The commencement of land reclamation works for the RM10 billion Penang WorldCity project in Bayan Mutiara is expected to begin only in the middle of next year.
The project is undertaken by Tropicana Ivory Sdn Bhd, a 55:45 joint venture between Tropicana Corp Bhd and Ivory Properties Group Bhd. Tropicana Ivory, according to a news report last year, had hoped to begin the reclamation works in the second quarter of 2016.
Despite the slow property market, OSK Property Holdings Bhd believes there is still demand for properties targeted at end users. And the homebuyer market is what is it aiming at with Luminari, a serviced apartment project launched recently at its Harbour Place township in Butterworth, Penang.
CEO Ong Ghee Bin says the township is located near the Butterworth ferry terminal and a stone’s throw from the upcoming Penang Sentral, an integrated transport hub that will feature commercial and retail facilities, cinemas, multi-storey car parks and a hotel. The hub will be directly linked to the electric train service, bus terminal and ferry terminal.
The Malaysian property auction market saw 6,274 properties worth about RM2.37 billion going under the hammer in 2Q2016. This works out to an average 2,090 properties a month, according to data compiled by AuctionGuru.com.
Executive director of online auctions listing platform AuctionGuru.com Gary Chia said compared with the same quarter in the past two years, the number of foreclosures has been decreasing year-on-year (y-o-y), which could mean that property owners today have stronger holding power.