BOOTHS featuring attention-grabbing scale models and creative designs are up, signalling the start of the Star Property Fair 2011 which begins today at the ground floor of Gurney Plaza and G Hotel’s level 2.

Workers were seen putting finishing touches to the booths which were adorned with decorative plants and elaborate, contemporary designs.

One of the exhibitors Mah Sing Properties Sdn Bhd spent RM60,000 for its booth.

Mah Sing marketing and sales senior manager (northern region) Venus Ho said the money was spent for printing posters and the elaborate booth decorations.

“We chose a grey-and-white-coloured theme for our booth and by doing so, it makes our posters stand out,” she said, adding that Mah Sing was featuring three projects during the fair.

Touted as Penang’s premier pro-perty expo, the fair, in its ninth edition, is featuring 28 major industry players along with several financial institutions.

Those hunting for their dream homes can find different types of housing at the fair, ranging from villas, bungalows, three-storey houses, condominiums and commercial units.

Among the exhibitors are IJM Land Berhad, Ivory Properties Group Bhd, Belleview Group, DNP Land Sdn Bhd, Nusmetro Venture (P) Sdn Bhd, Sunway Grand Sdn Bhd, Mah Sing Group Bhd, MTT Properties and Development Sdn Bhd.

Others in the fray include Reka Indah Development (PG) Sdn Bhd, Ideal Property Development Sdn Bhd, SP Setia Berhad, Boon Siew Group (BSG Property), E&O Berhad, Lone Pine Group of Companies and many more.

Besides gaining an insight into the latest high-end projects or existing property available, visitors can also scout for suitable home financing packages and fantastic residential and commercial property bargains.

Another exhibitor BSG Property has focused on enabling prospective customers to have a spacious feel at their booths.

Its marketing executive Teoh Swee Wen said the booths feature artificial grass and several big posters promoting their latest project Permai Gardens.

Thousands of visitors are ex- pected to throng the four-day event starting from 10am to 10pm daily.

Other than great property bargains, visitors also stand a chance to win fantastic prizes totalling RM30,000 in the Surf, Click & Win contest sponsored by IJM Land.

There will be 10 prizes up for grabs daily and this includes 32” Samsung LCD televisions, Acer Iconia Tabs, Samsung Galaxy Tabs and Parkson vouchers.

To participate, simply cut out the ‘Surf, Click & Win’ advertisement in The Star from today to Sunday.

The special draws will be held daily at 8.30pm on the ground floor of Gurney Plaza’s new wing during the fair.

The fair is organised by The Star in collaboration with Henry Butcher Malaysia (Penang).

There will also be talks and forums by property and property-related professionals during the fair.

Early birds to the fair who bring along stick-ons printed on the front page of the main paper yesterday and today will receive mystery gifts throughout the duration of the fair while stocks last.

They can collect their gifts at The Star circulation booth (N3) on the ground floor of Gurney Plaza’s new wing.

Visitors, who bring along cut-out coupons printed in the StarMetro section from today until Sunday, can also redeem the coupons for a mystery gift at The Star circulation booth on the ground floor of Gurney Plaza’s new wing on a first-come-first-served basis.

Hong Leong Bank Berhad, which has set up a booth each at Gurney Plaza and Level 2 of G Hotel, is sponsoring RM5,000 worth of mystery gifts during the fair.

SOURCE: The Star

PETALING JAYA: CIMB Research expects the proposal by Bank Negara to modify the mode of calculation for household loans to curb domestic speculation in the local property sector to have only a short-term impact.

“We think that any measures to curb domestic speculation are likely to have only a short-lived impact on physical property sales, as was the case when a flat 5% RPGT (real property gains tax) was levied in October 2009 and an LTV (loan-to-value) ratio of 70% was imposed on the third-property purchase in November 2010.

“In both cases, the impact on the real property market was a wait-and-see attitude by buyers for two to three months before they rushed back into the market when they realised that house prices were firm and still rising,” it said yesterday.

The research report was in reference to a recent local news story which reported that the central bank had issued a white paper to obtain feedback on the possibility of basing the calculation of household loans (mortgage and hire purchase) on net pay instead of gross pay.

“The report is yet to be confirmed and even if the measure is implemented, we believe it could be mild as the intention is to curb speculation, not hammer overall sentiment.

“Even if we assume the worst-case scenario where a change in the calculation results in a 26% fall in affordability, in line with the maximum personal tax rate, the affordability ratio is still very healthy,” said CIMB.

CIMB noted that a share prices of property stocks had been on a downtrend since the news report, which also spilled over to construction companies with significant property exposure.

The research house believes that the Government would be careful not to implement measures that would have too negative an impact on the property sector as it would still want to encourage home ownership, and restrictions would have the opposite effect.

“The Government hopes to unlock the value of its idle land in the Klang Valley and measures that would hurt the sector could result in lower bids for the land, and the performance of the property sector affects other key sectors of the economy and property restrictions in the run-up to general elections may not be popular,” it said.

SOURCE: The Star

11 Macallum is an commercial development by PDC Properties located along Gat Lebuh Macallum in Georgetown, Penang. It comprises 53 units of commercial and office lots.

Property Project : 11 Macallum
Location : Georgetown, Penang
Property Type : Commercial
Total Units: 53
Developer : PDC Properties Sdn. Bhd.

Penangites working in China and Singapore are taking up property in Penang, thus providing a stable demand to drive the growth of the local property market this year.

Henry Butcher Malaysia (Penang) Sdn Bhd senior business development manager Law Beng Yeow said that Penang’s residential properties would continue to be attractive despite a slowing GDP forecast, which was expected to be around 5.5% to 6%, compared to about 7% a year ago.

“Penang is on the map of many overseas Penangites, especially those working in China and Singapore, who want to leverage the strong foreign currencies they are earning to invest in local properties, which are still priced competitively in the Asian region,” Law said.

“They go for landed and high rise in choice locations such as properties in Pulau Tikus, Tanjong Tokong, Tanjung Bungah, Batu Ferringhi and Green Lane.

“The demand is reflected in the increase in the selling prices of such properties in the secondary market,” Law said in an interview held in conjunction with tomorrow’s ninth Star Property Fair 2011 in Penang, which will be held at Gurney Plaza and the adjoining G Hotel from Thursday to Sunday.

Law said landed property in these neighbourhoods transacted in the secondary market have risen by about 10% compared to last year, while high-rise properties have risen between 5% and 10%, all depending on the location, size and specifications.

“For example, an average size landed terraced unit with a built-up area of approximately 2,000sq ft to 3,000sq ft is now priced between RM1mil and RM1.5mil, up from about 10% from last year,” said Law.

“For a semi-detached unit with a built around 3,000sq ft to 4,000sq ft, the current price ranges from RM1.8mil to RM2.8mil, up from about 10% from last year.

“A condominium unit with a built-up area of about 2,500sq ft to 5,000sq ft is priced between RM700,000 to RM3mil, about an increase of 5% to 10% growth from last year’s pricing.”

He said new landed and high rise property in these areas to be launched soon were expected to be priced slightly higher from the present price levels in the secondary market.

“The local property market is expected to continue to grow but at a slower pace this year, as we have already seen a big rush to take up properties in 2010,” Law added.

On the high prices of Penang property, Henry Butcher Malaysia (Penang) vice-president Shawn Ong said the cap on the third property loan to 70% had deterred speculators from coming into the property scene.

“Those coming in now are genuine investors with the cash to hold to the property.

“High commodity prices and the volatile stock market overseas are continuing to prompt medium and long-term investors to take up properties, which are considered to be lower-risk,” he said.

Ong added that the trend forward was towards medium market properties, as developers were taking into consideration the affordability level of home purchasers.

“This is why we are seeing more recent developments in the past 12 months of high-rise units on the island, with built-up of over 1,000sq ft, priced between the RM300,000 and RM500,000 range, which have received overwhelming response.

“Such property are now being developed in Bayan Baru, Bayan Lepas, and Air Itam townships,” he said.

The Star Property Fair 2011, organised by The Star in collaboration with Henry Butcher, will be open to the public from 10am to 10pm daily, and admission is free.

To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths at the Star Property Fair.

The fair will also see RM30,000 worth of prizes to be won for the ‘Surf, Click & Win’ contest which is sponsored by IJM Land.

SOURCE: The Star

FUTURE residents of the Pearl Regency Condominium can look forward to a luxurious and cosmopolitan sky-high lifestyle when IJM Land Bhd’s iconic development at the MetroEast Udini is completed at the end of 2013.

Located on a 2.78-acre parcel of land and a stone’s throw away from Tesco and e-Gate along the coastal highway, the 35-storey freehold mixed-development project comprises residential and commercial components with a gross sales value of RM244mil.

Its residential units, in 10 different layouts ranging in size from 1,313sq ft to 2,131sq ft and priced between RM734,000 and RM1.4mil, have been well received thus far. Currently, only limited units are still available.

According to IJM Land northern region general manager Toh Chin Leong, 15% of those already taken up are from foreign buyers, testament to the project?s centralised location, innovative design and luxurious finishing.

For today’s lifestyle, people also like to live close to amenities such as supermarkets, F&B and retail outlets, and our location makes it very convenient for them.

“Most places on Penang island are also within easy reach, while the Penang Bridge and the mainland is also nearby,” he said.

All units come semi-furnished with quality fittings – from air- conditioners to kitchen cabinets, ovens, refrigerators, gas hob and hoods, water heaters and wardrobes – that saves residents the headache of hunting for furniture later on.

A comprehensive set of facilities ensures that residents will always have a haven where they can return to. These include a swimming pool, Jacuzzi and pool bar, children’s playground, barbeque pit, gymnasium, reflexology path, putting greens, games room, reading room and community hall.

One is also in touch with nature, with a maze and sky gardens adding a touch of lush greenery. Otherwise, one can simply admire gorgeous panoramas of the channel from the viewing deck.

“On top of that, units have unobstructed views of the sea,” Toh added.

Toh believes that with their nearby The Light waterfront development poised to be a small city in itself and change the entire skyline, it will have positive knock-on effects for the entire area, especially in terms of value appreciation.

“For most of our projects, from the day they’re launched till the day we hand over the keys, we’ve seen appreciation of easily between 30% and 50%.”

“Together with our excellent after sales service, buyers have great confidence in our projects,” he said.

As land on the island is scarce and prices of materials on an upwardly trend, in addition to Penang become more well-known internationally, he is optimistic about market prospects and advises prospective home owners to take the plunge once they’ve found something that fits their budget and location needs.

Patsy Lee, the senior manager of sales and marketing, added that specially for the four-day Star Property Fair, the company is offering zero-interest during construction, and free legal fees on sales and purchase agreement and loan. Buyers also get a free utility room averaging 40sq ft, located at the basement, for convenient storage purposes.

Also, the commercial component of Pearl Regency is set to be launched in the fourth quarter of the year, with a GSV of RM80mil. It comprises 76 lots ranging in size from 377sq ft to 2,852sq ft and priced from RM310,000 to RM2.2mil.

Upcoming projects targeted to launch by year-end are The Address at Bukit Jambul comprising low density Boutique Condos and four-storey Duplex Loft, and Permatang Sanctuary at Bukit Mertajam, a 131-acre township, with seven phases and four themed parks.

IJM Land is also sponsoring RM30,000 worth of prizes for the “Surf, Click & Win” contest at the Star Property Fair.

Touted as Penang’s premier property expo, the fair?s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers – representing almost all the big boys in the industry – along with several financial institutions, have taken up booths in the fair.

The fair, to be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd. Admission is free.

SOURCE: The Star