<![CDATA[Henry Butcher Penang]]> <![CDATA[Govt has no plans to control property prices]]>

KUALA LUMPUR: The government has no plan to introduce specific laws to control house and property prices in the country, the Dewan Negara was told yesterday.

Deputy Housing and Local Government Minister Datuk Seri Lajim Ukin said house prices were determined by market forces and this was in line with Malaysia's free economy.

"Although there is no specific act to control the rise in house prices, the government can still implement various control mechanisms to ensure that the increase is reasonable and will not affect the people as a whole," he said.

When answering a question from Senator V. Subramaniam on the matter, Lajim also said that at the moment, it was unnecessary to have a special committee to determine house and shophouse prices.

To ensure that the people were not burdened by the rise of house prices as a result of speculation, the government would continue monitoring the situation and, if necessary, impose additional fiscal measures.

Lajim said mechanisms implemented thus far to control property prices included raising real property gains tax from five to 10 per cent for properties disposed of in less than two years and maintaining a five per cent rate for properties disposed of in a period of between three and five years.

"This tax increase is a move by the government to control the rise in house prices through pressure from speculation," he said.

He also said that the ratio of financing for the purchase of a third house has also been fixed at 70 per cent by Bank Negara to reduce the financial capability of individuals engaged in speculation.

Lajim said the government had also taken steps to ease the difficulty low-income people, especially in urban areas, faced in owning a house.

These included the construction of houses under the People's Housing Programme (PPR), with 85 PPR projects involving 54,215 units built until Dec 31, 2011.

"In addition, the ministry will also build 38,950 more units of PPR during the 10th Malaysia Plan period," he said.

-- BERNAMA 

Apr 27, 2012

 

 

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<![CDATA[Penang to raise price of foreign purchases of landed properties]]> GEORGE TOWN: Penang has proposed to raise the minimum price for foreign purchases of landed properties from the current RM500,000 to RM1mil for those on the mainland and RM2mil on the island.

The existing limit of RM500,000 for permanent residents would be retained, said Chief Minister Lim Guan Eng.

He said the proposal was the first step to protect the interests of Malaysians.

“We hope to implement the proposal by June or latest by July.

“Therefore, we would like to get feedback from non-governmental organisations, property developers, foreigners and the public,” he told reporters here Thursday.

 

Source : The Star Online

Published: Thursday April 19, 2012 MYT 1:16:00 PM

 

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<![CDATA[E&O buys UK property]]> PETALING JAYA: Lifestyle property developer Eastern & Oriental Bhd (E&O) has agreed to acquire its first major overseas property, a prime freehold office-cum-retail building in central London, for £20.25mil or about RM100.91mil.

 

The property, Princes House, commands a prime position on the west side of Kingsway in the heart of London’s Midtown.

 

“A prominent neo-classical building called Princes House along Kingsway, the property will continue to be let for office use but offers E&O the opportunity in the future to harness its redevelopment potential, subject to planning permission,” said E&O managing director Datuk Terry Tham Ka Hon.

 

“This may include E&O branded serviced suites or residential apartments which would find a ready rental and sale market, given its proximity to the University of London, London School of Economics as well as the Inns of Court where student accommodation and legal offices are always in demand,” he added.

 

It is close to London landmarks like Covent Garden, the Royal Opera House, famous hotels and theatres such as The Waldorf, The Savoy, the Theatre Royal and the Lyceum Theatre. Princes House is also located close to the historic Inns of Court, the Royal Court of Justice and the Old Bailey.

 

Other notable establishments in the vicinity include the London School of Economics, corporate offices of Goldman Sachs, British American Tobacco, Deloitte and BBC.

 

Princes House enjoys excellent accessibility via two principal road connections being the High Holborn at the north and Strand from the south, which makes two principal road connections between the city and the west end.

 

Additionally, it is within nine minutes’ walk from six major underground lines – the Central, Piccadilly, Circle, District, Northern and Bakerloo lines. The upcoming Crossrail link through Tottenham Court Road station is expected to further enhance the quality of accessibility to the area.

 

Constructed in the early 1920s, the Princes House is a mixed-use building comprising about 46,087 sq ft of office and retail space.

 

A section of the property is already rented out to a well-known retail brand and is immediately generating rental income.

 

The purchase will be funded by internal funds and bank borrowings.

 

Source : The Star Property Online

Apr 24, 2012

 

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<![CDATA[Penang most liveable city in M’sia]]> GEORGE TOWN: Penang has, for the first time, beaten Kuala Lumpur for two consecutive years as the country’s most liveable city, Penang Chief Minister Lim Guan Eng said.

 

Quoting the annual ECA International Location Ratings research, Lim said Penang had maintained its position as Asia’s eighth most liveable city, while Kuala Lumpur had dropped from ninth to the 10th spot.

 

“We should feel proud — for the first time in history, we are number one in Malaysia for two years running.

 

“It’s not a fluke, it’s a fact,” Lim told a press conference in Komtar.

 

He said listed criteria for the ranking included quality of living, climate, health services, isolation, social network and leisure facilities, infrastructure and political tensions.

 

According to the survey, Singapore maintained its grip on the top spot and also retained its global ranking as the number one most liveable city in the world.

 

Kobe, Japan stayed at the second spot of Asia’s most liveable cities, followed by Hong Kong, Tokyo and Yokohama (tied at fourth), Taipei and Macau.

Seoul, that was ranked as Asia’s 10th most liveable city in 2011, edged Kuala Lumpur to tie with George Town in this year’s ranking.

 

ECA International, which carries out the location rating annually, is an international consulting firm that specialises in providing and developing solutions for the management and assignment of employees around the world.

 

Lim said Penang’s ranking as the nation’s most liveable city showed that protests against the state government that had taken place since the last general election were done by only a “small group of troublemakers.”

 

Source : The Star Property Online

Apr 24, 2012

 

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<![CDATA[Inaugural Tai Shang Lao Jun international float procession a resounding success]]> THE inaugural Tai Shang Lao Jun World Taoist Float Procession took on a rousing note at the culmination of a four-day celebration in conjunction with the 115th Anniversary of the Lean Wah Thong Temple in Air Itam, Penang.


Chingay, lion dance and dragon dance troupes led the entourage of a whopping 105 floats, measuring about 4.5km in a straight line, on an 11.8km spiritual journey.


Locals and tourists braved the blazing weather, packing road shoulders and junctions to view the floats that were emblazoned with various motives such as dragons, ships and lotus to name a few.

When night fell, the beautifully lit floats turned the streets into a bedazzling sea of lights, putting the spectators in awe for the eye candy.

http://thestar.com.my/archives/2012/3/6/north/float1.jpgFirst time outing: Some of the 105 floats making their way through George Town during the 1st Tai Shang Lao Jun International Taoist Float Procession

 

 

 

Mesmerised by it all were friends Tan Bee Kheng and Teoh Chwee Wah, both 80, who even brought their own chairs so that they could catch the procession in comfort.

Bee Kheng, who found out about the procession through the newspapers, took a flight down to Penang from her hometown in Langkawi just to witness it.

"We're happy to be here," said Teoh when met at Jalan Macalister, adding that the duo rarely missed grand religious processions.

Both were seen clasping their hands and whispering prayers each time a float passed by.

 

http://thestar.com.my/archives/2012/3/6/north/float.jpgFirst time outing: Devotees carrying a sacred deity during the procession

The procession on Sunday kicked off from the Han Chiang High School at 5.25pm, and passed through Jalan Scotland, Jalan Utama, Jalan Macalister, Lebuhraya Peel, Jalan Pangkor, Jalan Sultan Ahmad Shah, Lebuh Farquhar, Jalan Mesjid Kapitan Keling, Lebuh Kampung Kolam, Jalan Magazine and Jalan Datuk Keramat before returning to where it started.

It paused in front of the E&O Hotel and again in front of the Goddess of Mercy Temple where the troupes strutted their stuff, drawing much cheers and applause from thousands of spectators.

Shutterbugs were aplenty, as many were spotted along the streets and overhead bridges, vying for the best shots as cash prizes totalling RM3,600 awaited them.

British tourists Bridgette Bowyer and her husband Steve Davies said they had never seen such a colourful parade.

http://thestar.com.my/archives/2012/3/6/north/float2.jpgFirst time outing: Mascots adding colour to the affair

"We have Chinese New Year parades back home but it is not as colourful and merry as this," said Bowyer, 53.

She added that they knew about the procession through the flags and banners hung across the roads near the hotel they were staying in: "We decided to check it out, as the procession was passing near our hotel."

Perched on his father's shoulder, three-year-old Alvin Tan Ming Yeng had one of the best views of the procession.

"This is the first time I am bringing my son out to witness such a grand procession," said the boy's father Tan Cheng Seng, 45.

"He was very excited when he saw the colourful floats passing by and could not stop pointing at the dragon figures."

Dennis Uulings, 25, from the Netherlands, said the procession was a great ending to his holiday with his girlfriend Lotte de Moor, 25, in Penang.

The couple was lucky to stumble upon the procession on their last night on the island, and they pulled over immediately after spotting a large crowd of people in front of the Goddess of Mercy temple.

The floats were from various Taoist associations, temples and shrines from Penang and other states in Malaysia as well as those from Taiwan, Macau, Hong Kong, Singapore, China and Thailand.

http://thestar.com.my/archives/2012/3/6/north/float3.jpgGrand affair: Devotees, spectators and tourists packing the streets to watch the procession in George Town

Drawing much stares from the public was a float which was spearheaded by polystyrene statues of a giant tortoise and a snake, and much to the amusement of the curious onlookers, there was also a python placed in a cage on the float.

Teh Ah Kooi, 36, of the Zhen Wu Kong temple in Relau, said it took them around two months to decorate the float.

"While we were decorating the float at the temple, this snake showed up. We believe that Zhen Wu, the protector God of the north, sent this snake to check on our preparations and make sure that our work was not shoddy," said Teh.

Another crowd puller was the Penang Goldsmith Association's float whereby a statue of the God of Prosperity rested at the rear of the float, flanked by enormous golden coins and ingots in a mountain-like arrangement.

Association members also tossed chocolates wrapped as golden coins to the spectators.

 


The four-day event began on Thursday when the Tai Shang Lao Jun statue was brought down from the Lean Wah Thong Temple and placed on the main float, followed by prayers and chanting on the second day and a forum on the third day where international speakers shared their views on Taoism.

Tai Shang Lao Jun, also known as the Grand Supreme Elderly Lord, is seen as the founder of Taoism.

He is one of the three highest gods in the Taoist pantheon and is believed to have reincarnated as Lao Zi, the ancient philosopher who wrote Tao Te Ching.

Businessman Goh Choon Lye was the event's main sponsor, contributing RM1mil to ensure the success of the celebration.

The procession was launched by Chief Minister Lim Guan Eng. Also present were state Local Government and Traffic Management Committee chairman Chow Kon Yeow, Tourism Development and Culture Committee chairman Danny Law Heng Kiang and Air Itam assemblyman Wong Hon Wai.

 

Source : The Star Online, Tuesday March 6, 2012
By ROYCE TAN
Photos by CHIN CHENG YEANG and LIM BENG TATT

 

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<![CDATA[New York Times shows readers how to take in Pearl of the Orient in 36 hours]]>
PENANG was named as one of the Top 10 Islands to Visit Before You Die by Yahoo! Travels last year. But with so many things to see and experience here, how best to take it all in?

The New York Times, a renowned newspaper and online news portal, has come up with a practical itinerary, "36 Hours in Penang", which captures the essence and charms of the Pearl of the Orient in a well-plotted two-night stay.

Featured in their weekly travel column 36 Hours, the itinerary makes a great guide for those intending to take in all the island's attractions in a limited time frame, said State Tourism Development and Culture Committee chairman Danny Law Heng Kiang.
 

It includes sights like Penang Hill, Esplanade, Fort Cornwallis, Penang State Museum, Armenian Street and Taman Negara Pulau Pinang, along with recommendations for local delicacies.

"It captures our three best features - culture, food and nature. Penang is more than a destination. It's something special, with a unique living heritage that dates back several hundred years.

http://thestar.com.my/archives/2012/3/6/north/law.jpgOn the map: Law showing a printed version of the New York Times feature on Penang (left) and statistics of tourists arrivals

"We have the most temples of any city in the world, and we're one of only two places where Chingay is still widely performed. On top of that, our food is world-renowned," Law enthused.

Among other accolades, he also pointed out that the Cheong Fatt Tze Mansion was listed as one of the greatest of its kind, while George Town as a whole,
was listed among the top 16 best cities to live and work in Asia.

"The annual George Town Festival has been a hit with foreign visitors. We've also received much interest for the upcoming Penang World Music Festival 2012," he added.

On a related matter, Law also showed figures noting an increase in the number of tourist arrivals from Indonesia, Singapore, China, Japan, America, Taiwan, Australia, Thailand and the United Kingdom in 2011 compared to the year before.

China saw the biggest rise, with an increase of 48.5%, followed by Japan at 28% and Indonesia at 24.03%.

To read the New York Times feature on Penang, visit http://travel.nytimes.com/2012/02/12/travel/36-hours-penang-malaysia.html?ref=travel.
 
Source : The Star Online, Tuesday March 6, 2012
By JEREMY TAN

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<![CDATA[The fear factor in property purchases The fear factor in property purchases]]> PETALING JAYA: Property developers and consultants from Penang to Johor are generally bullish about the residential property market and do not think there is a bubble.

They are of the view that there are two types of buyers, one who is buying out of need and the other out of fear that prices would go up further. The speculative element which was evident a few years ago has dissipated.

Real Estate and Housing Developers' Association (Rehda, Penang) chairman Datuk Jerry Chan said: "Buyers have money which they would like to park somewhere.

"Sales this year have been better than last year, driven by fear rather than the speculative element," said Chan who is also group managing director for Penang-based Asas Dunia Bhd.

Chan was commenting on a report Debunking the property bubble myth by CIMB which said that talk of a property bubble was overstated as the sharp rise in residential property prices over the past few years was confined to selected areas.

"Affordability is near its all-time high and prices have to surge 50% to 100% before affordability falls to pre-Asian financial crisis levels," the report said.

The report said it was surprising that residential prices had not risen at a faster pace as new supply had fallen significantly over the past few years.

Chan said tourism was also very big in Penang and if China and Indian nationals were to buy in Penang, it would "turn the market upside down."

"So I foresee Penang prices would continue to rise because of inadequate supply of land, not because of inadequate developments," he said.

In the Klang Valley, Reapfield Properties Sdn Bhd chief executive officer Gerard Kho said domestic demand for residentials was expected to be strong until the middle of this year.

Managing director for the Khong & Jaffar group of companies Elvin Fernandez said "it is not a question of whether there is a bubble or not but whether prices in certain areas are tied in to fundamentals or not.

"And we know in certain hot spots, they are not," Fernandez said.

In Johor, KGV International Property Consultants Samuel Tan said the state was undergoing a transition because of the Iskandar Malaysia factor.

"New houses entering the market are priced a lot higher than three years ago but the market is accepting it," he said.

 

By THEAN LEE CHENG
Source : The Star Online, Mar 6, 2012




 

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<![CDATA[Penang Court Complex may get the green touch]]> The High Court heritage building in George Town may be transformed into a ‘green building’ in accordance with the Malaysian Institute of Architects’ Green Building Index, if all goes according to plan.

Kemuncak Facilities Management (KFM), the company which manages the Penang Court Complex, is looking into the possibility of turning the double-storey heritage building into an energy-saving, environmentally-friendly structure, similar to the Kuala Lumpur Court Complex (KMKL).

KFM technical and quality assu-rance senior director Mohamad Faiz Othman Fuad said the company, which has been managing the KMKL facility since 2007, hoped to work on turning the heritage building green.

“The KMKL — the largest court complex in the country and the second largest in the world — is on track towards achieving the ‘High Perfor-mance Green Building’ (HPGB) status which will lead to, among others, savings of up to RM1mil in electricity bills a year.

“However, it’s more challenging to turn a heritage building into a green building because changing the facade and interior is not an option. Furthermore, it would take a large investment.

 

Jan 5, 2012 The Star Online 

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<![CDATA[Better flow of traffic in Air Itam]]> THE next phase of the Jalan Air Itam widening project slated for April should ease traffic congestion by at least 15%, said Penang Municipal Council senior traffic engineer A. Rajendran.

The widening of the 190-metre stretch in front of the Han Chiang High School from two lanes to three is expected to commence once the details of the project has been finalised.

“The widening of the 165m stretch from Green Lane to the school from four to six lanes was completed at the end of last year.

“We are in the midst of preparing the tender documents and are in discussions with Han Chiang on the details of the upgrading works.

“We hope to get started by April. It should take about three months or less to complete,” said Rajendran.

 Thursday January 5, 2012 The Star Online


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<![CDATA[New faces in council line-up named]]> THE state government has revealed the five new municipal councillors who will be serving with 43 current representatives in Penang this year.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said that a director of the Construction Industry Development Board, Ng Chek Siang of PKR, would be replacing Lim Boo Chang.

Lim quit his post as a councillor with the Penang Municipal Council on Dec 14.

Chow said the four new faces at Seberang Prai Municipal Council (MPSP) were businessman Ahmad Tarmizi Abdullah, 46, (non-governmental organisation), Makkal Osai stringer S. Guanalan, 46, (DAP), project manager Tan Xin Ying, 29, (DAP) and businessman Mohd Shaipol Ismail, 29, (DAP).

They are replacing Ideris Ibrahim, Oon Neow Aun, Tan Cheai Peng and M. Ramachandran.

Oon, Tan and Ramachandran will not continue to serve as councillors for personal reasons while Ideris’ term was not extended.

Chow said the MPPP councillors would be sworn in at 10am today at the City Hall and the MPSP councillors tomorrow at 10am at the MPSP headquarters in Bandar Perda.

 

Wednesday January 4, 2012 The star Online

 

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<![CDATA[BERNAMA - Malaysia Can Attract Investors As Trade Unions Are Responsible - Mahathir]]> BERNAMA - Malaysia Can Attract Investors As Trade Unions Are Responsible - Mahathir 

 

Despite the presence of a large number of trade unions, Malaysia can still attract many investors because the unions adopt a responsible attitude, said former prime minister Tun Dr Mahathir Mohamad.

He said trade unions in Malaysia did not resort to strikes indiscriminately to fulfill their demands but were more keen to hold negotiations with the employers.

Speaking at the convocation of the WIT College, here today, Dr Mahathir said there was a need to enhance capacity and skills among the workers in Malaysia so that they would receive better pay because of their work quality.

"If wages were raised without a high quality of work, production cost would go up and this would reduce investment flow and subsequently there won't be rapid economic growth," he said.

Malaysia could not compete with other countries such as China and Vietnam in wooing investors because of the lower production cost in those countries, he said.

"Thus, it is hoped that Malaysian workers can be trained for industries producing high value products so that they can enjoy better pay," said Dr Mahathir.

He said although workers could be sent for training to enhance their efficiency and skill, it was also important to improve their work attitude so that they could give their best contribution in their work.

He said they should emulate the workers in Japan and South Korea who were not only trained but were diligent to the extent that they would be ashamed if their work did not meet the quality specified.

Dr Mahathir said with the role played by skills training institutions such as the WIT College, he was confident that Malaysia could emerge as a developed nation by 2020.

At the convocation, 710 full-time and part-time students received their diplomas and certificates from Dr Mahathir.
 

KLANG, Dec 14 (Bernama)  

 

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<![CDATA[Three Penang roads changed to one-way]]> Three Penang roads changed to one-way

In a bid to improve the traffic flow, the Penang Municipal Council will change three roads from two-way to one-way starting tomorrow.

The three roads are Lorong Berjaya, Jalan Jones and Lorong Bangkok.

According to a council press statement, besides improving the traffic flow, the changes are made to reduce the risk of accidents happening at these roads.

Road users are advised to adhere to the new lane system which is to ensure the safety of everyone.

 

 

Source from The Star Online

 Friday December 2, 2011


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<![CDATA[Noodle story: Tok Tok Mee on China Street explains the name of the well-loved dish as the hawker use]]> Noodle story: Tok Tok Mee on China Street explains the name of the well-loved dish as the hawker use 

http://starstorage.blob.core.windows.net/archives/2011/12/2/north/tok.jpg

FASHIONISTAS visiting George Town’s heritage zone can now see where luxury shoe designer Datuk Jimmy Choo started his apprenticeship.

The caricature of a woman excitedly admiring a pair of exquisite shoes made by a veteran cobbler and his protege has been installed at Muntri Street.

Aptly titled Jimmy Choo, the steel rod caricature was among eight erected to mark the city’s Unesco World Heritage Site.

The others are Same Taste, Same Look, 3 Generations, Ting Ting Thong, Rope Style, Procession, Tok Tok Mee and Too Narrow.

Sculpture At Work business development executive Tommy Chen said seven wall sculptures were installed on Nov 15.

“The 3 Generations sculpture on Kimberley Street showcases an old char koay teow seller stir-frying a delicious plate of flat rice noodles as a hungry tourist looks on.

“Kimberly Street is famous for its hawker food.

“Some stalls have been here for over three generations,” Chen said when contacted yesterday.

Ting Ting Thong on Seck Chuan Lane is a sculpture of a rock candy seller.

Back in the old days, ting ting thong — a hardened mixture of sugar, sesame seeds and nuts, was a favourite with the kids.

The candyman would chisel and hammer away at the ting ting thong to break it into smaller bite-size pieces as the impatient kids look on.

Chen said Rope Walk got its name from the rope-making activities there hence the Rope Style sculpture was of a mother braiding her daughter’s hair like a rope.

On Armenian Street, the Procession sculpture shows the Tua Pek Kong grand float procession held to wash away bad luck and bring wealth and good health to devotees.

Tok Tok Mee on China Street explains the name of the well-loved dish as the hawker used to knock two bamboo sticks together to attract customers.

“Soo Hong Lane is the narrowest street in George Town so the sculpture — Too Narrow, 

shows a hand-pulled rickshaw, the most popular form of transportation then, navigating through the street,” he said.

Same Taste, Same Look — a sculpture of traditional Cantonese dim sum restaurants, will be installed soon once a suitable location is finalised.

The eight, designed by cartoonists Tang Mun Kian and Baba Chuah under phase three of the project, are part of 19 sculptures that have been erected at Transfer Road, Market Lane, Love Lane, Chowrasta Market, Acheen Street, Prangin Road Ghaut, Carnarvon Street, Jalan Masjid Kapitan Keling, Muntri Street, Weld Quay and Malay Street.

The sculptures installed earlier under phases one and two were Mr Five Foot Way (a small time trader running his business by the five-foot way pavement), Kedai Tuak (a man climbing what he mistakenly thinks is the betelnut palm), Where’s My Husband? (a panicky-looking man climbing out a window dressed only in his shorts), Limousine (an artisan making a paper car effigy for the afterlife) and Waterway (a trader on a small sampan professing his love to a young maiden staring down from her bedroom window).

There were also the sculptures Escape (an escape rope dangling from the window as the building was originally a jailhouse), Bullock Cart Wheel (a bullock cart with antique half-cent coins as wheels), Cow and Fish (a cow running away from the slaughterhouse and a woman chasing after a cat stealing her fish), Labourer to Trader (traders skilfully balancing their wares on their heads), One Leg Kicks All (an amah, or Cantonese domestic servant, going about her daily duties) and Too Hot(sailors crying out for water after tucking into a plate of spicy noodles).

Chen said phase four would comprise 10 designs which have already been submitted to the local authorities for final approval before proceeding with fabrication works.

“We will most likely commence work in January and complete the 10 sculptures by April or May next year,” he said.

A total of 52 sculptures will be put up in stages around George Town by the first half of 2013 to create awareness about the historical and cultural identity of some of the local sites in the city.

The project is by Sculpture At Work, a Kuala Lumpur-based company which won the ‘Marking George Town — An Idea Competition for a Unesco World Heritage Site’ in April last year.

The total cost of the project is RM1.02mil.

The concept of the sculptures was inspired by the voices of the people — funny stories told by locals as how some of the streets got their interesting monikers.

 

Source from The Star

By CHRISTINA CHIN 
sgchris@thestar.com.my 

Photos by GARY CHEN 

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<![CDATA[BANK NEGARA UNVEILS NEW FINANCING RULES]]> KUALA LUMPUR: Malaysians will have to go through a more exhaustive process when applying for loans starting next year after Bank Negaraissued guidelines on responsible lending by banks.

Following the new guidelines, the maximum tenure for car loans will be capped at nine years with immediate effect.

Starting July next year, borrowers will not be penalised heavily for early settlement of their loans.

We don’t want to restrict growth but we want to set parameters which are transparent. —TAN SRI DR ZETI AKHTAR AZIZ

Instead, banks will only be allowed to charge for the cost incurred in processing the loan and not for profit loss from the early settlement of the loan.

At a media briefing yesterday following the release of third quarter economic data where the economy grew by 5.8%, Bank Negaragovernor Tan Sri Dr Zeti Akhtar Aziz said the objective of the guidelines was to inculcate responsible lending practices by financial institutions which include commercial banks and development financial institutions.

“We don't want to restrict growth but we want to set parameters which are transparent,” she said, adding that the guidelines also provide for clear information and disclosure on financial products.

As the industry becomes more competitive in a challenging environment, Zeti said the central bank wanted to ensure responsible lending practices did not erode.

Starting Jan 1, banks must make clear to the borrowers the implications of the loans they take, illustrating to them just how much more they will have to pay should the base lending rate go up.

The guidelines would be applicable to home and vehicle financing, credit and charge cards, personal financing including overdraft facility as well as financing for the purchase of securities except for share margin financing which comes under stock exchange rules.

Zeti said as part of measures to ensure borrowers do not migrate to cooperatives to get their loans, the Cooperatives Commission would also be imposing requirements on responsible financing practices on credit cooperatives.

Furthermore, the debt-service ratio of civil servants would be capped at around 60%. For others, the banks will determine for themselves and not have a fix ratio in determining what the maximum amount of loan a borrower can take.

The guidelines will include a more stringent “suitability and affordability assessment” which would ensure borrowers have the ability to pay without recourse to debt relief or substantial hardship.

To improve assessment of individual affordability and provide suitable and responsible advice to customers on their capacity to take on additional financing, there would now be appropriate enquiries by lenders on income after statutory deductions and debt repayment obligations.

Zeti added that other objectives of the guidelines were to foster a healthy and sustainable credit market which in turn would contribute to economic and financial stability as well as further strengthen the protection of consumer interests.

 

 

Source from the Star 

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<![CDATA[Monorail must come first]]> GEORGE TOWN: The state government should focus on setting up a monorail system in Penang before looking into the sea tunnel project.

Pengkalan Kota Barisan co-ordinator Loke Poh Chye said the state urgently needed the monorail system to help ease traffic congestion.
“The monorail will help solve some of the parking problems in the state as it will encourage more people to use public transport.
“Building more car parks will not solve anything because parking problems will always be there,” he said.

Loke said he was not opposing the sea tunnel but felt that the monorail should be a higher priority.
“Capital wise, it is a lot cheaper than the tunnel, easier to implement technology wise, and would take a shorter time to complete.
“There would also be no need to sacrifice the limited land resources on the island,” he told a press conference.

He also urged the Penang Municipal Council to put up traffic lights at the Weld Quay and Chulia Street junction.

Loke said long queues of cars were a common sight at this junction as drivers in both directions had difficulty in getting across to the other side.

Loke said he had already sent a letter to the council’s engineering department and hoped that action would be taken soon.
 

Source from the Star

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<![CDATA[Rehda: Swopping land for projects not the only way]]> Rehda: Swopping land for projects not the only way
By DAVID TAN
davidtan@thestar.com.my
 
GEORGE TOWN: Land swapping should not be the only instrument used for funding four infrastructure projects for Penang.

Real Estate & Housing Developers’ Association (Penang) chairman Datuk Jerry Chan said since Penangites were the beneficiaries of the projects, one possibility was to consider raising quit rent and building assessment charges.

He added that land should not be the only instrument used, as Penang Chief Minister Lim Guan Eng had claimed that the price of land in the state was expected to increase three times in the future.
“In light of this expectation, the state government should not swap it all at once.
“It should keep some and sell it only when the prices go up.
“Land swapping should therefore be used to fund partially the three roads and the tunnel project.
“Increasing quit rent and building assessment charges should also be considered as complementary means to fund the projects,” Chan said in an interview here yesterday.
Chan said the three by-pass roads were necessary but the state government had to determine the timing for a tunnel project.
“This is because the traffic to the first Penang Bridge is coming largely from South Seberang Prai and from Kuala Lumpur, whereas the traffic flow from North Seberang Prai to the island may not be that substantial,” he said.

Penang Consumer Protection Association president K. Koris said the land swap was a good idea, as the financial burden on the state to develop the projects would be reduced.
“The bottom line is that the project must bring benefits to Penangites.
“If there are toll charges, the state government should ensure that the toll is minimal and will not be a burden to the people.
“The state government should look into having bicycle lanes on the roads and the tunnel project and allowing cyclists to use them toll-free, as cyclists contribute towards a greener environment,” he said.

Penang Master Builders & Building Materials Dealers’ Association immediate past president Datuk Finn Choong said more details relating to the projects and the deal with the would-be developer or developers need to be disclosed.

 

Source from the Star
 

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<![CDATA[CM: No more land reclamation in Gurney Drive]]> CM: No more land reclamation in Gurney Drive
By CHRISTINA CHIN
sgchris@thestar.com.my
 
GEORGE TOWN: The state government will not allow any new land reclamation along Gurney Drive as part of its deal with developers to construct infrastructure projects.

Chief Minister Lim Guan Eng said any land swap would only involve the existing land reclamation rights granted to Eastern & Oriental Bhd by the previous administration.

He said people should not “jump up and down” as the state was bound by the deal struck before Pakatan came into power.

“I told the reporters in Kuala Lumpur that 299ha of reclaimed land in Sri Tanjung Pinang would be involved in the infrastructure projects.

“Some of them have never been to Penang and they didn’t know where that was so I said it’s near Gurney Drive.

“Now I’m a victim of false information because they reported that the reclaimed land would involve Gurney Drive — I never said that,” he told a press conference yesterday.

He said no monetary payment or funding would be given by the state for the construction of three by-pass highways and a sea tunnel linking the island to the mainland.

“Costs incurred may be recovered through land swap, toll or any other form. The other three projects would involve land swapping. I’m trying to get as much as possible for Penang,” he said.
 

 

Source from the Star

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<![CDATA[Master plan for cleaner Penang]]> Friday August 5, 2011

Master plan for cleaner Penang

By FONG KEE SOON
keesoon@thestar.com.my

 

GEORGE TOWN: The Penang Municipal Council’s Urban Services Department will spend an additional RM4mil in its bid to keep the island clean.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said the money would be used to hire additional staff and buy a mechanised road sweeper, a road vacuum vehicle and a high pressure jet vehicle.

“The department will also double its permanent workforce of about 500 to 1,000 within the next six months.

“About RM60mil is spent annually to keep the island clean,” he told reporters at a press conference to announce details of the Penang Island Cleanliness Master Plan Framework yesterday.

Chow said that under the master plan, the Urban Services Department had identified a number of measures to ensure effective public cleaning and proper solid waste management.

“The cleaning hours in city areas will be extended — from as early as 5am to as late as 10pm depending on areas.

“This is because hawking activities impede cleaning activities after 6pm until middle of the night and during the morning rush hour from 7am onwards,” he said.

The current operation time is from to 7am to 6pm latest.

Chow added that other approaches included dividing Penang into eight zones which will be further divided into colour-coded zones.

The eight zones are Pulau Tikus, Padang Kota Lama, Jelutong, Gelugor, Air Itam, Tanjong Tokong, Batu Maung and Balik Pulau.

The red zone will be designated as dirty with the two other zones being orange (moderate) and green (clean).

The master plan was drafted over three months in line with the Cleaner Greener Penang initiative to improve the quality of life as well as transform Penang into a clean international city.

The master plan will be implemented starting October.

Chow advised that it would take at least six months before the results can be seen.

“The public are always welcome to give input by emailing jppp@mppp.gov.my,” he said.

Source from The Star

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<![CDATA[Malaysia’s population at 28.3 million]]> Saturday July 30, 2011

 

PUTRAJAYA: Malaysia's population stood at 28.3 million at the end of 2010 compared with 23.3 million in 2000, according to the 2010 Population and Housing Census final report.

Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said an average annual population growth rate of 2.0% was registered between the two censuses.

A census is conducted every 10 years.

“The rate was lower compared with that of 2.6% registered during 1991 to 2000,” he told reporters at a press conference here yesterday.

Nor Mohamed said the country's fertility rate dropped to 2.3% compared with 3% in 2000.

He said 67.3% of the total population were between 15 and 64 while 27.6% were between birth and 14.

Those aged 65 and above make up 5.1% of the population.

“The country's population is not an ageing society, even by 2015.

“Definition of ageing is when those aged 65 and above make up 10% of the population,” he added.

Nor Mohamed said the mean age at first marriage for males was 28 while it was 25 for females.

The nationwide census conduc-ted by the Statistics Department between July 6 and Aug 22 last year recorded 14,562,638 males and 13,771,497 females.

He said 91.8% of the population were Malaysian citizens. Bumiputras comprise 67.4%, Chinese 24.6%, Indians 7.3% and others 0.7%.

Nor Mohamed said Selangor continued to be the most populated state, with 5.4 million or 19.3% of the country's population, followed by Johor with 3.3 million and Sabah at 3.2 million.

Putrajaya had the highest population growth during the 2000 to 2010 period, with 17.8%.

He said males dominated in all states except in Putrajaya and Perlis.

“In tandem with the country's rapid development, the proportion of urban population increased to 71% in 2010 compared to 62% in 2000.

“Apart from Kuala Lumpur and Putrajaya, Selangor and Penang had high levels of urbanisation,” he added.

The census report is available on the Statistics Department's website and the hard copy can be purchased at RM25.

 

 

Source from the Star 

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<![CDATA[CNN survey: Assam laksa is worth going the extra mile for]]> Sunday July 24, 2011

CNN survey: Assam laksa is worth going the extra mile for

By NG CHENG YEE
chengyee@thestar.com.my

 

PETALING JAYA: Penang's famed assam laksa is one of the dishes worth traversing the world for, according to a CNN International food survey.

Under its CNNGo guide to lifestyle, shopping, hotels and restaurants, Malaysia's popular dish is also seventh among the world's 50 most delicious food.

CNNGo describes the dish as “poached, flaked mackerel, tamarind, chili, mint, lemongrass, onion, pineapple an addictive spicy-sour fish broth with noodles.”

It added that the Penang assam laksa was especially great when fused with ginger “that'll have your nose running before the spoon even hits your lips.”

 

 

Mouth-watering: Assam laksa is seventh among the world’s 50 most delicious food.

 

Unfortunately, however, the dish is the only one from Malaysia that is listed among the great foods of the world although the country is known as a food heaven.

Thailand, which tops the bill with its massaman curry a spicy, coconut-flavoured, sweet and savoury curry that is described as having “more personality than a Thai election” has also three other favourites in the list: tom yum goong (no 8), nam tok moo (no 19) and som tam (no 46).

CNNGo said the The Land of Smiles isn't just a marketing catch-line. It's a result of being born in a land where the world's most delicious food is sold on nearly every street corner.

Penang assam laksa, however, outdid other world famous food like Shepherd's pie from Britain, French croissant, pho from Vietnam and Iranian kebab.

Singapore got two placings with its chili crab (no 35) and chicken rice (no 45), although the two dishes are often on Malaysian menus as well.

Other dishes familiar to Malaysians, including Hong Kong's French toast, Italian lasagna and rendang from Indonesia are also on the list.

A bizarre food on the list is stinky tofu, which is placed at no 41, and described as “the most iconic food in South-East Asia, just like durian.”

“The odour of fermenting tofu is so overpowering, many aren't able to shake off the memory for months.

“So is the legendarily divine taste really worth the effort? Sure it is,” added CNNGo.

Commenting on the listing, netizen Hpy_85 said Malaysia's assam laksa was the best food to be tasted while Liewchowhann said: “I think all food are good, listed or not, but to have Penang assam laksa as no 7...wow.”

 

Source from the Star 

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