THE four-day StarProperty.my Fair 2018 at Queensbay Mall closed with four developers securing deals worth RM48mil.
The sales of Emerald Residence units in Teluk Kumbar by TPPT Sdn Bhd generated RM28mil.
The remaining RM20mil came from the sales of City of Dreams (COD) by Ewein Zenith, Botanica. CT by MTT Properties & Development and My Sakura 28 in Permatang Damar Laut on the island.
Zeon Properties chief executive officer Leon Lee said the sales were encouraging, especially since the interest rates for housing loans had increased.
“This shows that when it comes to the right product, especially if it is in a strategic location, genuine house buyers don’t really mind paying a slightly higher interest rate,” he said.
Zeon Properties is the marketing agent for COD, Botanica. CT, and My Sakura 28.
Property Talk principal Steven Cheah said customers were attracted to Emerald Residence in Teluk Kumbar because of the ‘build and sell concept’.
“Purchasers need make only an initial 1% payment of the purchase price, with the balance to be paid when the project is completed in 2019.
“The project, which started in 2016, is now 50% complete,” Cheah said.
SPNB Aspirasi Sdn Bhd head of projects (Pahang) Mohamad Kamarulzaman said all its projects received very encouraging response.
“About 70% of the visitors come from Penang to enquire about the projects, although they are located in other states,” he said.
SPNB is showcasing the Metro Maya in Batu Gajah, Perak, Taman Permai Utama in Gurun, Kedah, Purnama Residensi in Terengganu, Taman Sutera Wangi in Melaka, Aspire Residence in Cyberjaya, and Tanah Al-Hamra in Tanah Merah, Kelantan.
According to Mah Sing Group Bhd senior chief operating officer Seth Lim, buyers were more astute now and knew what properties they wanted for investment.
“Location has always been the buyers’ main concern in looking for property. According to the National Property Information Centre report, the hotspots are Sungai Nibong and Bayan Lepas.
“However, due to scarcity of land on the southern side in areas like Sungai Ara and Bayan Lepas, developments are slowly moving towards Batu Maung.
“In Batu Maung, we have M Vista, a residential development with an affordable entry price indicatively starting from RM345,800.
“It is almost impossible to find such an affordable entry price for a residential property in a well-connected area like Southbay township in Penang island,” Lim said.
Visitors took advantage of the slowdown in Penang property market to look for better deals at the fair.
Among them were Karen Choo, 26, who was on the lookout for her first home.
“The location is not a priority for me since I do not mind living on the mainland or on the island.
“As someone who has just started a career, the price would be key.
“I just need a small place as my first home,” she said.
Businessman V. Krishna, 38, said he was looking to invest in property as it would be a good opportunity during the market slowdown.
“We are staying at a landed home on the mainland so we want a high-rise unit on the island for investment.
“Gated and guarded with facilities will be our preference since we have two young children,” he said.
A total of 17 exhibitors unveiled their products at the property fair, of which 15 were developers.
The developers were SPNB Aspirasi Sdn Bhd, Mah Sing Group Bhd, Ewein Zenith Sdn Bhd, Iconic Land Sdn Bhd, Regata Maju Sdn Bhd, JKP Sdn Bhd, Setia Fontaines (subsidiary of 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 at the fair were Property Talk, a Penang-based real estate agency, and East West One Marketing Sdn Bhd, which is an oil palm investment company.