HONG KONG: Penang-based developer Hunza Properties Bhd is launching its first affordable housing project this year, targeting new home buyers as potential investors are seen to be holding back their purchases of higher-end units amid uncertainties in the market.
A significant number of Hunza’s clients are overseas buyers.
“From what we have observed during our property roadshows in Penang, Hong Kong and other places, many people intend to invest but are staying on the sidelines due to the current economic situation,” group managing director Datuk Khor Siang Gin told StarBiz.
He expected sentiment in the property market to remain cautious over the next few months, before picking up in the second half of the year.
“I think now is actually a good time to invest in the Penang property market, as we are confident that Penang property prices are set to soar in two to three years,” Khor said.
While the group’s products were mainly marketed to local buyers, Hunza’s properties also attracted foreign purchasers who were looking to reside, retire or own a holiday home in Penang.
It, however, would take such opportunities into consideration.
Instead of focusing on hard-selling its products, Hunza would fly in its foreign purchasers to Penang to experience the local culture, environment and cuisine.
Hunza is actively promoting its branding and projects in Hong Kong, Taiwan, China, Singapore and Indonesia.
Despite Hunza’s presence abroad, the group has no near-term plans to develop property projects outside of Malaysia.
Many of Hunza’s Hong Kong purchasers or prospective buyers are fond of the low-density buildings, like Alila 2, that features the comfort of a modern resort lifestyle, lush greenery and eco-friendly features.