Zeon Properties project manager Ryan Lee (left) presenting the City of Dreams project to StarProperty Sdn Bhd acting assistant general manager Ernest Bernard Towle (black shirt), Star Media Group regional operations general manager (north) Simone Liong (white blouse), Star Media Group IT operations head (north) Khoo Boo Taik (grey shirt) and other guests at one of the Ewein Zenith booths at StarProperty.my Fair 2017 in Queensbay Mall.
THE local property market is expected to see some pickup late next year, according to IJM Land Bhd senior general manager Datuk Toh Chin Leong.
“Based on market feedback, the residential property sector in Penang should record higher transactions in 2018.
“Moody’s Investors Service has recently forecasted that Malaysian banks would record a loan growth of between 6% and 7% this year, compared with 5.3% in 2016, which should help spur the take-up of residential properties.
“However, Bank Negara needs to keep interest rates low to stimulate buying,” Toh said.
IJM is showcasing the Permatang Sanctuary scheme in Bukit Mertajam, The Trehaus in Bukit Jambul and 3 Residence in Karpal Singh Drive at StarProperty.my Fair 2017 in Queensbay Mall.
On its upcoming projects, Toh said IJM Land would start construction for the second phase of the Light Waterfront project in May 2017.
The second phase has a RM4bil gross development value, which includes the RM240mil Waterside Residence condominium, a convention centre, a four and five-star hotel, retail mall and an office tower.
“We expect to complete the entire second phase by 2021, four years after construction work starts in 2017.
“By then, the oversupply of residential properties should have been cleared and the property market returned to normal.
“The Light Waterfront project should attract investors who are interested in leasing out their properties to young executives working in Bayan Lepas and Bayan Baru and in the commercial precinct of The Light Waterfront,” Toh said.
Toh said the group was also offering at the four-day fair a new, exciting package for selected completed projects called ‘Super Incredible Amazing Offers’ for customers.
“Under this offer, we give a car, cash, and gold for the purchase of a selected completed unit,” he said.
Meanwhile, Zeon Properties Sdn Bhd chief executive officer Leon Lee said there were a lot of potential buyers for Penang properties in northern states like Alor Setar.
“Projects by the sea and integrated mixed-development lifestyle schemes are the most sought after.
“This property fair should attract visitors from Alor Setar,” he said.
He added that interest rates were still low enough to attract first-time home buyers to borrow for property investment.
The housing loan interest rate is now about 4.5%, compared to 12% when it peaked in 1997.
“They should take up a loan to buy if they come across a property of their choice.
“Due to the slowdown in the property market, prices have either remained unchanged or increased slightly compared to a year ago,” Lee said.
Zeon Properties is marketing properties from Ewein Zenith Sdn Bhd, Mah Sing Group Bhd, Devoteshens Sdn Bhd, Aroma Development Sdn Bhd, Gamuda Land, Emerald Capital, and Potensi Utama Sdn Bhd.
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