THE property market in Penang will likely enjoy robust growth in the Year of the Tiger due to the growing number of project launches slated for this year.

Raine & Horne senior partner Michael Geh said a quick indicator of better times was the high number of buyers at two property sales – the E&O pre-Chinese New Year sales and Ivory Properties’ 10-day roadshow from the first day of the spring festival.

“March is still early in the year, yet there have been many announcements by property developers keen to launch their housing projects in the coming months,” he said.

“We are seeing more seafront development on the northern cape and eastern shore of the island plus city redevelopment as well as in Balik Pulau.

“Though property prices on the island, especially those of landed units, have increased, the take-up rate is strong,” he said.

He was speaking in the run-up to the three-day Penang International Property (PIP) Expo 2010 which begins this Friday.

The expo is organised by PIP Creation Sdn Bhd with the support of Raine & Horne International & Penevents Sdn Bhd.

Geh said PIP 2010 was honoured to have attracted the attention of an international business newspaper, The Wall Street Journal Asia (WSJA), to come in as the international media partner.

“This media partnership is an endorsement of PIP 2010 and a record of sorts; being WSJA’s first ever collaboration with a property expo organiser in Malaysia,” said Geh who is FIABCI International vice-president for networking and marketing.

“With this milestone, we aspire to become an international property expo in the same league with the Smart Property Expo in Singapore and Cityscape in Dubai.”

The Wall Street Journal Asia’s classified advertising sales director Brian Tong said eight out of every 10 readers were decision makers and CEOs with high net income and many of them were exploring opportunities to invest in high-end property such as those in Penang, where many seafront projects were being developed.

Event director Ong Ban Seang said the 5th PIP 2010 would showcase RM3.5bil worth of projects including affordable homes, both on the island and mainland.

“Developers are now increasingly building projects costing in excess of RM1mil per unit in Penang. They need to reach the affluent market in the Asia Pacific region,” he said.

Ong said two national events would take place concurrently with the expo – the Malaysia My Second Home (MM2H) National Dialogue and the inaugural Penang Interna-tional Property Forum.

He said the forum, organised by Malaysian Institute of Estate Agents (MIEA) on the first day of the expo, would have property speakers from Singapore, Indonesia, Thailand and Australia.

Ong said that the Tourism Ministry would hold the national dialogue on the second day to tackle issues related to MM2H.

PIP 2010 will be opened by state Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai.

Tuesday March 16, 2010

The Star Online