Penang still a very attractive place to invest | Malaysian Institute of Estate Agents

Penang still a very attractive place to invest

DESPITE having overhand units, state Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo believes Penang is still a very attractive place to invest.
He said the overhang units in Penang are ‘still manageable’ compared to states like Selangor and Johor.
“We have an overhang figure of 3,000 units in 2017 to just 3,400 in the state now. In Johor, there is an overhang of 4,000 units in 2017 to 12,000 units in 2018,” Jagdeep said when he launched the 7th Malaysia Secondary & Primary Property Exhibition (MASPEX 2019) at Aeon hypermarket in Queensbay Mall today.
“In line with the state’s Penang2030 vision, the target is to build 180,000 units of affordable housing by then.
“Some 120,000 units have been planned, with 30% already built, 30% at various stages of building and the balance in progress.
“Also, following the Government’s Home Ownership Campaign (HOC) 2019 which was launched on March 1, the campaign has been extended until the end of this year.
“During this HOC period, Malaysian homebuyers enjoy stamp duty exemption for the purchase of residential units registered under the HOC. Stamp duty on Sale & Purchase for property costing up to RM1 million loan agreement up to 2.5 million will be waived,” Jagdeep commented.
Also present were Malaysian Institute of Estate Agents (MIEA) president Lim Boon Pin, MIEA Penang Branch chairman Christina Choong and CBD Properties director Jerome Eng.
MASPEX 2019, which is organised by MIEA Penang, is from Sept 19 to 22 with 12 booths taking part.
The exhibition features over 5,000 secondary and primary market properties in the state of Penang, including Seberang Perai.
Choong said the objective of hosting MASPEX 2019 was to address the challenges in the property market.
“MASPEX provides the ideal platform for real estate agencies to value add their services and promote their products to a boarder market.
“It is indeed very timely and this has spurred this sector of the property market, benefiting the buyers.
“We are anticipating that the market will continue experiencing ‘confidence-gaining growth’ as fundamentals improve under the new government,” she added.
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Story by Danny Ooi
Pix by Adleena Rahayu Ahmad Radzi