Property fair seeing good sales

THREE projects secured about RM72mil sales during the four-day Fair 2019 that ended on Sunday.

The projects that generated sales are the City of Dreams (COD) by Ewein Zenith, Celesta Residency by TGB Group and Emerald Residence by TPPT Sdn Bhd.

COD and Celesta Residency, marketed by Zeon Properties, generated RM48mil of which RM39mil came from COD and RM9mil from Celesta Residency.

“We are happy with the sales, ” said Zeon Properties chief executive officer Leon Lee.

Emerald Residence, marketed by Property Talk, took in RM24mil.

Property Talk principal Steven Cheah said medium-range housing projects on the island still capture the attention of property hunters.

“This is why Emerald Residence, priced between RM478,000 and RM500,000, is selling well, ” he added.

Cheah said the current interest rate for housing loans at 4.3% had helped stimulate interest in the property market.

“At a 4.3% interest rate, the monthly installment for a RM300,000 loan to be repaid over 30 years is RM1,484, ” Cheah said.

According to Cheah, Penang property prices can expect to remain stable in the years to come.

“The pricing of the new supply entering the market will be very competitive.

“Bank interest rates, however, will need to be maintained at a low level to stimulate interest in the property market, ” he said.

Mah Sing Group Bhd chief operating officer Everlyn Khaw said the group took in a lot of registrations for Ferringhi Residence 2 in Batu Ferringhi plus M Vertica and M Centura in Kuala Lumpur.

“There were also queries on our new schemes in Penang and other parts of the country, ” she said.

“The drop of housing loan interest to 4.3% from 4.5% early this year and the plans to implement the Pan Island Link 1 and LRT project enhance the attraction of Penang as a property investment destination.

“We will be surveying to get feedback from the public on the kind of house designs and sizes they would like to see developed.

“Our Southbay masterplan is being revised now to incorporate our new projects, ” she added.

Khaw said the proposed rent-to-own (RTO) scheme under Budget 2020 would help first-time house buyers secure financing and help the younger generation to own a home.

“Allowing foreigners to buy property at RM600,000 will reduce the overhang, ” she said.

Mah Sing, the largest exhibitor at the fair, showcased RM3.18bil worth of properties.

The other developers at the fair were Ewein Zenith Sdn Bhd, Sunway Property, TGB Group, Penang Regional Development Authority, Tambun Indah Land Bhd, TPPT Sdn Bhd, IOI Properties, Hunza Properties, and Pearl Ocean Capital Sdn Bhd.

East West Horizon Plantation Bhd, an oil palm plantation investment company, GIC Group, a Penang-based property agent, and Cycle & Carriage Bintang (Northern) Sdn Bhd were also among the exhibitors.

Property fair visitor Chew Seak Wei, 37, said he was looking for a home close to where he works in the south-west district.

“You have to prepare over RM400,000 to get a house on the island nowadays.

“The price doesn’t usually include renovation cost.

“Getting a bank loan is still difficult, ” he said.

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