The Real Estate and Housing Developers’ Association Malaysia (Rehda) says foreign buyers are attracted to a different category of properties, and that their presence will not have an impact on the property market targeted by locals.

Rehda also welcomed Putrajaya’s plan to promote its Home Ownership Campaign (HOC) to foreigners, adding that it was nothing unusual.

“They have a product which is above a million (ringgit) that they want to dispose of, which our local people cannot afford to buy.

“Rest assured it will not contradict our aim of selling affordable housing only to Malaysians,” Rehda president Soam Heng Choon said after a briefing on the property industry outlook today.

Soam said the now-defunct Malaysia Property Incorporated had previously promoted high-end properties to foreign buyers.

He said properties which have been left unsold for a long time can be offered to foreigners.

“Governments in other countries also look at selling high-end properties to foreigners,” he said.

Housing and Local Government Minister Zuraida Kamaruddin was recently criticised over her announcement of a HOC targeting foreign buyers.

Zuraida later clarified that only houses above RM1 million would be part of such a campaign.

Meanwhile, Soam revealed that 19,784 units worth RM14.65 billion have been sold by Rehda members under the HOC.

He also rejected a claim by the House Buyers Association that the glut in high-end properties was due to developers not building what ordinary buyers want.

“Which businessman would come up with a product that no consumers want?” Soam asked.

Source: FreeMalaysiaToday.com

About Queens Residences

Luxury waterfront development by Ideal Property Group at Bayan Bay with gross development value (GDV) of RM600mil. This development is located in front of BayStar Condominium, just stone’s throw away from Queensbay Mall.

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According to data from National Property Information Centre (NAPIC), Malaysia property market transactions for 1H2019 have rebounded for the first time since the market dipped in 1H 2015, indicating a resilient market outlook.

Based on the latest data from NAPIC, property transaction in 1H 2019 has surged 6.9% year-on-year to 160,172 transactions as compared to 149,862 in 1H 2018. The report stated that the Malaysian property market is expected to remain resilient in the coming haIf-year, underpinned by the strong GDP growth in the second quarter at 4.9% and several government-driven initiatives to further support the market activities in the housing sector.

Affordable housing and finding the right solutions to the property overhang continue to be the main agenda of the government.

The National Housing Policy 2.0 (2018 2025) and the incentives introduced in HOC 2019, which has been extended to Dec 31, 2019 are expected to help improve homeownership among Malaysians and the residential overhang situation in the coming half-year.

In Penang, transaction data from NAPIC did not indicate any significant improvement since 2015. However, the average transacted price has shown a gradual increase in both Island and Mainland.

With the introduction of HOC 2019, it is expected for a surge in property transactions to take place in 2H 2019.

The world’s longest inner tube water slide in a theme park in Teluk Bahang is expected to open to the public by the second half of next month.

Penang Escape theme park founder and chief executive officer Sim Choo Kheng said on Wednesday (Sept 25) that the 1,111m-long water slide will be opened upon completion of Phase 3 of the theme park’s development.

Sim said the third phase, which focuses on gravity-play rides, would include the water slide, ski lift, hill rider and tubby racer.

“The total investment for this development phase is RM12mil, and the water slide alone is RM5mil, ” he told reporter.

Earlier, Sim received the Guinness World Records (GWR) certificate from GWR adjudicator Pete Fairbairn in recognition of the water slide being the world’s longest.

It is three times longer than the previous record holder in Germany (356m).

GWR verified the record for the water slide on Sept 6.

Sim said the record-breaking attempt was “completely unintentional” and the development was solely focused on creating longer and more enjoyable theme park rides.

“The main focus when coming up with the concept was to preserve the natural environment and have the visitors enjoy and love nature while having fun, ” he said.

He added that the physical installation of the water slide took eight months using only basic equipment, such as chain hoists and scaffolding, to keep damage of the forest to a bare minimum.

The water slide, with the highest point at 70m above ground, is composed of 488 sections and 326 side guards, and was joined together with 10,248 sets of nuts and bolts, as well as a 1.2km steel poles weighing at 66 tonnes.

Source: Bernama

About Golden Gateway

An SME Industrial Park located on a 20.5 acre land at the southeast part of Batu Kawan. Strategically located off Jalan Perusahaan Valdor, just a mere minutes drive to Batu Kawan Industrial Park. It is only 5 minutes away from Penang Second Bridge. Comprises 54 units of semi-detached and detached light industrial factories.

Find out more about Golden Gateway