Developers roll out projects for middle-income Malaysians

Developers from Penang and Kuala Lumpur are showcasing approximately RM9.52bil worth of projects at the Star Property Fair 2015 at Queensbay Mall, Penang.

The developers are EcoWorld Development Group Bhd (RM710mil), Mah Sing Group Bhd (RM4.32bil), Ewein Zenith Sdn Bhd (RM800mil), Seni Bahagia Sdn Bhd (RM72mil), Sunway Bhd (RM628mil), Asia Green Group (RM1.6bil), Aroma Development Sdn Bhd (RM500mil), Bionic Development Sdn Bhd (RM300mil), Trimension Properties Group (RM200mil) and KB Group (RM384mil).

The projects are targeted mainly at the Malaysian market despite many would-be buyers having difficulty in obtaining bank loans.

Mah Sing Group Bhd CEO Ng Chai Yong said the group believed there would still be a need for well-located property with mid-range prices for Malaysians in the middle-income segment.

He said there was a supply and demand gap as only 70,000 to 80,000 new homes were completed each year, while approximately 200,000 units were required to meet new households arising from marriages.

“We are very careful with the projects we roll out at the fair.

“We believe they will do well as they are a good mix of investment grade property as well as residences in good locations, priced to attract the mass market.

“The weakening ringgit may attract more foreign investors but it is also a compelling reason for local buyers to invest now to hedge against inflation and economic concerns,” Ng said.

Zeon Properties Sdn Bhd chief executive officer Leon Lee said the local segment was still the market to go for because there were still many who had yet to own a home.

“Most of our homes are priced below RM1mil and foreigners who are not registered under the Malaysian Second Home Programme cannot buy them.

“The exceptions are City of Dreams units, which are priced between RM1.4mil and RM2.3mil, and some units of Sang Sarang and Starhill,” Lee said at the fair yesterday.

The projects exhibited by Zeon are Ewin Zenith’s City of Dreams in Gurney Drive, Aroma Development Sdn Bhd’s Starhill in Sunga Ara, Bionic Land Bhd’s Prominence in Butterworth, Trimension Properties’ G Mansion in Bukit Gambier and KB Group’s Sang Sarang in Lumut.

Meanwhile, EcoWorld Development Group Bhd sales assistant manager Juliet Ooi said both the RM310mil Eco Meadows and RM400mil Eco Terraces in Paya Terubong were targeted at local buyers.

“The selling price for Eco Meadows’ two-storey terrace houses starts from RM708,000,” she said.

Ooi said Eco Terraces located in Paya Terubong had already registered a take-up rate of 60%.

BSG Property is displaying The Landmark in Tanjung Tokong, Middleton in Minden Heights, Oakridge in Sungai Nibong and Raffle Residence 199 in Minden Heights at the fair.

BSG Property sales executive Eevonne Lim said The Landmark consisted of 308 commercial and residential units.

“The built-up space ranges from 7,990sq ft to 3,004sq ft.

“The minimum price starts from RM1.2mil due to the good location and every unit has a sea view,” she said.

She added that the project, launched in 2013, was 60% to 70% sold.

“We have both local and foreign investors for this project,” she said.

“A total of 8% of our Middleton luxury condominium units in Minden Heights with a starting price of RM1.1mil have been sold.

“Our Oakridge three-storey semi-detached homes in Sungai Nibong and our Raffel Residence 199 three-storey terrace units in Gelugor are almost sold out,” she said. - By The Star

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