First-time buyers fuelling demand

GEORGE TOWN: Despite the challenging economic climate, there is still demand for property, especially from first-time housebuyers.

Eco World Develop­ment Group Bhd general manager Khoo Teck Chong said although the market slowed down about 18 months ago, there were still new products coming out that were competitively priced.

“In fact, competition in the property market has intensified.

“With interest rates having dropped following Bank Negara’s move to reduce OPR rate by 25 basis points to 3%, we can expect encouraging response at the property fair,” Khoo said of the StarProperty.my Fair 2016 which is being held at Queensbay Mall from yesterday until Sunday.

He added that a property market downturn usually lasts for about two to three years.

“We should see a recovery probably in the next 12 months,” he said.

Majestic development: EcoWorld assistant manager (sales) Eric Kok (right) explaining the Eco Meadows project to (from second right) Star Media Group regional operations general manager (north) Simone Liong, Zeon Properties CEO Leon Lee, Queensbay Mall marketing communications assistant manager Kelly Tan, Star Media Group finance and administration manager Michelle Tang, Star Media Group IT Operation (north) head Khoo Boo Taik and Star Media Group technical services (north) manager 2 Leow Kiun Yean at the fair.

IJM Land Bhd senior general manager Datuk Toh Chin Leong said even during a downturn, there would be eligible buyers looking either to buy their first home or to upgrade their lifestyle with a new property.

“Houses priced from RM550,000 are still the most sought after in the present market,” Toh said.

Eight developers are showcasing RM12.5bil worth of projects at the four-day event, namely: Ideal Property (RM3.4bil); Aspen Vision City Sdn Bhd (RM1.54bil); IJM Land Bhd (RM2bil); Mah Sing Group Bhd (RM2.4bil); EcoWorld (RM700mil); Asia Green Construction Sdn Bhd (RM1.3bil); Sunway Bhd (RM256mil); and Tropicana Ivory Sdn Bhd (RM943.6mil).

The others taking up big booths at the fair include Runnymede Group and Zeon Properties Sdn Bhd, a leading Penang-based real estate firm.

The fair is open daily from 10.30am to 10.30pm. Admission is free. More than RM100,000 worth of prizes are up for grabs in the Spin and Win Contest.

Prizes to be given away daily include Samsung Galaxy A9Pro, Samsung Galaxy A3, Samsung Galaxy Tab 8.0, Samsung Galaxy J5 and Parkson shopping vouchers.