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Penang Affordability. You Choose, We Ballot.

It was an event where the ‘winners’ were happy. Of course, in any event, if you are a winner you would be happy right? Well it was a balloting event at one affordable homes project in Penang. Project Name: Ramah Pavillion. The developer is M Summit Group. Total units available would be 759. (Considered high-density in Penang but in Greater KL I would think anything above 1,000 units would be considered high density) Location is Teluk Kumbar, Penang and there are 6 types of units available. Size is quite generous, up to 1,350sf which is what I would consider a good size for a family of up to 5. For prices vs sizes, please refer: ramah
Six ‘winners’ were picked and announced. I am not sure why only 6 when there are 759 units available but perhaps this is because the event was only a start and if balloting was done for all 759 units, it may take a very long time? We shall have to wait for more info but you can see the happiness from the smiles. State Exco for Housing and Town & Country Planning, YB Jagdeep Singh Deo officiated the event and said that Penang state is being very transparent with all their affordable homes project. In fact he mentioned that the applicants can even specify the actual project that they want. Of course, after you have chosen and the unit is allocated, you cannot say I want to change unit. 🙂
IMG-20150131-WA0012The developer, M Summit said that they are happy to contribute to the state’s efforts on affordable homes and that the profit margin for these projects are low. In fact he said Teluk Kumbar is a great location because a new highway is coming up and should be completed next year. This is an upcoming location and the prices for these units are expected to easily go up 60%. It meant that the current RM398k units may go up to RM640k. RM640k for a 1,350sf unit is indeed a very equitable price. In fact these new affordable units are expected to stabilise the market so that prices do not move up so fast.
I think Penangites who qualify should quickly register without delay. The prices vs sizes stated plus the location is in island meant that this project would be pretty popular when compared to the affordable ones based in Batu Kawan in the future. Oh yeah, Ramah Pavilion will be completed in 2018 which is just 3 years away. Happy registering and wishing you luck in the balloting.
written on 31 Jan 2015
Next suggested article: Buying Penang properties? Affordability means RM600 – RM700psf.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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