THE state government wants to work with property developers to cushion the impact of skyrocketing property prices and the slowdown in the property market.
Penang Deputy Chief Minister I Datuk Mohd Rashid Hasnon said as one of the most economically important Malaysian state, Penang was experiencing growth, which had impacted on the demand for medium-cost and luxury housing.
To tackle skyrocketing property prices, the state government had planned for the implementation of low-cost and affordable homes in the five districts, said Rashid.
“It is my hope that the state government and property developers can work hand-in-hand to help the people cushion the impact in such challenging times,” he added.
However, Rashid also pointed out that the growth in the property market in the country had slowed down recently.
“Penang is not spared this blanket effect. However, we are optimistic that the property sector will reap benefits from the effective city-planning measures put in place by the state government,” he said in his speech which was read out by emcee Cheah Wei Yeong at the opening of the Star Property Fair 2015 at the Sunway Carnival Mall and Sunway Carnival Convention Centre in Seberang Jaya yesterday.
Also present were Star Publications (M) Bhd senior regional manager (operations) David Yeoh and advertising sales and business development manager (north) Simone Liong.
Yeoh said the annual Star Property Fair affirmed the paper’s commitment to providing quality solutions to the people and strengthened its position in the property scene.
“While we are known predominantly for our paper, we have so much more to offer in terms of how we support and serve the people,” he said.
Meanwhile, Eco World Development Group Bhd, Mah Sing Group Bhd, BSG Property, SP Setia Bhd, Sunway Bhd, and IJM Land are among the largest exhibitors at the four-day fair.
Eco World occupies the largest booth showcasing its EcoTerraces in Paya Terubong and EcoMeadows in Batu Kawan.
“EcoTerraces, comprising condominiums, is Eco World’s first project on the island, while EcoMeadows is a terraced project in Batu Kawan.
SP Setia (Property North) sales and marketing manager Susie Loh said the group was displaying its RM330mil Setia Sky Vista in Relau and RM560mil Setia V Residence in Gurney Drive projects at the fair.
“We have sold out some 50% of the units,” she said.
IJM Land is showcasing over RM400mil worth of properties located on the island and in Seberang Prai.
These projects comprise the Permatang Sanctuary (RM108mil) in Bukit Mertajam, Senjayu (RM143mil) in Jawi, and The Address Loft (RM41mil) and The Trehaus (RM125mil) in Bukit Jambul.
Meanwhile, Sunway is showcasing the Sunway Wellesley and Sunway Cassia in Bukit Mertajam and Batu Kawan respectively, while BSG is exhibiting the Oak Ridge, a landed property project, and the Landmark projects located in Sungai Nibong and Tanjung Tokong respectively.
Mah Sing is selling the remaining units of the The Loft, SouthBay Plaza, and Lagenda SouthBay at the fair.
It is taking registration for the Ferringhi Residence and Icon Residence projects.
The fair is on until Sunday.