Surging interest in Penang property


  • Metro News
  • Monday, 23 Jul 2018

(From left) USM Professor Dr Nor’Aini Yusof, Chow, Rehda Penang chairman Datuk Toh Chin Leong and Towle during the forum ‘The Future of Penang After GE14’ at the StarProperty.my Fair at Gurney Paragon Mall. — GARY CHEN and CHAN BOON KAI/The Star

SIX developers took in about RM34mil in sales during the four-day StarProperty.my Fair 2018 at Gurney Paragon and Gurney Plaza.

The developers are Ewein Zenith, Sepakat Mewah, Bionic Land, Devoteshens, Cosmopolitan Homes, and Aroma Development. Zeon Properties is the marketing agent for their projects.

Its chief executive officer Leon Lee said the buyers, who were mainly locals, bought for their own use and investment purposes.

Homebuyers in search of good deals at the StarProperty.my Fair 2018 in Penang.
Homebuyers in search of good deals at the StarProperty.my Fair 2018 in Penang.

“We got good enquiries from Chinese investors for the projects marketed at the fair.

“Their interest in Penang’s residential property market surged after GE14.

“They were interested to buy for investment purposes and for their own use.

“Some wanted to buy for their children to stay while studying in Penang,” Lee said.

Sales representatives explaining Ideal Property Group’s Queens Waterfront project to interested visitors.
Sales representatives explaining Ideal Property Group’s Queens Waterfront project to interested visitors.

According to Juwai.com, a property platform that features properties for sale from popular cities worldwide, China’s investments in Malaysia’s residential real estate could double by 2025.

Lee said the average monthly views for properties in Malaysia on Juwai.com’s platform grew to 21.3% in the first half of 2017, from 3.7% in the same period in 2016.

“There are about 1.6 million US dollar millionaires in mainland China, according to the Credit Suisse Global Wealth 2016 report.

“Because of their wealth, these individuals dominate the buying of international properties.

Sales and marketing representative Gary Teoh introducing The Effingham 9 Bukit Utama project at the Bandar Utama Development Sdn Bhd booth.
Sales and marketing representative Gary Teoh introducing The Effingham 9 Bukit Utama project at the Bandar Utama Development Sdn Bhd booth.

“Johor and Kuala Lumpur used to grab the attention of Chinese investors.

“However, they are now shifting attention to Penang.

“The shift started in the first quarter this year,” said Lee, who goes to Beijing and Shanghai regularly to give talks on the property market in Penang.

He said now that the political uncertainties in the country had cleared, it was realistic for Penang to be able to draw property investments from China, as the residential properties here were competitively priced.

Visitors checking out Ewein Zenith Sdn Bhd’s City of Dreams project in Gurney Plaza, Penang.
Visitors checking out Ewein Zenith Sdn Bhd’s City of Dreams project in Gurney Plaza, Penang.

Other exhibitors who took part in the fair were Ivory Properties Group Bhd, Hunza Properties Bhd, Ideal Property Group, Bandar Utama Development Sdn Bhd, Kerjaya Prospek Property Sdn Bhd, Mah Sing Group Bhd, BTK Land Sdn Bhd, Hatten Group Sdn Bhd, East West One Group, GIC Group, and Penang Development Corporation.

Meanwhile, Ideal Property sales and marketing general manager Nancy Teo said the group’s projects for the past three days had received good leads from locals and prospective buyers from China.

“We are optimistic of converting these enquiries into sales later.

“Our projects attract attention because they are located close to the Free Industrial Zone,” she said, adding that a lot of the enquiries came from the northern states.

(From left) Brothers Cheng Chun Pin and Chun Ging registering for Starwalk Penang 2018 at The Star booth at the fair.
(From left) Brothers Cheng Chun Pin and Chun Ging registering for Starwalk Penang 2018 at The Star booth at the fair.

“The south-western district where we develop most of our projects is now one of the hotspots for property investment, due to the proposed Pan Island Link and the LRT projects.

“The properties in southwest are priced from RM500,000 onwards for a 1,000sq ft unit in a project with facilities.

“The price of properties in the southwest district is now very attractive, as it has contracted slightly over the past few years,” she added.

Ivory Properties Group Bhd senior sales manager Alan Lim said its projects such as the City Residence in Tanjung Tokong, Tropicana Bay Residences and Zen Commercial in Penang WorldCity, Bayan Mutiara received good response because of their strategic locations and the attractive price package.

Visitors waiting for their turn to take part in the Spin & Win contest during the StarProperty.my Fair.

“The City Residence has sold more than 80%, while the Tropicana Bay Residences more than 95%,” he said.

Mah Sing Group Bhd chief operating officer Evelyn Khaw said the Ferringhi Residence in Batu Ferringhi and The Loft in Batu Maung received overwhelming response.

“Our latest project, M Vista, has sold more than 70% to date.

Visitors taking a closer look at a scale model of the upcoming development project ‘Zen’ showcased by Ivory Properties Group Bhd.

“We get a good balance of buyers looking to invest as well as those who are looking for a home to stay.

“Penang, dubbed as the second city of Malaysia, is a strategic property hotspot that attracts both international and local investors,” Khaw added.

Yesterday evening, Penang Chief Minister Chow Kon Yeow also spoke at the packed one-hour forum titled ‘The Future of Penang After GE 14’ at the StarProperty.my Fair, which was moderated by Starproperty Sdn Bhd general manager Ernest Bernard Towle.

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