LAND scarcity in prime areas on the island has been the main reason for the gradual price rise in Penang's property market. This, along with a hike in building material prices and labour costs, has contributed to this upward trend said Hunza Properties Bhd (HPB) executive chairman Datuk Khor Teng Tong. “Going forward, the shortfall in supply of properties cannot be addressed and overcome in the short-term.” Read here and here

The Edge Malaysia in its article entitled “Property hotspots in Penang” (July 19-25, 2010) details Penang’s hottest growth spots. It lists Batu Maung, Sungai Ara-Relau, Teluk Kumbar-Bayan Lepas, Simpang Ampat and Bukit Tambun as the main areas that have commanded attention. Read here for more.

Nevertheless, Marina Emmanuel in her Business Times article “Can Penang ride its property boom wave?” (23.08.10) observes that the state government has a bigger responsibility in ensuring accountability in this groundswell.

“This is inevitable as all eyes will be trained on the island state, where major reclamation projects by the private sector are due to pick up speed... As the state government looks at unlocking the value of land that it owns in areas like Bayan Mutiara in the southwestern corner of the island, the manner in which it handles the needs of other property players who are also engaged in land-reclamation developments will be scrutinised over the next two to three years.

“In the face of the state government's move to ask for proposals to develop landmark projects in Penang, it is interesting to watch how the authorities are going to manage this exercise in a competent, accountable and transparent manner. The success of Penang's bid in wooing new investors to the state will hinge on how its government handles the needs of existing investors who are in mega property-related projects.” Read here

Other news

• State calling for feedback on heritage zone plan: The Penang Government is inviting feedback from the public on a Special Area Plan (SAP) of the George Town Unesco World Heritage Site to guide and control development within the area. Read here
• Initial probe shows no "name replacement": Initial investigations by the State Religious Affairs Department (JHEAIPP) showed that there were no instances of the Yang diPertuan Agong's name being replaced with the Penang Chief Minister's during Friday sermon but that there were prayers for the chief minister. Read here
• New green lung in Penang: The Penang state government will soon gazette a 4.08ha site in Bukit Mertajam which is popularly known as Bukit DO as a new recreational park. Read here
• Second Penang bridge on course: The sound of piling work on the new Penang bridge can be music to the ears, given its promise of smoother traffic. With the Raya exodus poised to begin over the next few days, those headed for Penang are wont to sigh at the thought of traffic snarls in and around the island. Read here
• Heritage man as consultant for hill park project: Penang has enlisted the help of environmental and heritage architect Jimmy Lim to be a consultant on a pro bono basis for a new recreation park the state wants to gazette at a hill in Bukit Mertajam here. Read here
• Directive on federal funding necessary: Penang Barisan Nasional (BN) leaders have described a directive from the Prime Minister’s Department for the state’s municipal councils to refer their applications for federal funding to BN-appointed "constituency coordinators" first as necessary. Read here

For more news on Penang August 23 to 29, 2010 , please click here

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