IJM Land Bhd was launched penang property recently, Summer Place condominium project (IJM’Condo) located at the Jelutong Expressway. IJM Land Bhd located RM174mil for this property investment. About 40% of the 531 condominiums in Summer Place condominium project was taken up on the first two days of the recent soft launch.

Light Linear & Light Point are high end sea fronting projects by IJM Land Bhd and comprising the RM200mil Light Linear, RM102mil Light Point, and the RM48mil Lots 28 located near the Jelutong Expressway.

The Light Linear consists of two 17-storey block of 328 condominiums on a 7.6 acre land, while the Light Point is a 28-storey block of 88 condominiums on a 2.8 acre site, and Lots 28 comprises 28 units of two and three-storey commercial and shop offices on a 2.6 acre site.

This project execute by property developers from Kuala Lumpur, an estimated gross sales value of RM2bil on penang property this year despite a challenging economic climate and price the new products competitively. IJM Land Bhd estimated gross sales value (GSV) of RM350mil in the second and third quarter of 2009.

The new pricing penang property launches competitively does not mean lowering the selling price. New properties would be priced competitively to reflect current construction cost, which in reality was still above the pre-July 2008 level.

In reality, prices of construction materials are still high, with the exception of steel bars.
This are cost penang property in high pricing. If insist to reduce the property price further means to go for lower specification and finishes.

However, the flexible mortgage loan packages and other incentives thrown in by the property developer will make the properties more affordable. The mortgage loan nowadays is providing good package with low BLR rate. Check for the bank latest BLR rate and look for the mortgage loan suit to you.

Others than IJM’ projects, they is still upcoming penang property, such as Eastin Hotel located in Queensbay, Southbay Penang’s showhouses and BayVillas water project at the end of 2009.

Penang property to see new development in year 2009. There are many sector effect by global economic crisis, some of them in recover trend. Property market in Malaysia to rebound and believe that high demanding of penang property and better mortgage loan package offering by bank will help.