Developers bullish on Penang property sector

GEORGE TOWN: Property value in Penang is expected to appreciate as the Penang Transportation Master Plan can now be executed with ease to benefit the sector.

Real Estate and Housing Developers’ Association (Rehda, Penang) chairman Datuk Toh Chin Leong said as Pakatan Harapan now helmed the government in Putrajaya, the state government could collaborate with the federal government to fund infrastructure projects such as the expansion of the airport and the light rail transit (LRT).

“The state government can now also explore building a bridge, which is a cheaper alternative, as a third link instead of an undersea tunnel.

“There won’t be a need to swap land for infrastructure projects in the future. And the improvement in infrastructure will see the value of Penang properties appreciating,” Toh said.

Toh said Rehda also hoped that the new federal government could come out with a comprehensive plan to subsidise the cost of building affordable houses in the country.

“This will help reduce the construction costs of private developers so that units can be priced competitively,” Toh said.

He added that the Government should consider bringing back the developers’ interest bearing scheme to help first-time house buyers own a house.

“The Government should also get Bank Negara to relax the conditions for loans for first-time house buyers,” Toh said.

Penang Master Builders and Building Materials Dealers Association adviser Datuk Lim Kai Seng hoped the Government would expedite the implementation of the Pan-Borneo Highway in Sabah.

“Although the project has been approved, the rollout of the construction packages is slow. Until today, the construction industry has yet to benefit from the project,” Lim said.

“We also hope the Government will expedite the LRT project for Penang to stimulate the construction industry.”