Rightways: Home

Showing posts with label Home. Show all posts

Monday, May 22, 2023

How to minimise the risk of snakes entering homes

People advised to be vigilant as sightings are on the rise amid heatwave

PETALING JAYA: The scorching heat has forced snakes to seek refuge in human homes.

Apart from dark corners, shoes are also a potential shelter for the reptiles, as seen in a video that went viral on social media earlier this month.

Fire and Rescue Department deputy director-general (operations) Datuk Edwin Galan Teruki said the department had received 13,895 distress calls from the public seeking help to remove snakes and other wildlife from their premises in the first four months of this year.

The figure shows an increasing trend, compared to 12,013 calls received in the same period last year.

Edwin advised the public to remain calm if they spot snakes in their homes.

“Do not be rash or panic as this may threaten the snake and trigger its defence mechanism to attack.

“Be it venomous or not, be cautious and try to confine the snake in one area to make it easier for catchers to locate and remove it.

“Keep an eye on the snake from a safe distance,” he said, adding that the public could call the 999 emergency hotline for help.

Edwin added that good housekeeping could help deter snakes from entering and hiding in homes.

“Do not keep food waste in the open as it can attract rats, frogs or even lizards, which are prey for snakes.

“If you have livestock or pets, it is advisable to set up safety nets around their enclosures,” Edwin said.

In the case of a snake bite, limit movement, cover the wound with a clean cloth and never attempt to suck the venom out, he said.

As it can be difficult to determine whether a snake is venomous or not, Ecotourism and Conservation Society Malaysia president and chief executive officer Andrew Sebastian said it is best to avoid close contact altogether.

“Take a picture of the snake. In the case of a snake bite, the photo can help identify the type of snake and the correct anti-venom,” he said.

Malaysia Civil Defence Force disaster management and operations director Col (PA) Sharudin Md Zain said houses, trash disposal areas, water outlets, shoes and toilet bowls could be the hiding place for snakes.

“Fixing safety nets at windows or ventilation and water outlets can be an option.

“Snakes may also be hiding inside shoes or the toilet, so check them before use,” he said, adding that the public should avoid touching or holding the animal.

Contrary to popular belief, Malaysian Nature Society’s Selangor Branch Herpetofauna Group lead coordinator Chan Yik Khan meanwhile dismissed the myth that sulphur could keep snakes away.

“Sulphur does not repel snakes. The most effective method is to make sure that the surroundings do not appeal to them.

“Remove unused flower pots and declutter the area,” he said.

Chan said snakes are generally timid creatures and prefer tight and dark spaces to hide in when they are not foraging.

“Snakes are incredibly adapted to urban environments and they are likely living around you already.

“This is why some people occasionally find snakes resting on their curtain frame,” he said.

He said the most common urban snakes include the common wolf snake, the reticulated pythons and a couple of rat snakes.

With regard to heat, Chan said snakes are exothermic animals, which means their body temperature is regulated by the external temperature in their environment.

“Snakes will try finding shelter under cooler conditions – which includes tiled homes, as compared to urban areas devoid of shade.

“Being able to escape from the blazing sun is vital for their survival or they may overheat and die,” he said.

Source link

Related posts:

Reptiles sneak indoors to stay cool

Unwelcome visitors: Officials removing snakes and a monitor lizard from houses in Penang GEORGE TOWN: They come, they see, they hide....

Saturday, April 15, 2023

Regulating short-term stays in Penang, such as Airbnb Hosts, homestays

Stating it clearly: A banner is hung at the entrance stating the ban on short-term homestays at one of the apartments in Gelugor, Penang.ZHAFARAN NASIB/The Star

GEORGE TOWN: Residential property investors hoping to make a killing from the short-term stay business are likely to find it an uphill task with the new regulations in place.

State local government, housing, town and country planning committee chairman Jagdeep Singh Deo said other residents would now need to give their consent to units being used for short-term stays.

“I do not think it will be easy for one to gain approval from all other residents in a high-rise building. Even then, there are limitations.

“They will need to have a general meeting and seek approval.”

Jagdeep said the Penang government has two guidelines for short-term stays – one for high-rises and the other for landed properties.

“Both guidelines were approved by the state executive council on March 8 and will now be enforced.

“We have received many complaints regarding short-term stays. Such practices disrupt the lives of other residents,” he said.

“We formulated these guidelines not to deny property owners the right to rent them out, but to regulate short-term stays.”

Jagdeep said that for stratified projects classified as residential, one must first obtain approval from the joint management body (JMB) or management corporation (MC) through an AGM, on top of complying with other terms in the guidelines.

“Serviced apartments classified as being in a commercial zone must comply as well.

“If approval is given (for the residential or commercial properties), the short-term stay must not be for more than three days per reservation.

“On top of that, each unit must not be booked for more than 180 days in a year,” he added.

Jagdeep said many residential high-rise buildings had put up banners clearly stating that short-term stays are not allowed.

“It is clear that it will be difficult for people to convince many JMBs or MCs to allow them to use their units in that way,” he said.

Jagdeep said hotels in Penang are well equipped to cater to the needs of tourists.

“We must be fair to the people and the tourism sector,” he said.

Malaysian Association of Hotels (MAH) national vice-president Datuk Khoo Boo Lim said the guidelines would help hotels.

“We are not able to stop them from operating but with rules in place, there will be no abuse.

“They will need to follow guidelines and only those who comply will be allowed to operate.

“This will definitely help hotels as the number of short-term stay units will drop,” he said.

However, the Asia Travel Technology Industry Association (Attia) urged the state government to reconsider its decision to enforce the new guidelines.

It said the new guidelines are “untested, disproportionate, and complicated”.

“The Penang Government should have considered co-regulation and self-regulation approaches, such as voluntary code-of-conduct style frameworks, which have successfully reduced noise and nuisance issues in short-term stay homes without imposing onerous requirements,” the association said in a recent statement.

Attia said most short-term stay hosts are individuals and not companies, and such individuals could be “pushed out from participating in the lucrative sharing economy”.

The association said short-term stays complement hotels by catering to “price-sensitive digital nomads and youth travellers”, and also families wanting to rent a whole house for their holidays.

Attia is an NGO representing global businesses dealing in travel and tourism in Asia Pacific, including online room and flight booking portals.

Source link

Related posts:

Ex-property agent in S’pore fined record S$1.16mil for illegally subletting private homes on Airbnb, HomeAway

Homestays, a booming business: Homes vs hotels, a study of the industry

Airbnb and other Home-sharing businesses have Hotels worried in US

S'PORE IN THE MIDDLE OF ANOTHER COVID-19 ...

Bernama

https://www.bernama.com › world › news

1 day ago — SINGAPORE, April 14 (Bernama) -- Singapore has been in the middle of another COVID-19 infection wave for the past month, said the republic's ...

S'pore In The Middle Of Another Covid-19 Infection Wave ...

Monday, January 25, 2021

Housekeeping Covid-19 away: ways to disinfect your home

Ministry details cleaning solutions for patients self-isolating at home

Clean those door knobs, tap faucets or other frequently touched surfaces.

Now that Covid-19 patients with mild or no symptoms at all are required to self-isolate at home instead of going to a quarantine centre, the Health Ministry has provided guidelines on sanitising your home if you are living with an infected person.

According to the ministry, the bathroom used by the patient should be disinfected at least once a day.

To prepare for the disinfectant solution, use five tablespoons of 5% sodium hypochlorite with 3.8 litres of water or four teaspoons of 5% sodium hypochlorite with 0.95 litres of water.

“The personal protective equipment needed are face mask, face shield, plastic apron and gloves.

“Surfaces can be cleaned with a normal detergent first, rinse and then clean using the disinfectant solution containing 0.1% sodium hypochlorite, ” it noted, adding that the person sanitising should wash their hands before and after the cleaning process.

Also, the ministry said that those who were living with a Covid-19 patient at home should wear a mask and disposable gloves when handling the patient’s clothes.

“Dirty clothes and linen should be stored in a sealed plastic or closed storage until it is ready to be washed.

“The clothes should also be separated from others.

“Don’t shake the laundry as the virus can be transmitted through the air, ” it said.

Health experts said the public should sanitise and disinfect shared spaces within their own house and workspace and especially if there was a Covid-19 case in the area.

Universiti Putra Malaysia medical epidemiologist Assoc Prof Dr Malina Osman said one of the basic principles for sanitisation was whether there was a risk of virus exposure.

“It depends on whether there is presence of possible infection in the area or not, ” she said.

Dr Malina said if there was a positive case at the workplace, sanitisation needed to be done at the person’s work desk and common areas including lift, railing, door knobs, toilet and other identified areas.

“There is no need to have a blanket rule to sanitise the whole building, the road to the office or the drainage system, ” she added.

Public health assistant Muhamad Shahir Mohd Razali said it was safe to use disinfectants to clean surfaces that were regularly touched such as table tops and door knobs.

“This can also be done at the workplace where sanitisation can be done once every two weeks.

“And for surfaces that are regularly touched, they can do it twice a day.

“This will help reduce the risk of transmitting diseases and viruses, ” he added.

Shahir said his team often conducted sanitisation at places where a Covid-19 patient had been to such as quarantine centres, offices, crematoriums or cemeteries.

“We sanitise the areas with a chemical solution which is sodium hypochlorite and water mixed according to the required measurement.

“The areas that we sanitise are the toilet, kitchen, bedroom and common areas, ” he said, noting that the PPE worn during disinfection would later be discarded in a bio-hazard plastic bag sealed and sprayed with detergent.

Malaysian Medical Association president Prof Datuk Dr Subramaniam Muniandy said disposable gloves or gloves dedicated for sanitising surfaces should be worn when sanitising.

“The home should also be sufficiently ventilated when sanitising to protect against inhaling harmful chemical vapours from the disinfectant.

“Surfaces should be disinfected after they are cleaned with soap and water, ” he said, noting that disposable gloves or rubber gloves should be worn and discarded properly.

Dr Subramaniam said mobile phones should also be wiped clean and disinfected everyday as it was the most used device often placed on various surfaces.

He said frequently touched surfaces such as door handles, switches, table tops and chairs should be cleaned at least twice a day.

“Staff should get into the habit of washing hands frequently with soap and water or hand sanitiser.

“In smaller companies, staff should clean and disinfect their own workstation, ” he said, adding that face masks should be worn in the office to protect others and surfaces from respiratory droplets.

Dr Malina emphasised that the basic measure in preventing Covid-19 infection was to take care of personal hygiene.

“Any person who has to be at the office, regardless of their Covid-19 status, as it is often unknown, should always avoid touching unnecessary areas, always wash their hands when touching various surfaces and should never allow their nasal droplets or saliva to contaminate the office or public areas.

“If there is a possible contamination, it should be cleaned as soon as possible, ” she added.

Dr Malina said the current measures to prevent the spread of Covid-19 like working from home, reducing the number of employees to 30% and stricter SOP were adequate.

Source link

Saturday, January 23, 2021

Working from home trend spurs demand for bigger houses

12 Essential Work from Home Trends & Predictions for 2021/2022

THE Malaysian property market, despite still navigating the shocks of the Covid-19 pandemic from last year, is expected to perform better in 2021.

PPC International managing director Datuk Siders Sittampalam says while the pandemic “isn’t going to go away” soon, he is optimistic that the property market will find a way to “work around it.”
PPC International managing director Datuk Siders Sittampalam.

“The fear of the pandemic will not end anytime soon. It will take a while for everyone to go back to their normal live. “With that said, people are going to have to work around it. You can’t expect to be placed under cold storage for too long. Life needs to go on and the real estate segment is the same,” he tells StarBizWeek.

While the vaccine will be available soon, he emphasises that things will not go back to pre-pandemic conditions overnight.

“A sustainable model will need to be put in place for the local property market to work through the pandemic. Eventually, everyone will need to find what works best for them to be able to cope in this challenging environment.”Siders says the concept of working from home (WFH), which has become the norm, could change the mindset of housebuyers going forward.

“The WFH concept has fuelled the demand for properties that don’t just serve as homes, but also working spaces. Gone may be the days where a single bedroom apartment was more than sufficient.

“Now, there will likely be demand for larger properties that can double-up as your office.”

TA Securities, in a recent report, shared a similar sentiment.

“Demand for landed property remains resilient as we saw recent launches at (S P Setia Bhd’s) Alam Impian and Setia Alam achieved commendable take-up rates of more than 90%. Meanwhile, S P Setia sees a pent-up demand for larger homes as remote working options gain traction after the movement control order (MCO).

“Similarly, the trend of opting for bigger space is also observed in Singapore, as we saw a surge in buying interest at Daintree Residence, Singapore. This project was only 30% sold after two years of launch. However, the take-up rate shot up to 90% when the sales gallery reopened after circuit breaker was lifted.”

Despite the implementation of a second MCO, Siders is optimistic that any repercussions on the property sector will not be as bad as the first one that was implemented in March last year.

“I think the market will be better than last year. Activity has not come to a full standstill like the first MCO.

“The sudden shock during the first MCO is not reflected in the current one. Generally, the market will be better than last year,” he says.

Meanwhile, Knight Frank Malaysia managing director Sarkunan Subramaniam says the performance of the residential market is very much dependent on how the economy moves forward.

“The anticipated commercial rollout of the Covid-19 vaccine by the first half of this year will certainly boost the hopes for the country’s economic recovery and lift overall consumer sentiment.

“However, the current ongoing political uncertainties amid the worsening Covid-19 have led property buyers as well as developers to rethink their future plans and strategies. The residential market is expected to remain challenging in the first half of 2021,” he says in a recent statement.

Slight recovery

Sarkunan says the residential market showed a slight recovery post the first MCO last year with selected developers reporting improved bookings, supported by the low interest rate environment and pent-up demand.

“The reintroduction of the Home Ownership Campaign (HOC), coupled with several stimulus packages as well as the initiatives tabled under Budget 2021, offered a ray of hope for the sluggish residential market.

“However, the recent spike of Covid-19 cases, which led to the implementation of the second MCO, will likely derail market recovery in the short term.”

The government reintroduced the HOC in June last year under the Short-Term Economic Recovery Plan (Penjana). Under the campaign, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of homes priced between RM300,000 and RM2.5mil.

Meanwhile, the exemption on the instrument of transfer is limited to the first RM1mil of the home price, while full stamp duty exemption is given on loan agreement effective for sales and purchase agreements signed between June 1 to May 31, 2021.

In addition, the government has announced real property gains tax exemption for Malaysians for the disposal of up to three properties between June 1, 2020 and Dec 31, 2021.

The HOC was kicked off in January 2019 to address the overhang problem in the country.

The campaign, which was initially intended for six months, was extended for a full-year.

Better outlook

The HOC proved successful, having generated total sales of RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

Maybank Investment Bank Research (Maybank IB) in a recent report says the local property sector is poised for recovery in 2021, driven by a better economic outlook and historically low interest rate environment, as well as pent-up demand.

“In our view, first half 2021 sales should perform better than the second half,as we expect a spike in sales before the end of the HOC and better political stability during the State of Emergency until Aug 1.”

Maybank IB adds that the imposition of the MCO this year should have a lower damage impact on sales as compared with the first MCO last year.

This is because most developers have acclimated to the “new norm” and accelerated their efforts to market their products via the digital platforms.

“A few developers told us that 50% to 70% of their 2020 sales were derived from the online platforms. Construction works are allowed during the MCO as long as approvals are obtained after registering with the Covid-19 Intelligent Management System and adhering to the standard operating procedure, hence, limiting the impact on first quarter 2021 earnings.”

Source link

Related:

More Malaysians working from home than global average...

Property sector on recovery path

Work From Home (WFH) without pain

Do we still need an office?

Millennials now make up over a third of the workplace and overwhelmingly value flexibility in where, when and how to work. And top talent has been increasingly clustering in dense urban areas and has been unwilling to commute to suburban office parks

RCEP to boost our property market

Better to buy a car or a house first?

Leaving a legacy by buying a house first before a luxury car ...

Saturday, January 9, 2021

Generating sustainable retirement income

Many Malaysian are EPF contributors and have FDs as well. "You will never understand how bad the feeling is when you have to break your fixed deposit to cover your living expenses."

ONE of the top financial concerns of retirees is running out of money.

Whether you were an executive earning a reasonable income, or if you are making top dollars as a businessman, the fear is still valid.

For example, Tommy, who left the working world soon after selling his factory to a European multinational corporation. Tommy shared during one of our meetings that he was golfing every week and globe trotting almost every other month.

However, there was a problem that greatly bothered him. He found that he was dipping into his fixed deposit every now and then just to maintain his interesting lifestyle.

“Yap, you will never understand how bad the feeling is when you have to break your fixed deposit to cover your living expenses, ” he said.Combing through all of his finances, we discovered that Tommy’s lackadaisical attitude was to be blamed. He has not been paying enough attention to invest and generate income from the RM12mil nest egg that he had painstakingly accumulated. His investment portfolio was a mess.

Over the years, he invested in a few properties but never really bothered to oversee them. When tenants left, he didn’t make an effort to secure new tenants. In fact, some properties were even sitting vacant and idle. His excuse? He was too busy running the business.

Yap Ming HuiYap Ming Hui

Tommy has also invested in some shares and unit trusts but he seldom monitors and reviews their performances. Imagine his surprise when he went looking for some extra cash but discovered that most of the investments were not making money. Prior to meeting me, he couldn’t decide whether to sell or to keep those underperforming investments.

Consequently, the bulk of Tommy’s wealth is in fixed deposit. The trouble is the interest income from fixed deposit barely covers the impact of inflation. As such, if Tommy continues to spend on his interest income, he will risk having the principal depleted.

Asset rich, income poor

Tommy’s problem is a typical case of “Asset Rich, Income Poor.” His situation is definitely not unique. In fact, I find most self-made millionaires or business owners, typically strong at creating wealth from their business or professional career, but poor at generating income and gain from the created wealth.

For one, all the time spent ensuring their businesses succeed also takes them away from making sure that the wealth created is optimised.Let’s examine Tommy’s assets and see how it measures up (see chart).

The RM6mil in fixed deposit generate approximately 2% interest income. However, notice that the 2% of interest is not sufficient to offset the 4% inflation provision. As a result, there is negative net income coming from Tommy’s fixed deposit asset.

Tommy’s properties are worth RM3mil and only generates RM50,000 in rental income per annum. Nevertheless, this can be considered a net income because inflation will be hedged by capital appreciation (at least 4% per annum) of the properties.

The RM1mil in shares gives a total return of 5%. Factoring 4% inflation, the actual income received from share investment is RM10,000.

Unfortunately, the RM2mil unit trust investments didn’t offer any returns. After inflation provision, his unit trust investment has a net income of RM80,000.

The reality is if nothing is done now, Tommy’s wealth will continue to shrink by RM140,000 a year once inflation is factored to the equation. How does this play out for Tommy? The fact that he needs RM360,000 a year to maintain his current lifestyle will not augur well for him.

So, how can you prevent from ending up in Tommy’s situation?

The optimisation measures

> Remember to review the performance of each of your investment asset classes. In order to generate more income and gains, be proactive in getting rid of poor quality and poor performing investments. Look at each investment and ask yourself, should you keep it or should you sell?

> Consider moving fixed deposit into higher return investment.

Any gains from your fixed deposit would probably be eroded by inflation, especially given the current low interest, which will probably persist for quite some time. After calculating and providing for your emergency fund cash reserves, the balance of your fixed deposit should be invested into other investments that can generate higher return and income to hedge against inflation.

> Diversify the source of retirement income

Even if one investment asset can give you a good income and hedge against inflation, it does not mean that you must bet all or the majority of your wealth in it. For example, property investing. Some investors have found success in it. They were able to generate good capital appreciation and rental income.

As a result, they put a majority, if not all, of their wealth into properties. It may sound logical at first but rental income is not sustainable in the long run. It is subjected to changes, some of which cannot be controlled. Therefore, the best practice is still to diversify your retirement income across different asset classes, like share dividends and capital gains, unit trust gains, bond investment gains, retirement income products and others, so that it is not badly affected by any one impact.

The ability to grow your wealth during retirement years is important. Just because you have stopped working, it does not mean your money should stop working too. The idea behind wealth optimisation is to ensure that you can upkeep your retirement lifestyle and protect your wealth from inflation.

Ideally, one should get a plan done a few years prior to retirement to see how your retirement income would play out. After all, you wouldn’t want to have any unpleasant surprise, like in Tommy’s case. When you have time on your side, you can improve your investing skills and adjust your retirement plan accordingly while still in your active income earning years.

Yap Ming Hui is a licensed financial planner. The views expressed here are the author’s. Any reliance you place on the information https://www.thestar.com.my/business/business-news/2021/01/09/generating-sustainable-retirement-incomeshared is therefore strictly at your own risk.

Source link

Related posts:

Promoting women entrepreneurs; mind your finances

Be the bull in a bear market – stop procrastination

Money lost under the shadow banking: loan sharks Ah Long

Do you earn enough to sustain your lifestyle?

Restructuring our household debt

Leaving a legacy by buying a house first before a luxury car ...

Tuesday, September 15, 2020

All steady on the home front in Penang residential properties

Sales done: According to Knight Frank Malaysia, there are pockets of success by some developers reporting bookings and sales for their affordable homes during the movement control order period despite the fact that physical viewings were disallowed.

DEMAND for residential properties in Penang is expected to remain steady during the second half of 2020, especially if the homes are from renowned developers with good quality products.

Knight Frank Malaysia executive director Mark Saw says there are pockets of success by some developers reporting bookings and sales for their affordable homes during the movement control order (MCO) period (from March 18 to May 3), despite the fact that physical viewings were disallowed.

“In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver.

“These factors will play a critical role in determining the success of developments. It has become a buyer’s market and many deals are being offered by developers to attract first-time buyers as opposed to investors who have been temporarily sidelined, ” he tells StarBizWeek.

Due to the Covid-19 pandemic, Saw says buyers’ preferences and timings may change, with decisions being put on hold due to job security, ample choices and rentals being more competitive.

CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).

CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).

“As housing is a necessity and with the bank loan moratorium, the residential property sector has been cushioned from the worst impact.

“Hence, the residential market is expected to remain resilient for the second half of 2020. Significant growth is not expected yet as the issue of property overhang, lack of spending confidence by consumers and stringent lending policies by banks are expected to still linger for the remainder of the year.”

Additionally, both Saw and Peh agree that the reintroduction of the Home Ownership Campaign (HOC) was a much-needed boost to the local property market. The government reintroduced the HOC in June under the Short-Term Economic Recovery Plan (Penjana).

Mark Saw: In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver.

Peh says the HOC is expected to continue to spur the buying momentum for residential properties in Penang over the short term.

“Developers are experiencing a pick-up in bookings by buyers compared with the first half of 2020, which was mainly affected by the MCO.

“However, the encouraging bookings have yet to be fully translated into good actual sales, due largely to stringent lending policies by the bank and the challenges and uncertainty in the economy and job market.”

Saw also believes the HOC will be a short-term reprieve for the local property market.

“The HOC initiatives will only be a temporary measure. For the long term, developers should carry out proper feasibility studies to determine the marketability of their products before commencing developments and ending up with unsold units.”

According to Saw, the volume of residential transactions in Penang decreased 19.7% to 2,748 units in the first quarter of 2020 compared with 3,422 units in the fourth quarter of 2019.

“The value of transactions in the residential sub-sector during the first quarter (RM1.06bil) indicated a drop of 17.2% compared with RM1.28bil in the fourth quarter of last year, ” he says.

Under the HOC, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of houses priced between RM300,000 and RM2.5mil.

Meanwhile, the exemption on the instrument of transfer under the HOC is limited to the first RM1mil of the home price, while full stamp-duty exemption is given on loan agreement effective for sales and purchase agreements signed between June 1 and May 31,2021.

The government has also announced real property gains tax (RGPT) exemption for Malaysians for the disposal of up to three properties between June 1,2020 and Dec 31,2021.

The HOC was kicked off in last January to address the overhang problem in the country. The campaign, which was initially intended for six months, was extended for a year.

It proved successful, generating total sales of RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

Meanwhile, Knight Frank in its Real Estate Highlights Research for the first half of 2020 says that amid the current global recession, Invest Penang has revised downwards its foreign direct investment (FDI) target for 2020 to RM5mil.

“This will be supported by the shift towards Industry 4.0 and the various tax incentives and reinvestment allowances as announced under Penjana that seeks to promote Malaysia as a choice destination for FDIs.”

To clear RM2.6bil worth of 3,043 overhang units in the state, Knight Frank says the Penang local government, housing, town and country planning committee has announced that the state will reduce the minimum price threshold for foreign property ownership by up to 40% starting from June 11,2020.

“Ceiling prices for stratified properties on the island will be reduced by up to 20% from RM1mil to RM800,000 and on the mainland, from RM500,000 to RM400,000.”

In the high-end condominium segment, Knight Frank says IJM Perennial has put on hold the development of The Light City.

“Prior to the Covid-19 pandemic, the group had indicated that it would resume development in August 2020. To be developed over a period of more than four years, Phase 1 will feature a mall with 680,000 sq ft net lettable area, the Penang Waterfront Convention Centre, a four-star hotel with 500 rooms, offices and the ‘Mezzo’ residential condominiums.

“Meanwhile, for Phase 2, there are plans for a 300,000-sq-ft mall, a five-star hotel with 250 rooms, offices, the ‘Essence’ residential condominiums and possibly an experiential theme park. It is worth noting that the commencement of Phase 2 will be determined by the sales of the Mezzo condominiums and the occupancy of the mall.”

As for the office sub-sector in Penang, Knight Frank says the average occupancy rate for four prime buildings monitored in George Town remained stable at 89%.

“According to the latest National Property Information Centre report, the average occupancy rate in the state continued to hold steady at 81.4% in the first quarter of 2020 (compared with 81.3% in the fourth quarter of 2019).”

Source link

Related posts: