IJM Land Bhd is launching projects Light Linear & Light Point. Penang property are attractive and it’s high demanding. Penang International Property Expo showcase showing good responded.

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.

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Estimated by property managing, property prices for Penang property market may dip ~10% this year. But there still an event of Penang International Property Expo will held on 27th~29th March. Penang property may dip in property prices but increase of the demand.

Some think the situation will recover in the third quarter, others say it will take a year. But many property developers are not dropping their prices. It is in the secondary property market that buyers may be forced to sell, preferring to convert their assets to cash. We will bound to have that as many units will be completing this year.

Those who bought earlier are also expected to convert their assets to cash. Property agents and valuers have mixed views how much prices have dropped but the range is between 5% and 20%, depending on the project.

Normal profit in property project generally is 5% to 30%. Property Developers are now not making super profits.  Even if property developers drop property prices, it will settle at a fair level. Most of the property prices are close to construction price and land cost.
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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 »