RM30mil in sales recorded

  • Nation
  • Sunday, 20 Oct 2019

Dreams come true: A model of the City of Dreams being displayed at the fair at Queensbay Mall.

GEORGE TOWN: Three developers have sold properties worth more than RM30mil over the past two days at the four-day StarProperty.my Fair 2019, which ends today.

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

Zeon Properties chief executive officer Leon Lee said about 80% of the buyers of COD and Celesta Residency were Malaysians.

“We also got queries from buyers in Hong Kong and China for these projects, ” Lee said.

COD is scheduled for completion in the second half of 2020, while Celesta Residency will be ready end of 2022.

Zeon Properties and Property Talk are the marketing agents respectively for COD and Celesta Residency, and Emerald Residence.

Property Talk principal Steven Cheah said the key attraction of this project is its build-then-sell concept, whereby buyers need only pay 10% of the purchase price with the balance 90% payable upon completion of the development.

“Only reputable and financially strong developers are able to undertake this concept, which accords buyers substantial savings on instalment interests since they are only billed upon completion, ” he said.

The Emerald Residence condominium is priced between RM478,000 and RM500,000.

“Because of the excess supply, we can expect Penang property prices to remain stable in the years to come, ” Cheah added.

Located in the southern part of Penang island in Teluk Kumbar, Emerald Residence, comprising 411 units, is scheduled for completion this December.

Cheah said the developer has only launched two blocks to date with the last block to be launched upon completion and obtaining the certification of completion and compliance.

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

The other developers at the fair are Ewein Zenith Sdn Bhd, Sunway Property, Penang Regional Authority (Perda), Tambun Indah Land 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 are among the exhibitors.

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