Website Language
For Sale
For Rent
Auction
Latest Project Highlights
| Rice Miller City Residences | |
|
...
|
| New high-end luxury condominium in Penang island | |
|
|
| Minden Residence | |
|
Minden Residence is located at Gelugor, Penang, comprises 8 units of semi-detached houses and 3 units of...
|
| Moonlight Bay | |
|
|
|
| One One Eight @ Island Plaza | |
|
One One Eight @ Island Plaza A Seamless Style of Living 118 @ Island Plaza takes its cue from the energy, vivacity...
|
| Pearl Regency | |
|
High Living, Sky Living The skybridge. The international activity centre. A 3-story shopping mall....
|
| Fettes Residence | |
|
Fettes Residence Million-Dollar Views Enhance The Priceless Living Experience Let the sea, that stretches across the...
|
| Setia Pearl Island | |
|
Setia Pearl Island - The Island of Dreams Since its debut in early 2007, Setia Pearl Island has established its name...
|
| Seri Tanjung Pinang | |
|
HERE, YOUR LAWN EXTENDS TO WHERE THE SEA MEETS THE SKY. Every home at Seri Tanjung Pinang combines detailed...
|
| The One, Penang Cyber City | |
|
CAPTURING IMAGINATION REALIZING DREAMS Unique, Unequaled and cutting edge, The One is gearing up to be one of the...
|
Email this to a friendBest Time to Invest in Penang Real Estate
THE Penang property market has recovered from last year’s global financial crisis and is set for another boom, said Hunza Properties Berhad (HPB) Group executive chairman Datuk Khor Teng Tong.
He said the market was well on its way to recovery with signs of prices gradually rising.
“The local property market is expected to enter another booming cycle preceded by signs showing a gradual rise in prices due to the limited supply of land in prime areas,” he said in his briefing on HPB Group’s 2010 financial results on Tuesday.
Khor said the scarcity of land on Penang island, among other factors, had contributed to its rising prices.
“The increase in building material prices and labour costs, coupled with a restriction on working hours, has resulted in a rise in property costs on Penang island,” he said.
“The shortfall in supply of property cannot be addressed and overcome in the short term and this will lead to a situation where supply will not be able to meet demand,” he added.
This, he added, would contribute further to the increasing trend in property prices.
Given the current situation, it would be the best time to invest in real estate, he said.
Khor also said that the property market in Penang was on the upward trend following the economic recovery.
“This is the time to grab hold of this golden opportunity,” he said.
On HPB Group’s performance in the year ending June 30, 2010, Khor announced that the company had raked in its highest ever net profit — RM50.9mil.
HPB Group also recorded a stronger result of RM248.7mil in revenue, a 172% increase from RM91.4mil the year before.
He said the market was well on its way to recovery with signs of prices gradually rising.
“The local property market is expected to enter another booming cycle preceded by signs showing a gradual rise in prices due to the limited supply of land in prime areas,” he said in his briefing on HPB Group’s 2010 financial results on Tuesday.
Khor said the scarcity of land on Penang island, among other factors, had contributed to its rising prices.
“The increase in building material prices and labour costs, coupled with a restriction on working hours, has resulted in a rise in property costs on Penang island,” he said.
“The shortfall in supply of property cannot be addressed and overcome in the short term and this will lead to a situation where supply will not be able to meet demand,” he added.
This, he added, would contribute further to the increasing trend in property prices.
Given the current situation, it would be the best time to invest in real estate, he said.
Khor also said that the property market in Penang was on the upward trend following the economic recovery.
“This is the time to grab hold of this golden opportunity,” he said.
On HPB Group’s performance in the year ending June 30, 2010, Khor announced that the company had raked in its highest ever net profit — RM50.9mil.
HPB Group also recorded a stronger result of RM248.7mil in revenue, a 172% increase from RM91.4mil the year before.
Source : Star Metro, Friday 20/08/2010