A TOTAL of 300 properties worth about RM30mil will be put up for auction at the inaugural Star Property Fair 2003 at the Penang International Sports Arena (Pisa) in Relau from Sept 19 to 21.
The grand auction, touted as one of the largest in the country, will be held on all three days offering properties with prices ranging from RM50,000 to RM500,000 each.
Henry Butcher International Asset Consultants (Penang) senior vice-president Teoh Poh Huat said the auction was an ideal forum for banks to sell properties under foreclosure.
“There would also be properties owned by individuals that would be put up for sale through the auction,” he said, adding most local banks would take part in the auction.
Henry Butcher, which is the technical advisor for the auction and property talks held in conjunction with the fair, will take up eight booths offering strategically-located secondary market properties and properties under construction on Penang island and in Prai.
The fair, organised by The Star, is set to be the largest one-stop pro-perty exhibition in the northern region showcasing more than 100 booths on property, home decor and related services in line with the stimulus package implemented by the Government.
There will also be a total of 13 talks by officers from the Inland Revenue Board, bankers, solicitors, tax experts, architects, interior decorators, real estate agents and auctioneers throughout the three-day fair.
According to Teoh, visitors would have a choice of visiting the exhibition booths, take part in the grand auction or to attend the talks.
The titles will include ‘What properties to invest?’, ‘How to minimise your tax burden’, ‘Important tips on renovation', ‘Feng Shui’ and ‘Why not make your real estate agent work for you?'.
“Prior to the fair, we will organise two workshops on ways to buy properties through an auction,” he said, adding that the workshops were meant to keep interested property purchasers informed before they take part in the actual auction in the fair.
The workshops, which are opened free to the public, will be held at the Caring Society Complex from 3pm to 5pm on Sept 6 and Sept 13.
Teoh said this was the best time to invest in properties as the market was stable, bank interest rates were at an all-time low and the economy was flourishing.
“So those who are about to invest in a property, please wait for the fair as there would be a choice of completed and incomplete properties at very reasonable prices,” he said.
Those interested to attend the auction workshops must register with Shirley Goon or Rachel Teng at 04-2298999 while those who wish to take part in the auction during the fair would also need to register with Henry Butcher from Sept 15 to Sept 18. For details, call Gary Loo at 04-2298999.
The fair is open to the public from 11am to 9pm. Admission is free.