Boom town: Visitors at the Star Property Fair 2015 in Penang.
GEORGE TOWN: The property market in Penang has picked up with many buyers showing interest in new projects, said major developers at the four-day Star Property Fair 2015.
Mah Sing Group Bhd (Penang) senior general manager Daniel Law said this was one of the best property fairs it had taken part in since early this year.
“We received many queries from buyers for our new projects in Southbay and the new phase of Ferringhi Residence, priced between RM800,000 and RM1.2mil.
“There were more than 50 registrations daily for the projects. We now have more than 200 people registered,” he said at the close of the fair held at the G Hotel and Gurney Plaza here yesterday.
Ideal Property general manager (sales and marketing) Nancy Teo said response from visitors was better than expected.
“This shows that Penangites still have the disposable income to invest in properties. It is just that they want to take a longer time to choose the right property in the right location,” she said.
Penangites, said Teo, were also showing interest in properties priced from RM450,000 upwards, slightly above those in the affordable range.
“High rise projects like Forestville in Sungai Ara and Summer Skye in Bayan Lepas, to be launched later this year, attracted more than 300 registrations.
“Affordable projects such as the I-Santorini in Tanjung Tokong and One Foresta in Bayan Lepas attracted about 100 registrations,” Teo said.
Zeon Properties chief executive officer Leon Lee said from the five high-rise projects it marketed for developers, the company locked in sales of about RM29.4mil during the fair.
“These projects are from Aroma Development Sdn Bhd, Bionic Development Sdn Bhd, Masmeyer Development, Zhuoyuan Iskandar (S) Pte Ltd.
“We are happy with the response as the expectation was that local buyers might hold back spending following the Goods and Services Tax (GST) in April.
“We can see a slight pick-up now in the local property market,” he said, adding that there was also interest shown by visitors from Indonesia and China keen on investing in seafront properties, especially those located in Tanjung Tokong and Batu Ferringhi.
With over 40 exhibitors, including major players like Eco World Development Group (EcoWorld), BSG Property, Ivory Properties Group, Mah Sing Group and IJM Land, the fair saw projects worth an estimated RM40bil in total being showcased.
