theSun Property September 2015

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ON FRIDAY SEPTEMBER 18, 2015
JOINT development project by the AspenGroup
and Ikano Retail Asia offers mixed development
AspenVision City. Spanning across 245 acres of
freehold land right in the centre of Batu Kawan,
this project is poised to become the next integrated
Central Business District of Penang, a thriving
metropolis that will boost growth in the northern
region even further.
Comprising amodernmix of residential and
commercial properties, AspenVision Citywill
offer a state-of-the-art regional shopping centre
whichwill include the very first Ikea in
Malaysia’s northern region. Another highlight
of the development will be a 25-acre Central
Island Park, not tomention the satellite city
supported by comprehensive infrastructure,
meticulously planned development
components, a strategic location and excellent
accessibility. Added AspenGroup CEODatuk
M. Murly (third from right): “Columbia Asia
Medical Centre will also be included …We
believe that all these andmore will be able to
create newvitality and vivacity, besides
spurting new commercial activities in this part
of the country.”
At the ground breaking ceremony for Aspen
Vision City, Penang chief minister LimGuan Eng (in
blue shirt) mentioned that this project development is
envisioned as ametropolis, considering the state
plans to amalgamate Batu Kawan and neighbouring
areas to become one established satellite city. Phase 1
is targeted for completion in 2018. For more, visit
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sq ft whereas we aremade to
understand that recent launches
in the Golden Triangle area in KL
would average RM1,600 to RM1,800
per sq ft.”
Generally, there are no
restrictions to purchasing land held
under the “Country Lease”.
However, land held under “Native
Title (NT) are restricted to the
natives of Sabah only. NT land can
however, be sub-leased
to non-natives but for a period not
exceeding 30 years,” informs
Chung.
IT’S ALL ABOUT PERSPECTIVE
“Stringent financial borrowing
guidelines and other measures
taken by the government via its
financial institutions have also
eased speculative purchases. On the
positive side, these cooling
measures have resulted inmarket
corrections in some sectors,
preventing what could otherwise be
a runaway situation in terms of
market pricing and overhang,”
informs Ting.
In general, investment type
property in Sabah and Sarawak are
said to be comparatively new as
most properties are owner
occupied rather than purchased for
investment purposes. However,
times are changing says Ting.
“Good location, established areas
and areas with potential are still
worth investing.”
Chung, however, gives Sabah the
nod. “In terms of investment, where
long-termcapital gains and rent
returns are concerned, albeit
presently hardening yields with the
relatively steep rise in property
values over the past years.
However, most of the investment
interest would be focused in KK,
which is the administrative,
education, business and services
hub and themain gateway to Sabah
where themajority of the
population is centred. It is the focal
point for tourism, attracting people
for education, business and
employment opportunities, which
will drive demand for properties.”
His take on the Sabah outlook in
general: “For the near term… it
would be rather subdued given
present market conditions.”
As at the end of last year, the All
House Price Index for Sabah stood
at 295.6 points (up from 293.3 during
the same period the year before),
with residential and commercial
sub-sectors experiencing growth in
terms of value of 6.7% and 5.8%
respectively.
Reports claim that many projects
due for launch this year are put on
hold (eg. Tuaran’s shoppingmall) as
developers “watch andwait out” the
unsure development situation in the
country.
Nevertheless, ask property gurus
likeMilan Doshi and TanHwa
Chuan along withmany others who
will agree that the best time to buy
property is when others fear to do
so … “provided the location is good,
you can secure good financing and
you have negotiated yourself a
good deal!”