Second Penang bridge expected to open in February

The second Penang bridge, which is now 99.9% completed, is expected to be opened to the public in February, said Works Minister Datuk Fadillah Yusof.

“Only the construction of two toll plazas in Batu Kawan – one at the Bandar Cassia interchange and the other at the interchange connecting to the North-South Expressway (NSE) – is yet to be completed.

“Upon completion, the 28-booth toll plaza in Bandar Cassia will be the largest in the country,” he told a press conference at the China Harbour Engineering Co Ltd (M) Sdn Bhd office in Batu Maung here.

Currently, the Sungai Besi toll plaza is the largest one in the country with over 18 lanes.

The Bandar Cassia toll plaza (PB2X Toll Plaza) will be managed by Jambatan Kedua Sdn Bhd. NSE operator PLUS Expressway Bhd will operate the other one (PLUS Toll Plaza).

“The PB2X Toll Plaza is meant for motorists who are not using the NSE, especially the locals who want to commute to the island from the Batu Kawan area. After the construction is done, we have to integrate the system with other highways such as the NSE,” Fadillah said.

He added that the bridge would be opened to the public only after it met requirements set by the Malaysian Highway Authority.

On talk that toll rates would be increased next year, he said they were subject to review every three to five years and added that the toll rates for the bridge were still at the negotiation stage.

“We have a total of 29 tolled highways in the country and the concession agreements vary.

“For example, the NSE is due to be reviewed in 2016,” he said, adding that a few highway tolls would be reviewed next year and the incremental rate would depend on the Federal Government, which would take into account its financial position and the people’s economic situation.

The second Penang bridge, spanning 24km with 16.9km over the sea, is expected to ease at least 25% of traffic congestion on Penang Bridge.

Source: StarProperty.my

New rules may burden Penang homeowners looking to sell

GEORGE TOWN: Owners of affordable and low-cost homes in Penang will find it tougher to sell their properties as the state government plans to enforce strict rules to curb property speculation.

From Feb 1 next year, owners of affordable homes (bought for below RM400,000 on the island and RM250,000 on the mainland) would be barred from reselling their properties in the first five years of ownership.

Meanwhile, owners of public housing (low and low-medium cost units) bought for RM72,500 or less cannot sell their units for 10 years.

Chief Minister Lim Guan Eng said affordable and public housing owners who wished to sell their units during the moratorium would have to appeal to the state government, and if given the green light, could only sell to qualified “listed buyers” who were registered with the state housing department.

Lim said in a statement that the new rulings would cover past and future purchases.

The new regulations also stipulate that foreigners can only buy property valued at RM1mil or more, and the threshold is increased to RM2mil if it is a landed property on the island.

A three per cent levy would be imposed on properties bought by foreigners, but an exemption would be made if the property is for industrial use, or “promotes employment, education and human talent”, said Lim.

“A two per cent levy will be imposed on the seller, for all properties sold within three years from the date of the Sales & Purchase Agree­ment signed from Feb 1, 2014. Property bought with the SPA signed before Feb 1, 2014, will not be subject to this levy.

“This two per cent levy is not app­licable to affordable housing,” he said.

He said the new housing rules were announced during the tabling of the 2014 state budget at the state assembly sitting but was refined for clarity and certainty during the last Penang state exco meeting.

Meanwhile, Penang Real Estate Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the new rules would limit the pool of property buyers as owners could only sell their units to “qualified buyers” registered with the state housing department.

He said the state government should clarify if this new restriction applied to private property as the change was too drastic.

“It is also not right to impose the new rule on past purchases as these restrictions were not there when purchasers bought the property at that time.

“The new rule will have an impact on the selling price of the property because of the reduced number of purchasers. Changes will have to be undertaken progressively to see the impact,” he said.

Source:  StarProperty.my