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Penang property prices to continue steady climb


GEORGETOWN: Prominent developers, in anticipation of another good year, showcased their projects in Penang at Malaysia Property Exposition (Mapex) 2013.

The three-day event last weekend saw the participation of big boys such as IJM Land, Mah Sing Properties, Sime Darby Properties, SP Setia, Sunway Grand and UEM Land.

iProperty Group chief executive officer Shaun Di Gregorio said Penang, which was recently named the fourth most ideal place to retire in the world by Washington D.C. publisher Kiplinger, was gaining the attention of international investors.

He said 76 per cent of 8,000 respondents ranked Penang as their top investment destination in the Asia Property Market Sentiment Report for the first half of the year.

"Last year's Mapex in Penang generated RM90 million of sales.

"With a gross development product (GDP) growth of five percent forecasted for Penang, the property market is looking good this year too," he said at the opening of Mapex 2013 at G Hotel.

Penang Real Estate and Housing Developers' Association (Rehda) chairman Datuk Jerry Chan said property prices would continue to climb following increased building, compliance and land costs.

"The market will stay bullish amid rising demand for houses due to a growing population and rising numbers of jobs," he said.

The event had about 40 booths set up by 23 developers as well as seminars held by industry players.

The organisers are Malaysia, and Penang Rehda.

Datuk Jerry Chan (left), his deputy Toh Chin Leong (second from left) and Malaysia Sdn Bhd developer sales head Rozalina Rahim (centre) view the projects to come in Penang. Pic by Michael Ong

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