Greater demand seen for Penang projects

Ivory Properties Group chief executive officer Datuk Low Eng Hock

GEORGE TOWN: Ivory Properties Group Bhd expects to see an increase in demand for residential properties in Penang, underpinned by the opening of borders, the government’s stimulus plan and softening of property prices.

Group chief executive officer Datuk Low Eng Hock said prices have softened due to Covid-19 and this would likely stimulate property-buying sprees from investors and occupiers, especially following the government’s announcement in Budget 2022.

“We foresee an increase in the demand for residential properties, especially among foreigners from Hong Kong, China, Singapore, as well as Penangites residing overseas.

“We expect international borders to reopen soon and we look forward to welcoming more foreign purchasers and investors as well as foreign financial providers, as they are the key drivers of our operations,” he told Bernama.

In Budget 2022 tabled on Oct 29, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced the allocation of a RM2bil guarantee through the Housing Credit Guarantee Scheme to facilitate loans for those without proof of steady income, as well as the waiver of the real property gains tax for property disposed of from the sixth year onwards.

Currently, Low said, one of the group’s ongoing projects include a 312-unit serviced suites atop a four-storey commercial podium, called The Wave, which is under phase three of Penang Times Square.

“With an estimated gross development value (GDV) of approximately RM500mil, the project is currently at 90% completion and expected to be fully completed in the second quarter of 2022,” he said.

Moving forward, he said the Penang-based property group would be occupied with the upcoming launches of various projects with a total GDV of RM2.14bil. One of the projects, Crown Penang, a RM340mil 40-storey serviced suite located on a 0.81ha land, is expected to be launched next year.

It would feature cutting-age smart-home technologies such as smart lifts and unit entrances that provide added value and convenience to homeowners and investors.

Ivory Properties also plans to launch phases four and five of Penang Times Square, comprising a stylish hotel with a RM410mil GDV and a trendy boutique hotel with an estimated GDV of RM155mil.

Low said Ivory Properties has been scouting for prominent areas with growth potential outside of Penang for the past few years, including Kuala Lumpur and Perak, but some of its plans have been delayed due to the pandemic.

“We are keen to establish our brand name to build homes where it will be feasible and profitable for the interest of our shareholders, business alliances and employees.

“There are several projects in the pipeline for developments outside of Penang, including the development of Grand Connaught and Avenue 8 Residence in Sungai Besi,” he added.