THE GROUNDBREAKING CEREMONY OF ION VIVACE RESIDENCES
SPEECH BY YAB TUAN CHOW KON YEOW, THE CHIEF MINISTER OF PENANG
AT THE GROUNDBREAKING CEREMONY OF ION VIVACE RESIDENCES
3RD JUNE 2023
JALAN PERNIAGAAN VORTEKS 3, SIMPANG AMPAT
Good morning.
It gives me great pleasure to be here today as we gather to celebrate the latest development project in Penang by NCT Alliance Berhad. The launch of this new project, namely the Ion Vivace Residences, marks a significant step forward in our relentless pursuit of innovative developments that cater to the diverse needs of our people.
Ladies and gentlemen,
The property development landscape has undergone a remarkable transformation over the years. Driven by factors such as growing population, increasing urbanization and favourable market conditions, the demand for residential properties has indeed soared.
Consequently, this surge in demand is being met with a diverse range of options that cater to various segments of the population. The increase in demand has not only created opportunities for developers but has also provided individuals and families with more options to find their dream homes. Homebuyers now have options ranging from luxurious apartments and condominiums to affordable housing solutions.
Further to that, I am pleased to reiterate the announcement made by our Prime Minister in his budget 2023 speech earlier this year, stating that the Government will continue to exempt stamp duty for first-time home ownership. There will be a full exemption of stamp duty for homes valued at RM500,000 and below, and a 75% exemption for homes valued between RM500,000 and RM1 million. These measures will undoubtedly stimulate the housing sector further and encourage more first-time buyers, especially from the M40 and B40 income groups, to enter the market.
The Penang State Government recognize the significance of a robust and inclusive market, and these exemptions aligns perfectly with our goal of ensuring accessibility and affordability for all, which will ultimately contribute to the development of a more vibrant and sustainable community.
Additionally, I am proud to share that the State is making remarkable progress in our endeavours to address challenges in the property sector through various Public-Private Partnership (PPP) approaches. Notable initiatives include the successful implementation of the “Penang Affordable Housing Scheme” and the “Urban Regeneration City (URC)” project. These projects, coupled with collaborative ventures alongside federal agencies like Perbadanan PR1MA Malaysia for the “1Malaysia People's Housing Programme”, have demonstrated immense potential and success.
Rest assured that through such comprehensive programmes and initiatives, we will continue to work diligently to improve the living conditions of our communities and foster a sense of pride and belonging among our residents. This commitment aligns with the core essence of the Penang2030 vision, which seeks to achieve a harmonious balance between economic growth and the well-being of our people.
In this regard, the development of Ion Vivace embodies this vision by providing not only comfortable and contemporary living spaces, but also by cultivating a strong sense of community and connectivity. This project epitomizes our commitment to developing sustainable, well-designed, and socially inclusive neighbourhoods for the benefit of our people, particularly those in Batu Kawan.
Ladies and gentlemen,
I must emphasize that Penang's strategic location, rich cultural heritage, and exceptional quality of life have made it a highly sought-after destination for both local and international investors. Our state's unique position as a melting pot of diverse industries, including manufacturing, technology, tourism and services, has contributed to a vibrant and resilient property market.
Not only that, the promising future for the Penang’s property market is indeed also supported by the state’s strong economic fundamentals and upcoming infrastructure projects for transportation such as the Penang Transport Master Plan, which continues to be a key agenda of the State Government.
Accordingly, we have witnessed numerous large industrial developments such as the Bukit Minyak Industrial Park, Penang Science Park, Penang Halal Park, Perai Industrial Park, Penang Technology Park @ Bertam and Batu Kawan Industrial Park, which have further amplified the demand for accommodations in our flourishing region.
Therefore, the development of Ion Vivace which aims to address the accommodation needs of Batu Kawan’s business owners, industrialists, employees, and, of course, the larger community is truly commendable. Beyond meeting these needs, it also aspires to create a vibrant environment that actively contributes to the overall prosperity and well-being of our people and state.
In conclusion, I would like to express my sincere appreciation to NCT Alliance Berhad for their unwavering commitment and contribution to the development of Penang. My deepest gratitude extends to all stakeholders involved in transforming the vision of Ion Vivace Residences into a remarkable reality.
Let us continue to work hand in hand, in our endeavour to build a more vibrant, sustainable, and inclusive Penang for generations to come.
Thank you.