The coronavirus pandemic has given us some space to reflect on the so-called “Penang Transport Master Plan” – in reality, a developers’ plan to reclaim three islands in the name of providing extravagant transport infrastructure for Penang.
The idea was that the state government’s sale of reclaimed land would raise funds to finance the RM46bn transport infrastructure proposed by SRS Consortium. The consortium is 60% owned by construction giant Gamuda with two Penang-based developers controlling 20% each.
The 4,500-acre three-island project in Penang was supposed to house over 446,000 people, most of them in expensive homes. Many of them would probably be foreign buyers, likely from China.
Reality check: foreign buyers, themselves reeling from the pandemic and a severe recession in their own countries, are now unlikely to be coming http://www.soulphysics.org/2015/10/propecia-proscar-buy/ to Malaysia soon. Full article on Aliran website
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https://www.thestar.com.my/news/nation/2020/06/12/ceiling-price-reduced-for-foreign-home-buyers
Penang has reduced its minimum price threshold for foreign property ownership by up to 40% to clear RM2.6bil worth of overhang units in the state.
Bailing out developers when sales are down but when developers make billions do the commons reap the rewards as well with truly affordable homes?
Yes, precisely.
Loh Phoy Yen is Penang Tycoon’s Tan Sri Loh Boon Siew’s 3rd daughter. Diversified from Honda to property development…
You mean still insist of putting all the eggs into one basket? How many want to buy kapcai nowadays? Kapcai for ah peks.
Why not? MAS, KTM asked for life line. Same with Cathy Pacific, Ocean Park HK Gomen help them with $$$. Same with Qantas with $$$, HK gomen give HKD10,000 to every permanent resident. Here?
Gig economy may flourish pist covid19 pebdemic. People are paid per task performed. Disposable income not from fixed salary but oerformance based. Also Darwin theory if evolution may see the survial of fittest with the weakest ones perish from earth as natural resources become limited for priviledged ones. New world order is to be back to basics to sustain essential livings. World population to shrink inevitably by force of nature called Karma. So start to live modestly for most Commons as the Gooses do not necessairily provide the life support for us masses.
It’s important to know who the two other Penang based developers are. Aliran website doesn’t mention their names either.
Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd.
Thanks! Good to know who the other players are. It’s hard to find honest property developers in Penang.
https://www.theedgemarkets.com/article/penangs-condo-king-shake-tatt-giap
Gamuda & Ideal Properties the PTMP partners to spur developmet of Penang to frenzy high!
Did you mean that it is hard to find a developer who is not “kebal” (beyond accountability because of cables)?
https://www.freemalaysiatoday.com/category/nation/2020/06/14/broke-and-homeless-trishaw-pedallers-come-to-a-dead-halt/
trishsaw tried to earn a hoest living. where are those who sign the protest. where are the support for the green transport
Escape Theme Park is in nature but man made. Not sure Anil will be thrilled to let go MCO fatigue by visiting the place ?
https://penangfoodie.com/escape-theme-park-online-offer/
Hi Menon, not my cup of tea, though I can see how it could be fun for some. Personally, I would prefer a walk in a more natural setting.
– The govt. incessantly mentions SOP. What is SOP for fever, cough, sore throat or breathing difficulty? These may now be a death sentence. Clinics will not even let you in. Officially, the govt. will not test even those having severe forms of these symptoms, except for close contacts of PUI or air passengers. It told some who turned up at “designated” hospitals to “self-isolate”. Even medical staff complained of not getting tested. So what are the publicised phone numbers and e-mail addresses for? If I am misled or deluded, let me know. – Officially, anyone exposed to a PUI… Read more »
The fable of the Tower of Babel has an important lesson. But the Masters of the Universe think they are cleverer.
Seems like no issue with Forest City (artificial islands) in southern Johor.
https://www.forestcitycgpv.com/