Most would-be buyers at the Star Property Fair at Queensbay Mall in Penang this year seem to be in a cautious mood, setting their sights on homes within the RM500,000 to RM600,000 range.
Manager Eric Foo, 58, who lives in Bukit Jambul, said he was eyeing a unit valued about RM600,000.
“At my age, I can’t take a risk with property worth more than RM700,000,” he said.
Executive K.P. Yeoh, 34, who owns two homes in Penang, was also being cautious.
“I don’t have a specific area of preference.
“It can be anywhere from town to Bayan Lepas as there are a lot of uncertainities in the market,” said Yeoh yesterday.
He said it was still a good time to invest, especially in mid-range property.
“The market is a little soft which should be a good time to grab some cheaper property.”
Justin Poh, a systems analyst with a Japanese company, was on the lookout for new property after selling his condo in Sungai Ara for RM800,000.
“I bought the condo for RM500,000 two years ago but decided to sell it as the area is congested now,” the 33-year-old said.
He added that he was targeting a condo within the RM500,000 range.
C. Hariharan, 43, said he was hunting for a condo worth RM600,000 in Sungai Nibong.
“My in-laws are staying on the island and I want to get a condo here for my family.
“Of course, I’m looking for something that can appreciate in a year or two. I see there isn’t anything less than RM600,000 here.” - By The Star
2 comments
Owns two flats and looking for a third ? Sounds like just an ordinary Malaysian. One feels sorry for him that the cost is so high for his investment. Haha. The other guy sold his unit for more than 59% increase and hopes in this slump to do the same again. One must feel sorry for these poor folk. We need more victims like them !! Tony
Agree with you Tony. Good times don't last. Unless one has a solid and excess Cash pile in the bank, I think, investing in 2nd or more properties RM500k and above is seen to be risky mainly because one normally is not able to rent out the units at either equal or more than the amount of financing installments that one is servicing. I might be wrong but look forward to any expert advice on this.