China buyers eyeing Penang property in growing tourism

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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

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Packed room: Lee giving his talk on ‘Infrastructure goes a long way when picking the best property’ during The Star Property Fair 2013 at G Hotel, Penang.   http://www.zeon.com.my/index.html

PROPERTY investors should look out for the connectivity of road infrastructure when it comes to securing ideal property, said Zeon Properties chief executive officer Leon Lee in Penang.

He said infrastructure such as transportation hubs and bridges were vital elements that ensured property prices in their surrounding areas would soar.

Citing an example, Lee said the completion of a bridge connecting Shenzhen, China, and the New Territories of Hong Kong, had seen property prices in the surrounding areas escalating by about 155% over a period of 10 years.

He singled out another example in the form of the Malaysia-Singapore second link connecting Tanjung Kupang, Johor and Tuas in Singapore.

“In 2002, the property price in New Territories of Hong Kong was about HKD$29,522 (RM12,154) per sq m.

“It shot up to HKD$75,416 (RM31,049) in 2013, which took only about 10 years.

“My logic is simple, just watch out for those infrastructure. If there is connectivity or the distance between one place and another is shortened, property prices in that area will surely shoot up,” he told the participants during his talk titled ‘Infrastructure Goes a Long Way When Picking the Best Property’ at G Hotel on Saturday.

On a local perspective, Lee said the prices of property in Batu Maung had increased significantly as the second Penang bridge is scheduled to open to traffic soon.

“In 2007, a terrace house in Batu Maung was worth about RM700,000. But now, a similar unit is priced at RM1.4mil. This is evident to my point earlier,” he said.

He added that Penangites should take notice of the recent announcement by the state government, including the 6.5km undersea tunnel project linking Gurney Drive and Bagan Ajam.

The projects also comprise a 4.6km bypass linking Air Itam to Tun Dr Lim Chong Eu Expressway, 12km Tanjung Bungah-Teluk Bahang paired road and a 4.2km stretch between Gurney Drive and Tun Dr Lim Chong Eu Expressway, bypassing the city centre.

“Chances are high that property prices will boom in the surrounding areas,” Lee said.

The talk was sponsored by Hong Leong Bank.

 Penang Property Fair a huge success

Upwards: Potential buyers looking at the MRCB project during the final day of the Property Fair at Gurney Plaza in Penang.

GEORGE TOWN: The Star Property Fair 2013 concluded with Penang and Kuala Lumpur-based developers locking in some RM227.6mil from the sales of residential and commercial properties showcased in G Hotel and Gurney Plaza.

Seven of the property development companies exclusively marketed by Zeon Properties Sdn Bhd generated RM136mil in sales over the past four days from Thursday.

Masmeyer Holdings Sdn Bhd generated RM50mil in sales from some 50 units of its Marinox condominium in Tanjung Tokong.

Zeon chief executive officer Leon Lee said Singapore-based UOA Group and Magna Putih respectively sold about RM25mil and RM20mil worth of property in Kuala Lumpur and Penang.

“UOA sold about 25 units of its Scenaria@North Kiara Hills condominium project in Mont Kiara while Magna Putih sold 20 units of its Mansion One serviced suites in Jalan Sultan Ahmad Shah, Penang.

“Other developers such as Mayland Universal Sdn Bhd (RM15mil), Mammoth Empire Holdings Sdn Bhd (RM10mil), Malaysian Resources Corp Bhd (RM15mil), and Venn Properties Sdn Bhd (RM6mil) registered RM46mil in sales,” he said.

Lee said the achievement was higher than anticipated in view of the increasing difficulty for buyers to obtain bank financing nowadays, adding that partial payments were received for the sales.

“Among the projects that attracted much attention and enquiries included Venn Signature, a gated terraced project by Venn Properties in Jalan Raja Uda, Butterworth.

“Penang investors were also attracted to the Scenaria@North Kiara Hills by UOA Group, as the units are priced competitively,” he said.

UEM Sunrise Berhad, SP Setia Bhd, Bukit Kiara Properties Sdn Bhd, TPPT Sdn Bhd, and Lone Pine Group achieved RM68.6mil in sales during the event which ended yesterday.

SP Setia sales and marketing manager Susie Loh said they secured RM18.6mil in sales despite many people not being able to make up their mind on the spot.

 

Visitors having a look at a property model at the SP Setia Berhad Group booth during the fair in Gurney Plaza

“But we are hopeful of converting a large number office reservations into sales. Many wanted to check out our project sites before signing.”

UEM sales and marketing senior manager Shamsul Bahari Aini said they managed to hit RM20mil.

“We sold about 15 units and this is one of our best results in The Star Property Fair.

“In fact, I believe we can even surpass our target as there are at least five buyers who looked really interested in our projects,” he said.

BHL Waterfront Sdn Bhd and Bandar Utama Development Sdn Bhd secured RM20mil and RM3mil in sales respectively.

The Star advertising sales and business development manager (north) Simone Liong said about 40,000 people visited the fair.

The official event partner is Zeon Properties and Hong Leong Bank is the sponsor.

By DAVID TAN and TAN SIN CHOW newsdesk@thestar.com.my/Asia News Network

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