Developers in Penang should focus on selling homes to genuine house buyers and not speculators, said Raine & Horne senior partner Michael Geh.
He said that due to speculation, house prices had increased beyond the affordability level of wage earners who made between RM3,000 and RM4,000 a month.
“In the property market today, affordability is the key issue and should be addressed by developers.
“Last year, developers were targeting bulk buyers for their property which are priced from more than RM300,000 to above RM400,000. These buyers are speculators willing to buy three to 10 units each,” Geh said during a talk yesterday on the state of property in Penang for this year at the i-Property Talk organised by the Red Tomato Penang Free Newspaper.
He said he had noticed efforts by developers to reach out to genuine home buyers since the beginning of this year.
On property prices for this year, Geh said the rise would be more gradual this year as last year’s appreciation in prices had been ‘phenomenal’.
“There is anticipation that the interest rates for housing loan will increase soon,” he added.
Geh also said the present heritage guidelines for Penang island were too restrictive and not conducive for healthy development of the property sector.
“The guidelines are too concerned with density suppression.
“There should be a proper balance between density suppression and urban redevelopment,” he said. - By David Tan (The Star)
13 comments
What are the efforts by developers to reach out the genuine buyers as stated above?
Cannot control. There's many rich ppl buy & rent to foreign workers.
Dunwan to control : Why wana control if they can sell off their left over units fast fast. They even offer better rebates to those take up multiple units at once.
Crappy Developers too profit-orientated for their own pockets than the Penang boh lui lang....
I guess you must be IDIOT yourself before learning how to call people IDIOT!
IDIOT!
NAMHONG, Do you mean People stay at SEBERANG PRAI = Idoit?
NAMHONG, i think you are the biggest idiot here. This is the current issue that need to address immediately.
May you be well and success and hope that your next next next generation won't go broke and become an idiot staying in prai.
Haha... I am staying in Prai... I am saying those not afford to buy island, but still bising-bising want to make gov reduce all the house price..are IDIOT... PRAI STILL HAVE A LOT OF AFFORDABLE PROJECT!!! AND I AM DRIVING PROTON!!! NOT BMW OR M.BENZ.. BUY SOMETHING you afford .. PLEASE. PRAI IS GOOD. WHY MUST INSIST ISLAND.. IDIOT!!! LET the ISLAND empty. Then the price will drop. IDIOT. haha... I still not understand what you guys complaining... THE PRICE going up because you guy insist want to buy island house..making the demands increase. NOone can control housing price in this capitalism world.. only market can do.
oh ya... my proton never broke down in this 8 years.. haha.. it is good...
NAMHONG, you are such a beautiful person, knowing how to twist and turn. Why not become a politician. If you gentlemen enough, why not leave your initial post. Have guts and balls to leave it there (excuse me if you are a lady).
But, to be fair, your second post seems ok, if you minus off the IDIOTS. because it really makes you look like an idiot.
There is an "anti hoarding law" in Malaysia that makes it illegal for anyone who buy essential foodstuff more than the allowable limit. The purpose of the law is to make sure the price of essential foodstuff doesnt get manupulated by speculators, causing hardship to poor people. If people in Malaysia consider a home an essential need, then maybe this law should be applied to homes.
However, NanHong has a very good point. I dont know why malaysians are complaining about house price, as it is still cheap comparatively in this region. Even on Penang island, you can get an apartment unit in Paya Terubong (700sqft) for RM50,000. That works out to be ~RM70/sqft!!!!(wow!!). Plenty of such units available in the market, and I guess you wont "die" of not staying in Pulau Tikus or Tanjong tokong area.
Looks like the beggars are complaining that the Wagyu beef is too expensive!!
condomana, i like your statement: "Looks like the beggars are complaining that the Wagyu Beef is too expensive"
wat a loser you are, NH. jz bcoz that u canot afford the house in the island then you accepted the fate and forever driving ur proton in the mainland?
If you r so good with the car as a metaphor, do u know that with ur proton price, u can actually afford toyota or honda or even a VW? do u know bcoz of potong we are one of the world highest car's tax payer in the world? so u must b happy being a tax slave and continue njoyin ur proton i guess.
I may be poor and cannot afford the waygu beef, but if i really wan it at least i know my right and will be courageous to fight (complaining) for the tax cut of beef import so that i can stil enjoy the waygu beef with my fellow malaysian without being a begger
If you r loser who jz accepted the life u are living in, then I am sorry for you. But I am not ready to quit just yet and I am not gonna stop trying until my democratic right prove worthy for me and my fellow malaysian.
So much so with the essential needs, I still think every malaysian shud deserve a priority to own a house in their own homeland(cheap or expensive) before the foreigners.
Dear Taphie78,
NH said he's staying in Prai & driving a proton. But I think he did not say the reason for that is he cannot afford it..;)The reason could just be he thinks it's not worth the money to be staying on the island. Aiyo....why you scold him like thaaat?.
Ahh...some people just assume that if you don't own a house on the island means you cant afford it. Some people assume you are not rich just because you don't drive an expensive car. Some people assume YOU ARE rich if you stay in an expensive area and drive a merc.
Maybe that's the reason people pay through their nose for those properties in Pulau Tikus & Tanjung Tokong, for the "feel good" factor, even knowing they are being ripped off by the developer who is selling RM1000/sqft condo (you know what i mean..;))
Welcome to the era of easy credit! You can never judge a person's wealth by his car!!