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Email this to a friendChallenging yet vibrant Penang property market
THE Ninth Malaysia Plan (9MP) will certainly give a boost to the construction industry. However, the property market in Penang is expected to see challenging times over the next 12 months.
Among the reasons cited for the general softening of the property market are that people are now more cautious, especially with the petrol price hike and other price increases and also the high land cost.
New growth areas in and around the Batu Kawan (on the mainland) and Batu Maung (Penang island) ends of the second Penang bridge, however, are expected to be good news for the property market.
Land prices, especially at Batu Maung, had started moving up ever since the project was announced.
Areas around the proposed sites of the Penang Monorail project and the Penang Outer Ring Road are also expected to do well.
These were among the views of 14 prominent property developers, bankers, architects, planners and government valuers during a roundtable discussion held over two days recently at the Star Northern Hub in Bayan Lepas, Penang.
The discussion, themed “Creating a More Liveable & Vibrant Real Estate Market in Penang”, was organised in conjunction with the three-day The Star Property & Home Fair 2006, which starts tomorrow at the Penang International Sports Arena.
The role players also pointed out that developers were now opting to selling “homes” rather than “houses.”
They said landed properties were still very much the “in-thing” among Penangites, with many properties snapped up despite grouses from would-be buyers of the high prices for such units.
They also pointed out that developers in Penang now took note of the kiam siap (thrifty) attitude of Penangites, who sought the best in quality at the lowest price, in planning their housing projects.
But they were quick to add that Penangites, like their counterparts elsewhere, were a discerning lot, looking for value-for-money in the houses that they would pay with hard-earned money.
They also said the Malaysia My Second Home (MM2H) programme looked promising for Penang.
Gated and guarded community living and three-storey houses were also getting popular with Penangites, they added.
(Source: 14 Sept 2006, The Star Online)