Property market demanding is Malaysia consider average status. Penang property market may drip ~10% in y2009. Penang International Property Expo or PIP 2009 is an annual showcase that attracts quality exhibitors and genuine players in the property scene. This might help to reduce period of time for property market to be rebound.

There is good responded for Malaysian International Property Expo 2009 (MAPEX 2009) which held on Mid Valley Exhibition Center 6th Mar 2009 – 8th Mar 2009 (10am – 9pm). The next Property Expo is Penang International Property Expo held on 27th~29th March (11am – 9pm) at Penang International Sport Arena (PISA). Read more »

Property Prices for Penang property market may dip ~10% this year. Property prices inactive since mid last year, is stirring. After months of lying low, the more aggressive property developers are back with new launches, this time armed with innovative financing packages they hope will woo prospective home buyers adopting a wait-and-see stance.

According to Penang-based Raine & Horne International Zaki + Partners’ Michael Geh, property prices on the secondary market are down. Rising unemployment due mainly to the closure or downsizing of manufacturing operations hit by the global credit meltdown are expected to drive property prices down by 10% or so this year.

Even thought Bank Malaysia to cut loan repayments and banks continue slash interest rate recently, the demand for property in Penang are still in decreasing trend. The property prices dip is likely to occur in addresses with speculative elements and he identifies these as Bayan Lepas, Bukit Gambier and Sungai Dua (southwest district),Gurney Drive and Batu Feringghi (north east district). Read more »

Property Market in economy down turn estimate to rebound in two years. One of the Property Developers was show a good selling result for the property in Malaysia. At this point in time, SP Setia Bhd did not specify a target because the property market was so bad. SP Setia Bhd’ wanted to test whether this `5/95 programme` will work, and apparently it works very well.

SP Setia Bhd (Malaysia’s No.1 property developer in The Edge Malaysia Top Property Developers Award and Euro money Real Estate Awards in 2005, 2006 and 2007) recently launched 5/95 Home Loan Package has achieved better-than-expected sales of RM300mil amid the softening economy. RM300mil sales in less than two months is very good result in uncertain economy. The RM300mil sales figure was based on bookings made.

Launched on Jan 19, SP Setia’s 5/95 Home Loan Package allows home buyers to pay only an initial 5% of the price of the house while all legal fees and stamp duty on the sales and purchase agreement, among other benefits, will be borne by SP Setia. 0% interest during property under construction period. The package is available until April. Read more »

Bank Malaysia to cut loan repayments to help housing loan borrowers in uncertain market.Several banks have slashed interest rates imposed on housing loans and more are expected to join in the fray.

Four banks – RHB Banking Group, Public Bank Group, United Overseas Bank Bhd (UOB) and Malayan Banking Bhd (Maybank) – have cut their respective Base Lending Rates (BLR) from 5.95% to 5.55%, following Bank Negara’s move to cut the Overnight Policy Rate (OPR) from 2.5% to 2% on Tuesday. RHB Bank and Public Bank will also be reducing their respective Islamic bank’s base financing rate (BFR) at the same quantum.

RHB Banking Group managing director Michael J. Barrett said housing loans borrower would be able to pay less to service their housing loans with floating rates while individuals and businesses would enjoy lower borrowing costs. Bank Malaysia help housing loan borrowers during these challenging times and provide our customers with more financial support. All the news BLR rates would take effect next Monday. Read more »