My ex-manager has been extremely active in our group Whatsapp group these two weeks. He has continued to share positive news about a new Malaysia. He was one of the most negative about the state of Malaysia before the GE14. He is now the most positive too. In fact his most recent sharing was a mural of our 7th Prime Minister Tun Dr. Mahathir in Cheras. (featured image above) He told all of us in the group that the mural is nearby his home and that he welcomes all of us to his home too if we happen to be dropping by to take a photo with the mural. I think he is not the only one. These days, on a daily basis, everyone continues to share good things about the government. Well, let’s always ensure we provide a good check and balance to our government because they were elected by us to work for a better Malaysia. The next sharing is from Ken Lim, the founder of Penang’s most popular property site. As he is someone with lots of information about the Penang property market, his views are relevant to people who are looking to invest into Penang. Happy reading yeah.
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On the night of 9 May 2018, a new Malaysia was born. Automatically, one very critical thought transpired in my mind. The property market in Penang will most likely have its reformation and almost guaranteed to have a facelift.
For almost a decade, Penang has been aiming high, with many creative and innovative plans focusing to upgrade various sectors and its infrastructure to the next level. However, many plans hit roadblocks and some developments struggled to move on. Many ideas were either on hold or took longer time to proceed.
Instead of a dark, vague and a future that’s full of uncertainties, the future of Penang has suddenly transformed, turned so bright that we can now see “a light at the end of the tunnel”. Penang had always been independent working on developments with minimum support from federal government. Yet, Penang is able to prosper and is named as one of the richest states in Malaysia. What more, now with the new Malaysia, equitable support is expected from federal government!
Penang Transport Master Plan, which comprises LRT, undersea tunnel and highways were some of the state development projects which Penangites have doubts with. We often wonder if these plans will ever materialize as there were just one roadblock arising after another. May 9th marked the day where Penang will have a new chapter in urbanization and it will only promise a better future in the Penang property market.
Getting approval for advertising permits and developer licenses (APDL) from federal government has always been one area that slows down the property development in Penang. Some affordable housing projects in Penang were affected. Moving forward, the APDL approval process for projects in Penang is expected to improve and the biggest benefit will route to the developers and home buyers as the transaction can be sealed within reasonable timeframe.
Affordable housing to remain as one of the key focus in Penang. Now with assistance from Federal Government, coupled with several improvement plan in the pipeline that involves construction process, financing, simplifying administrative processes, incentives, and introducing rent-to-own schemes. The aim is to keep homes within the reach of the majority of first time home buyers, making home ownership easier and more affordable for Penangites.
With new Malaysia, property in Penang is guaranteed for a better and brighter future. Penang will now open a new chapter! New Penang is coming soon! Thank you to the new Malaysia!
– Ken Lim
This article was originally published here. Hope everyone has absorbed his positive thoughts too yeah. I think it is clear by now, a positive sentiment is the best power a country could have. Sometimes, it is not just about being rated under the ‘investment’ grade because if the sentiment is negative, the domestic consumption remains low. Oh yeah, there’s even a tax holiday since GST will be zero-rated by 1st of June 2018 while the SST will only be in place 2-3 months later. Buy, Buy and Buy? 🙂
next suggested article: 2019 is the year when home prices strengthen. KL and Penang ‘best buy’