Fewer property launches in Penang

There will be fewer property projects launched in Penang this year due to the rising cost of fuel and building materials.

This is indicated by the new launches to be exhibited at the Malaysian Property Exhibition (Mapex) 2008 scheduled to be held here from July 11-13.

"There are only three new launches this year for Mapex 2008, with a gross sales value (GSV) of RM44.5mil, compared to seven last year, which had a GSV of RM300mil," Real Estate Housing & Developers' Association (Rehda) Penang chairman Datuk Jerry Chan said at a press conference.

For the forthcoming Mapex 2008, there are a total of 207 housing units from three projects to be launched on the island and mainland.

"Some 60% of these new projects are priced below RM250,000, while the remaining 40% is priced above RM250,000. The new launches are priced about 30% higher than what is currently available in the market," he said.

There are 6,571 houses being built in Penang with an estimated GSV of RM1.7bil, added Chan.

Chan said in view of soaring energy and building prices, there would be no development of new low cost and low medium cost housing projects, which were currently priced respectively at RM42,000 and RM75,000.

"We are appealing to the state government to revise these prices,” he said. - By The Star