RM4.8bil worth of properties at fair

House hunting: Vistors taking a closer look at a scale model of the Celesta Residency project by TGB Group at the Zeon Properties booth on the first day of the StarProperty.my Fair 2019 at Queensbay Mall in Penang.

GEORGE TOWN: Seven developers are showcasing properties worth RM4.85bil at the four-day StarProperty.my Fair 2019 in Queensbay Mall from now until Sunday.

They are Mah Sing Group Bhd with a gross development value (GDV) of RM3.18bil, Ewein Zenith Sdn Bhd (GDV RM800mil), Sunway Property (GDV RM242mil), TGB Group (RM66mil), Penang Regional Development Authority (GDV RM42.5mil), Tambun Indah Land Bhd Bhd (GDV RM303mil) and TPPT Sdn Bhd (GDV RM220mil).

The other developers at the fair are IOI Properties, Hunza Properties, Pearl Ocean Capital Sdn Bhd, East West Horizon Plantation Bhd, GIC Group and Cycle & Carriage Bintang (Northern) Sdn Bhd.

Raine & Horne Malaysia senior partner Michael Geh said for Penang, the number of transactions at the primary and secondary markets would hit 12,936 this year with a value of RM5.5bil, compared to 12,551 units and RM5.47bil achieved in 2018.

“In the first half of 2019, there were 6,039 residential property transactions with a RM2.46bil value.

“We expect another 6,897 residential property transactions with a RM3.04bil value for the second-half 2019,” Geh said.

He said in the first quarter of 2019, there were 2,621 unsold condominiums in Penang.

“There are 8,956 unsold condominiums that are under construction in the first quarter of 2019.

“The proposal to allow foreigners to buy properties at RM600,000 and the rent-to-own scheme proposed under Budget 2020 should help clear the overhang of properties priced below RM500,000.

“Because of the House Ownership Campaign (HOC), the housing market was already moving early this year. We expect to see the momentum picking up and more units sold next year,” Geh added.

Mah Sing Group, the largest exhibitor at the fair, is showcasing the Ferringhi Residence 2 (GDV RM614mil) in Batu Ferringhi, and M Vertica (GDV RM2bil) and M Centura (GDV RM570mil) in Kuala Lumpur.

“Our high-end developments along the Penang seafront such as the Ferringhi Residence have been well received by international buyers.

“Penang is one of the most familiar places to our international buyers, being a popular tourism and investment destination.

“The HOC has stimulated the property market for the past 10 months,” said group chief operating officer Everlyn Khaw.

Property Talk principal Steven Cheah said that over the past three months, because of the Hong Kong protests, Penang had seen many buyers from Hong Kong scouting for properties here.

“The high-rise homes in Tanjung Bungah and Tanjung Tokong have been attracting the attention of foreign investors,” Cheah said.

Property Talk is the marketing agent for Emerald Residences by TPPT.

Zeon Properties chief executive officer Leon Lee said the company had so far sold about 40% of the Celesta Residency project, while the sale today for City of Dreams (COD) was about 80%.

“For Celesta, the buyers are locals. However, we are also getting queries from Hong Kong and China for the project,” Lee said.

Zeon Properties is the marketing agent for COD at Gurney Drive and Celesta Residency in Sungai Nibong.
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