Friday 13 April 2018

China buyers eyeing Penang property in growing tourism

https://youtu.be/olQaqTyb6qo

Worthy investment: Mah Sing sales executive Victor Cheah (left) introducing the M Vista project to visitors at StarProperty.my Fair in Queensbay Mall, Penang.

Visitors checking out MTT Properties & Development Sdn Bhd’s Botanica CT Centre during the StarProperty.my Fair in Queensbay Mall, Penang.

PENANG recently come under the radar of investors from China, said Property Talk principal Steven Cheah.

“It used to be Australia that attracted their interests, but now it is Penang. So, we can expect to see potential house buyers from China at the fair,” he said.

Cheah was speaking at the sideline of the StarProperty.my Fair 2018 which opened at Queensbay Mall yesterday and will end on Sunday.

He said the China investors were interested in high-rise properties near the sea priced at around RM1mil to RM2mil.

Cheah added that house buyers were now more selective due to higher interest rates.

“Most of them will be paying attention to the new launches in the southwest district and in Seberang Prai, where it is still possible to find properties priced below RM500,000,” he said.

Cheah said with the right location, good road connectivity, product type and concept, demand for properties in Penang would still be strong.

Potential house buyers checking out BinWan Development Sdn Bhd’s Gelugor Heights during StarProperty.my Fair in Queensbay Mall, Penang.

“Malaysia’s strong fundamentals augur well for the outlook going forward.

“Malaysia’s population is young with an average age of 30 to 31 years old, and many people are still looking to start a family. This is a good sign for the property market.

“There will be weaknesses in between as the market is adjusting to the supply and demand situation.

“From the medium to long term perspective, property is still one of the choice investments preferred by investors,” he said.

Meanwhile, Yew Chor Hian, who hails from Kedah, said he was interested in a high-rise property priced at around RM600,000.

“I work in Bayan Baru, so I am interested to stay on the island.

Visitors renewing The Star newspaper subscription at The Star info counter at the fair.

“The size and location are important to me,” he added.

Australian Ray Stubb said he was looking for a high-rise condominium.

“We are interested in getting a unit near the sea,” he said.

A total of 17 exhibitors are displaying their products at the fair, of which 15 are developers.

The developers are SPNB Aspirasi Sdn Bhd, Mah Sing Group Bhd, Ewein Zenith Sdn Bhd, Iconic Land Sdn Bhd, Regata Maju Sdn Bhd, JKP Sdn Bhd, SP Setia Bhd, MTT Properties & Development, Galeri Tropika Sdn Bhd, Devoteshens Sdn Bhd, Binwan Development Sdn Bhd, Bertam Properties Sdn Bhd, Corfield Development Sdn Bhd, Penang Development Corporation and Pembangunan Rasa Sempurna Sdn Bhd.

The other two exhibitors are Property Talk, a Penang-based real estate agency, and East West One Marketing Sdn Bhd, which is an oil palm investment company.

The Star by David Tanby david Tan