Property Hunter Magazine August Issue 2014 | Page 62

/// Banking and Investment News

Penang Approves
E&O’s Masterplan
for STP Phase 2

Are You Financially Ready to Buy a House in Malaysia?
this amount)
10. Government Tax on
Agreements = 6% of total
lawyer fees

The Penang state government
has endorsed Eastern & Oriental
Bhd’s (E&O) masterplan for the
second phase of its Seri Tanjung
Pinang (STP) project.
In its filing with Bursa Malaysia,
E&O said its subsidiary Tanjung
Pinang Development Sdn Bhd
was notified yesterday that its
masterplan for STP phase two had
been endorsed by the Penang
State Planning Committee.
The property developer had
earlier hoped to receive
endorsement for the project by
the fourth quarter of this year.
On April 10, the Department
of Environment granted E&O
an approval in principle for the
detailed environmental impact
assessment study and conceptual
masterplan for the STP phase two
project.
STP phase two will involve
reclamation of 760 acres of manmade islands and 131 acres of
the Gurney Drive foreshore, which
will be handed over to the state
government for infrastructure
development.
The infrastructure development
will be for a new expressway, a
new Gurney Drive promenade,
and a parallel linear park for
public recreational purposes.
Reclamation work is to take three
to five years, and the development
will take up to 15 years.
Phase one of the STP project
involved the reclamation of 239
acres and was completed in 2005.
To date, about 2,500 housing
units have been completed at
STP.

11. Bank processing fee for
loan = RM200
*Note: The percentages are
based on recommended
numbers and industry
averages. Actual figures
may differ.
AND WHAT YOU CAN DO IF
YOU’RE NOT
Owning a home you
can truly call your own
represents the ultimate
dream for many. But with
escalating real estate
prices and the burden of
lengthy loan repayment
periods that easily go into
30 years or more, buying
and financing a home is
not just a matter of saying
“I like it” and si ۚ[