Next growth plan for Penang property sector

Excerpt of my input for The Star Property Round Table Discussion.
Full text available at The Star

The panellists were Penang Town and Country Planning and Housing Committee chairman Wong Hon Wai, IJM Corp Bhd deputy managing director Teh Kean Ming, SP Setia Bhd executive director and chief operating officer Datuk Voon Tin Yow, Real Estate and Housing Developers’ Association Penang chairman Datuk Jerry Chan, Mah Sing Group Bhd executive director Lim Kiu Hock, Ivory Properties Group executive director Datuk Seri Nazir Ariff, Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Poh Huat, Hunza Properties Bhd executive chairman Datuk Khor Teng Tong and Ho Chin Soon Research Sdn Bhd managing director Ho Chin Soon.

Wong Hon Wai:

There are certain aspects of the state development plans, which are currently under scrutiny. Not everything is cast in stone.

If we need to amend the plans in order to meet the people’s expectations, we will do so.
Our guiding principle is CAT which stands for competency, accountability and transparency.

We’ll call on the industry players to get their feedback.

Penang has a vibrant civil society. The government has to balance the interests of the community at large and the future generation. We are currently formulating and regulating the housing policy. Our goal is to have quality and affordable housing.

We are also looking at five to six initiatives to relocate the squatters in several areas including Tanjung Tokong, Jelutong, Mak Mandin and Tasek Gelugor.

We have also initiated changes in the land policy. The processing of land applications is now faster than it used to be.

Of course there are bad apples among the developers. There are 26 abandoned projects in Penang. We are hoping that a white knight will come to the rescue.

For developments above 250ft above sea level, they have to go through the State Planning Committee, which will handle them on a case-by-case basis.