warrants it? Second, when conferring the… Read more »
If cannot get PRC Chinese to buy, probably BN could offer PR for foreigners buying up such expensive condominiums, under the pretext of Malaysia My Second Home? The problem is this could attract foreign crooks with ill gotten money escaping their home countries, settling in Malaysia as Mafia?
No wrong to assume that other BN states lik Melacca and Trengganu, even Kedah duplicating the Forest City model, knowing how fast the cash injection that could even build a football team like JDT and new stadium.
I am not concerned with the artificial island in Penang.
I am more worried to learn that there is ‘artificial raisins’ (kismis?) in the form of rat droppings in Nasi Kandar Line Clear in Penang. Not sure how long Penangites have been dining with such special ingredient in their infamous Line Clear Nasi Kandar.
http://www.thestar.com.my/news/nation/2017/03/13/line-clear-ordered-close-two-weeks-after-hygiene-inspection/
The mamak too busy making money and no effort in cleaning it’s premises.
Poor hygiene in food preparation too.
Certainly bad for the image of Penang food.
Do not ever recommend it to foreign tourists.
Why no mandatory requirement for these 24-hour operators to close operation for cleaning at regular period?
It is very unhealthy to see cats around the such eating establishments. Anthony Bourdain has sarcastically made such observation when he dined at such food stall in one of his travel program to Penang. Certainly the cats are not there to prey on the rats.
Eating contamination food improves your immunity system? But it is more likely that damage is done to your internal organs and shorten of life span unknowingly to many.
Halal according to Jakim: a. Does not stem from or consists of any part of or item from animals that are forbidden to Muslims by Islamic law, or animals that have not been slaughtered according to Islamic law. b. Does not contain any substance that is considered impure in Islamic law. c. Is not prepared, processed or manufactured using equipment or utensils that are not free from impurities as defined by Islamic law d. That, in the preparation, processing or storage stage, does not come in contact with or is stored near any kind of food that does not meet… Read more »
Now The Reality Of Property Industry Sinks In: China’s capital control could cause abandoned projects here http://www.freemalaysiatoday.com/category/nation/2017/03/13/chinas-capital-control-could-cause-abandoned-projects-here/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+FreeMalaysiaToday+%28FMT+News%29 Veteran economist says international, local buyers won’t be able to fill void left by Chinese nationals in various development projects after China curbs capital flight. PETALING JAYA: A veteran economist believes there will be a surge in abandoned property projects in Johor, Kuala Lumpur and Penang following China’s crackdown on capital flight. Speaking to FMT, Hoo Ke Ping said China’s aggressive measures against capital flight would affect property developers – both local and international – who catered to house buyers from China. “Chinese… Read more »
Dont need an economist to tell you that.
The message is simply and clear without that big guy China, who else will buy now even in the whole-wide world ?
Domino effect of price falling from south to north, starting from Iskandar Johor. Better let go your units before price plummet.
Developers are getting nervous now?
Forest City will become a Chinatown of Iskandar region.
Not anymore, maybe can get Zakir Naik to set up his school and religious retreat there to attract his Middle East students to invest.
Anil Netto was quoted by China Press today:
http://www.chinapress.com.my/20170310/政府保留地變私人發展計劃？-民政促釋疑葛尼水岸/
The article somehow implied that Anil is collaborating with Gerakan Youth to protest against the reclamation at Gurney Wharf.
Wonder why they did that.
Selling out to Gerakan?
I have nothing to do with Gerakan.
Chinese readers of China Press could possibly assume that Anil is the potential new candidate for Gerakan in the coming GE.
Good joke.
Another noise making effort by Gerakan, and this time somehow Anil was involved?
Whether Anil said it first or Gerakan yelled it first, it is still a contentious issue.
No way to shove it under the carpet in the name of political spinning ala Goergie Bush’s “Either you are with us or against us”
Be matured. CAT is accountable to this issue at hand. Niao Kong pls explain!
GEORGE TOWN, March 9 — Malaysia needs to put in infrastructure for high speed Internet in order to catch up with other Asean countries, Penang Chief Minister Lim Guan Eng said today. The Penang lawmaker said the country needs high speed Internet in order to progress.
So please give us affordable high speed internet, not man-made islands!
high speed rail is paid by all malaysians.islands paid by buyers. you want the island FOC??
WHY NOT?
Please submit your receipt on the payment and get your refund.
What happened to Penang Free WIFI?
Behaving like UFOs, was there & gone off radar the next moment!
Pls don’t proclaim something unachievable to shiok sendiri!
Cosmopolitan Penang Connected? Da-da-da-dah!
Free high speed internet allows kids to play dota online and neglect school work? And adults can stream inflix movies free and neglect work?
Tua pek kong’s stupid comment which is irrelevant. Everyone and student will bend their heads and walk on street looking at their hand phones. He wants parent and their children to glue to the wifi.
Times are hard. Spinning for side incomes, Marcus + zoro?
PM himself advised us to to double job to help him realizing high income status. Readers here may soon have to drive Uber to pay for their car loan. Times will continue to be hard looking at the currency exchange table on The Sun, how pathetic Ringgit has become. Why must you give the mandate for another 30 years of sufferings when TN50 will only help bumiputeras but not you?
I don’t buy Georgie Bush’s “Either you are with us (DAP) or against us”.
Emo-politics definitely not my cuppa.
I think it is better to provide free shuttle buses like the Bas Muafakat in Johor, which could ease traffic congestion and help those who could not afford to own cars.
those cant afford cars are oredi using public transport. they dont jam the roads. they are jammed by car users. car users are king of road.
Affordability is not issue since the banks are more than willing to assist to give you loan, albeit high interest.
For inspirational architectures, Penang developers can learn to build for:
Castles in the air: Innovative designs for communal living
http://edition.cnn.com/2017/03/07/architecture/new-apartment-architecture/index.html
From a sustainable urban three house in Turin, Italy to an interlocking megastructure in Singapore, these apartments “suggest models for how you can provide decent housing for people of every income level, from the very poor to the very rich, and in between.”
just off topic.freemalaysia today mentions babas are selling off the heritage in pg. when tua pek kong going to scream and sto them?
Beware, developers are now looking at Chinese investors…..so don’t be surprised if the mainland Chinese are the ones taking up units here, just like another reclaimed island at a southern state
Something only wrong with mainlanders? What gilakan federal Gomen having Bangla, viets, indons, Burmese and Nepalese staying and renting and competing with lower income here. We only Shout at the rich but not the poor
24% of foreigners taking up the “Make Malaysia My Second Home” are PRC Chinese. The promotional brochures and videos of Forest City Johor are mainly in Mandarin, unlikely targeting the Arabs or the Indians.
how come only 24% are mainlaners even with adverts in chinese? why not 75%· Who are the 76% of lain2? again bangla,viets, indons, nepalese??
What you have mentioned contradicts with the Sultan of Johor’s assertion that Forest City is created for a wider global market.
Well, we shall see the truth in the coming years.
The developer of the Forest City project in Johor has reportedly closed all of its sales centres in China amid a crackdown on capital flight.
The South China Morning Post (SCMP) reported that a spokesperson for Country Garden Holdings said it had shut down all its offices to make way for renovations.
The spokesperson denied it had anything to do with Beijing’s tightening of capital outflows.
http://m.malaysiakini.com/news/375204
Country Garden has got no choice but to switch tactics to woo buyers other than PRC Chinese as China is clamping hard on money (illicit black money) outflow for purchase of foreign properties. It remains to be seen if the Arabs or Europeans would be interested in Forest City. For once Country Garden must hire sales personnel who could speak languages other than Mandarin.
Beginning of the property bubble bursting in Iskandar?
Without inflow of China money, those high end properties by the Chinese developers will have difficulty finding buyer as they are overpriced.
No buyer, no construction activities and no jobs and the multiplying effects. All other industries face a bleak turn down but there will be a increase in crimes and house break in. We sleep well.
But they are very confident to sell the first part of it to a “somebody”….whom again ?
who does not want to give away an inch of land? further it is close to airport and second crossing
We can’t run away from captalists’ ventures to create and attract wealth to Penang. Since it has already been happening, we should not complaint too much by digging out the past. Instead, we should make sure the wealth are better distributed downstream so that most Penangites can benefit to raise the income level to combat Barang Naik syndrome. For instance, the State Government need to tax those wealthy gains, and the revenues collected be passed on to the community by having world class amenities all can enjoy.
Cannot forever addicted to BR1M Dedak else hard to sustain justice !
When there rich people coming to live in Penang, there shall be spill over effect benefiting the people including fishermen. Otherwise, we should opt for socialist policy like in North Korea.
Rich people may not necessary spend big as they could be very prudent. Young generation tends to spend more for instant gratification in fashion, food & beverages and personal grooming to look hip and trendy, with no habit to save for the future (which is bleak to most of them despite all the vote-fishing talks in TN50 forums), now that they could even shop online with their smartphones.
Do you know when a person who has resolutely repaid his debts thro’ AKPK is again & again called by credit card agents to sign up (for more debts?)???
Part of the debt problems & bankruptcy cases are created by the banks which never ever cut back the greed of their credit card misadventures with imprudent card users of today’s materialistic bin-chui adventurism.
Rich people don’t have this problem as they pay up their monthly credit card balances in full.
DEBTs is a single big issue nowadays. Now we are seeing underground bankers advertising on posters, banners, bunters, flyers to provide easy loans. Surprisingly the local or federal gomen take no action on such unscrupulous activities.
Next week many tourists from cruise ships arriving on the island. I bet many can easiily take selfie pics with such postings on the streets !
You have been screaming very loud at komtar. But Boh hood at Putra with all the past training.
If you tell the truth about the Malaysian economy, the Barisan Nasional government will be very upset. Prime Minister Najib Razak has criticised the Opposition for allegedly spreading lies about the economy. His Members of Parliament sing praises about the economy during current parliamentary debate. However, despite citing indexes and forecasts, none of them addressed serious structural issues that have been plaguing our economy. For instance, when debating the Royal Address in Parliament on 7th March 2017, BN’s Simpang Renggam MP Liang Teck Meng repeated Najib’s mantra by claiming that the Opposition had “sabotaged” the economy by spreading negative perceptions.… Read more »
Barang Naik harga because Ringgit goes down in value each day.
TN = Tipu Negara? For another 50 years?
Wake up and exercise your vote wisely!
City of Dreams on the island can inspire many ordinary Penangites to strive smartly to live the life of luxury?
LA is City of Angels.
Penang is City of Dreams?
Fish population are not increasing. They are getting less and yet smart pg Lang are asking them to fish more. Better to be fisher of man
For Tokong. Just for kicks.
AN ILL-LEGACY OF NIAO KONG!
Arrogance, sly, indifferent & corporate-political trading.
Cheng Beng (Qingming or Ching Ming Festival, also known as Tomb-Sweeping Day in English) is coming soon.
Instead of burning expensive paper bungalows into ashes & not see them again, why not buy brick + mortar bungalows for thy beloved deceased?
Since no flesh + blood is going to occupy them, they will still look new & will still be under your portfolio of ‘assets’. Also, a good investment as an Airbnb condos for thy afterworld relatives + their ‘ho-hia-tee’ to stay during Hungry Ghost Months.
Anil, you will be assured of increased population in Penang during these festivals!
why no shouting less tombs and burials and more cremation? more tombs more hill cutting and land clearing.