THERE is a trend of investors from the different states coming to Penang to buy properties since last year.
Ideal Property general manager (sales and marketing) Nancy Teo said that buyers from Kedah, Melaka and Ipoh have been looking for properties either as a second home or to stay close to where they work.
“The southwest district is a popular area where they look for their homes.
Visitors checking out Prisma Bumiraya Sdn Bhd’s Novus project at StarProperty.my Fair 2017 in Queensbay Mall, Penang
“It is one of the few areas in Penang where property prices of between RM550,000 and RM800,000 can still be found.
“Property prices in the southwest district rose between 3.5% and 5% per annum for the past three years, despite the slow down in the market, which is very appealing to investors.
“So far, the inquiries for our projects on display have been very encouraging,” she said.
IJM Land Bhd senior general manager Datuk Toh Chin Leong said the group was well-positioned on the island and mainland to tap into the needs of outstation buyers.
“On the island, next to Penang Bridge, we have the The Light Waterfront project which is expected to generate interest from those looking for a holiday home and young executives looking to stay close to their workplace.
A potential buyer enquiring about the Satori project by Hatten Land at the fair. — Photos: GARY CHEN and ZHAFARAN NASIB/The Star
“In Seberang Prai, we also offer houses priced between RM600,000 and RM800,000 for Permatang Sanctuary in Bukit Mertajam for those looking for mid-range prices,” he said.
He said IJM Land would start construction on the second phase of The Light Waterfront by end of the year.
The second phase has over RM4bil worth of properties, which includes the RM240mil Waterside Residence condominium, convention centre, four-star and five-star hotels, retail mall and office tower.
“We expect to complete the entire second phase by 2021,” he added.
Zeon Properties chief executive officer Leon Lee said that although the property market was soft, those projects that were close to highways and interchanges would normally do better.
“Good access to interchanges determines the value of a property.
“For example, property prices in Batu Maung surged after the second Penang bridge opened.
A sales representative sharing information to potential customers about the Valencia Teluk Kumbar project by Aman Setia Group.
“In 2007, a terrace house in Batu Maung was worth about RM700,000. But now, a similar unit is priced at about RM1.4mil,” he said.
Over RM13bil worth of residential and mixed-development projects are showcased at StarProperty.my Fair 2017 at Queensbay Mall in Penang.
Developers with the highest gross development value (GDV) projects are IJM Land Bhd (RM5.6bil), Asia Green Group (RM2.4bil), Aspen Group (RM1.8bil), Ideal Property Group (RM1.3bil), Ewein Zenith Sdn Bhd (RM800mil), Mah Sing Group Bhd (RM651mil), Sunway Bhd (RM316mil), Prisma Bumiraya Sdn Bhd (RM291mil), Bionic Development Sdn Bhd (RM280mil) and Iconic Land Sdn Bhd (RM240mil).
They are from among the 21 developers showcasing their projects at the fair, organised by Star Media Group Berhad.
The others are IOI Properties Group Bhd, Aroma Development Sdn Bhd, Symphony Life Sdn Bhd, JKP Sdn Bhd, Aman Setia Group, Uni Suites, Emerald Residence, TF Land Sdn Bhd, VST Group of Companies, AGT Land and Hatten Land.
The fair opens from 10.30am to 10.30pm until tomorrow. Admission is free.
Visitors taking a closer look at the elegant Cypress Villa project by IOI Properties Group Berhad