Uncertain outlook for Penang real estate market

The real estate market outlook for Penang till the end of this year seems rather uncertain due to weak market sentiments in both the primary and secondary markets. This is expected to lead to poorer performance this year, according to Henry Butcher Malaysia (Penang) Sdn Bhd.

In its “Penang real estate market: Opportunities despite weak sentiments” research report for 2Q2016, the property consultancy expects the volume of transactions to decline further. Strict lending policies implemented by banks have also resulted in higher loan rejections.

Reclamation works for WorldCity project delayed to next year

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.

Luminari targets the homebuyer market

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.