An artist’s impression of Ideal Property’s The Amarene project in Bayan Lepas, Penang.

IDEAL Property’s Queens Waterfront and The Amarene projects in Bayan Lepas are among the new housing developments in the south-west district that will grab the attention of property hunters at the StarProperty.my Fair 2017 at Queensbay Mall.

Both projects will be opened for registration during the fair in Penang from Oct 19 to 22.

Ideal Property general manager (sales and marketing) Nancy Teo said The Amarene was a mid-range project located next to the Penang International Airport in Jalan Tun Dr Awang.

“We are introducing The Amarene into the market because Summerskye, a similar scheme in the mid-range category launched in late 2015 in Bayan Lepas, is about 80% sold,” she said.

The 35-storey Amarene, with 1,100sq ft and 1,200 built-up areas, has 410 condominium units,priced between RM630,000 and RM750,000.

Queens Waterfront is a sea-fronting high-rise scheme in Pesiaran Bayan Bay Indah in front of Queensbay Mall.

The first phase comprises two 20-storey condominium towers with 500 units, priced from RM787,900 to RM1,966,900.

The second phase has a single 24-storey tower with 450 units, priced RM805,700 to RM2mil.

Teo said local buyers were now looking for sizeable residential units within a strategically located well-planned scheme.

“From our feedback, high-rise residential units should have a built-up area of over 1,000sq ft and a price tag of over RM850 per sq ft.

“The master plan of our new projects is based on the need to have easy access to amenities, sizeable living space and competitive pricing,” she added.

According to Teo, there are still good fundamentals propping the property market.

“We see healthy support in the mid to long-term from the young population, stable employment and the continued development of public transport infrastructure.

“According to Bank Negara, the Malaysian economy is still resilient with continued GDP growth.

“Last year, the growth rate was at 4.2% and it is expected to have a growth rate of 4.3% to 4.8% this year, which should be conducive to a recovery in the property market.

“The good news is that Bank Negara has maintained OPR rates at 3%, which will continue to make properties in the country attractive to overseas investors and maintain the stability of demand and prices in the local market,” she said.