Property hunters should take advantage of the low bank interest rates to buy properties now as a hedge against inflation.

Eco World (North) general manager Khoo Teck Chong said the current rates were among the lowest in the history of housing loans in the country.

“This should spur buying which would help clear the excess stock in the market. We can expect the property market to pick up again in the second half of 2017,” he said at the four-day StarProperty.my Fair here which began yesterday.

Following Bank Negara’s move to cut the overnight policy rate (OPR) by 25 basis points to 3%, banks are expected to adjust the interest rates for housing loans to about 4.25% from about 4.4%.

Khoo said as market sentiments improved gradually, Eco World expected its projects in Penang to generate about RM600mil this financial year ending Oct 31, 2016, compared with RM200mil in the previous year.

Eco World is among the developers showcasing projects at the StarProperty.my Fair which is being held at Gurney Plaza and Gurney Paragon Mall.

Landed residential properties, which are becoming scarce on Penang island, are among the key attractions of the fair.

Zeon Properties chief executive officer Leon Lee said landed projects marketed by his company were located strategically on the island and in Seberang Prai.

“The properties, priced from RM1.5mil to RM3.5mil, received very encouraging queries from visitors, even on the first day of the fair.

“This is because landed projects, especially those in strategic locations, are rare items in property fairs nowadays due to land shortage and high land cost,” he added.

Check out our Latest Projects Gallery for future launches. You won’t find these projects in property fair!

Source: TheStar.com.my

Setia Eco Forest, a long awaited residential development scheme proposed by SP Setia in Tanjung Bungah, Penang. Situated on a 35 acre land along Jalan Lembah Permai, just a stone’s throw away from Leader Garden Condominium.

While there is no official proposal submitted yet, the company’s initial proposal was to create an Eco-themed mixed-residential development featuring terrace houses and condominiums with an estimated gross development value of RM1.1 billion.

This project is only at concept stage and the final design may be different from the images shown in this post. More details to be available upon planning submission.

Property Project : Setia Eco Forest
Location : Tanjung Bungah, Penang
Property Type : Mixed residential
Land Tenure: Freehold
Built-up Area: (to be confirmed)
Total Units : (to be confirmed)
Indicative Price: (to be confirmed)
Developer : SP Setia

Location Map:

The ‘Bloom Gardens’ in front of the development is great for leisurely strolls and also makes Eco Bloom’s commercial lots ideal for alfresco dining outlets.

Eco World Development Group Bhd’s exciting Eco Bloom is set for launch soon, and the StarProperty.my Fair 2016 in Penang is the best time to register your interest.

Those who sign up during the event from Thursday to Sunday will get priority privileges likefirst choice of units in the mixed residential-commercial project along Jalan Paboi in Simpang Ampat.

There will be 490 condominium units in a 33-storey tower block. Priced from RM388,000 onwards, they represent affordable luxury and are great for first-time homebuyers.

The RM283mil development is located on a 4.86-acre plot within the well-received, 59-acre Eco Meadows project which has been mostly sold out.

Eco Bloom will have similarlyelegant English neo-royalty architecture, and is touted as the first high-rise on mainland Penang to feature such charming aesthetics.

Construction is expected tocommence by next month, and unit choices start with the 802sq ft, Type A with two bedrooms which young families and individuals should find ideal for their needs.

Those seeking bigger living spaces are catered to with the 901sq ft Type B and 1,101sq ft Type C, both with three bedrooms and also have balconies.

All are well-designed with modern and practical layouts that suit lifestyles today. The vast expanses of windows enable the units to look brighter and more airy.

Future inhabitants here will be pampered by the comprehensive array of facilities that include a swimming pool, gymnasium, jogging track, barbecue area, multi-purpose court, function hall, children’s playground and others.

Beneath the residential units, which are split across two wings, is the podium block with 23 units of double-storey shoplots, sized at 22ft x 60ft for the lower ones and 22ft x 68ft for those on the upper level.

The developer will carefully select potential buyers and tenants to create an optimum mix of retail offerings and services so residents would have convenience at their doorstep.

Facing these commercial lots will be the 24,000sq ft Bloom Gardens that is perfect for alfresco dining or leisurely strolls with loved ones.

The development is expected to be completed within three years. Its show units were recently launched and can be viewed at the EcoWorld Gallery @ Eco Meadows.

Alternatively, one can find out more about the project by visiting the company’s booth at M1 and M2 in Gurney Plaza during the four-day fair which is open from 10am to 10pm daily. Admission is free.

Star Property Fair offer early bird discount 9% for Eco Bloom residential and 8% discount for commercial shop lot.

Source: TheStar.com.my

The current slowdown in the property market doesn’t look like it will pick up anytime soon. In fact, the outlook seems rather uncertain for the Malaysian property industry.

“If the economy continues to be gloomy, the property market will likely be slow and soft,” Valuation and Property Services Department (JPPH) director-general Datuk Faizan Abdul Rahman tells the TheEdgeProperty.com.

According to Faizan, the property market hinges on market sentiment.

“The economy, politics, and even the recent Brexit in UK have an indirect impact on sentiment. It is also among the reasons that caused the drop in transactions in all property sectors in the first quarter of 2016,” Faizan says.

Based on 1Q2016 data, the overall market performance had softened in 1Q2016. Both volume and value of transactions recorded double-digit contraction against 1Q and 4Q2015.

With the exception of the agricultural sub-sector, all other sub-subsectors were on the downtrend.

“The residential sub-sector, which has been contributing the lion’s share of the market, influenced the overall performance. The residential market for the major states (Kuala Lumpur, Johor,
Selangor and Penang) recorded a decline in transaction volume of between 16.7% and 24.4%. In tandem with the market slowdown, residential overhang increased by 8.4% from end-2015, says Faizan.

Hence, he believes the current market is a typical buyers’ market.

“Buyers have more choices now. They can afford to spend a little more time to find the best deal. We have also seen many affordable housing projects launched to cater to buyers’ interest,” Faizan adds.

As for the office market, it is even more subdued.

“In the first half of 2016, there were fewer oil and gas players in the office market — they have been very important to the office market in the past five years,” says Savills Malaysia executive chairman Christopher Boyd on the Kuala Lumpur office market. Generally, he says the KL office market is still soft and slow-moving, lacking in big transactions.

“It could be good news or it could be bad news that we haven’t seen any big movement on the charts so far this year,” he says.

However, he expects a slight improvement in 2017 due to the limited supply ahead.

“There will be less supply (of offices) in 2017 so the current stagnant situation may improve. Nevertheless, more supply is coming on stream in 2018, many which offer modern and green designs.

“No one can foresee what will happen two years from now. It depends on the overall economic situation,” he adds.

Faizan and Boyd will be speaking at the Malaysian Property Summit — Mid-Year Review 2016 on July 27 (Wednesday) at the Sime Darby Convention Centre in Kuala Lumpur.

Faizan will give an overview of the Malaysian Property Market for the First Half of 2016 while Boyd will be sharing his views on the Office Market Performance and Outlook.

The event is organised by The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia (PEPS).

TheEdgeProperty.com and The Edge Media Group are the media partners.

Source: TheEdgeProperty.com

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