Property market eyes foreign buyers

  • Nation
  • Sunday, 21 Jul 2019

Looking good: Visitors to Ideal Property’s booth viewing a scale model of The Queens Residences near the Queensbay Mall during Fair at Gurney Plaza.

GEORGE TOWN: Zeon Properties aims to sell about RM18mil in properties during the four-day Fair 2019 which ends today.

Its chief executive officer Leon Lee said sales were encouraging, adding that they had locked in over RM10mil in sales over the past three days.

“The foreign buyers who visited our booth were from Hong Kong, Indonesia and China.

“Our properties are still attractively priced because of the weaker ringgit,” Lee said.

Zeon Properties is the marketing agent for City of Dreams (COD) in Gurney Drive and Devoteshens’ My Sakura 28 in Permatang Damar Laut.

Both projects are being showcased at the property fair organised by Star Media Group at Gurney Plaza.

The participating developers are Ideal Property Group, Mah Sing Group Bhd, Ewein Zenith Sdn Bhd, Asia Green Group, Berjaya Land Bhd and Devoteshens Sdn Bhd.

East West One Group, an oil palm plan­ta­tion in­vest­ment scheme op­er­a­tor and ma­­­n­ager, is also offering its oil palm plantation interest scheme at the fair.

Ideal Property sales and marketing general manager Nancy Teo said there were more property buyers from Sungai Petani and Penang mainland this time.

“More than 60% of the first and second phases of Queens Residences have been sold so far, while about 40% of The Amarene project were taken up.

“Lower interest rates and the projects’ strategic locations are the reasons behind the encouraging responses we have received at the fair,” she added.

Meanwhile, Raine & Horne Malaysia senior partner Michael Geh said Malaysia needs to sell more high-end properties to foreigners.

“Currently, fewer than 3% of Malaysian properties are owned by foreign buyers and I believe this is still very healthy and low.

“In Penang, foreign ownership is also less than 5%.

“We can raise foreign ownership of high-end properties to 5%,” he said.

According to Geh, the target is not difficult to achieve because Malaysia My Second Home (MM2H) programme is world-class and envied by many Asean countries that wish to attract more foreign retirees to their shores.

“By linking MM2H to the purchase of high-end properties, it will cut down (the activity of) international property speculators.

“These speculators would come here to buy properties and flip these to Malaysian buyers at a higher price, thus driving up the property prices. This practice should be discouraged.

“I believe that the over-concentration of a single nationality in a single project is not good for the property market in the country,” Geh said.

The fair also sees the return of the Beli & Menang contest where one lucky homebu­yer stands to walk away with a brand new Proton X70.

To be fully eligible, buyers have to submit booking forms before the contest closes on Nov 30, as well as the Sale and Purchase Agreement before Dec 31, to

But first, buyers should register online at, answer a simple question and submit a slogan.

The finalists in the running to win the vehicle will be announced next January. Fair 2019 at Gurney Plaza is open until 10am to 10pm today. Entrance is free.

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