Demand For Penang Residential Properties To Increase, Says Ivory Properties

·2-min read

Ivory Properties Group Bhd believes that demand for residential properties in Penang would increase, on the back of softening property prices, the government’s stimulus plan and the opening of borders.

Ivory Properties Group CEO Datuk Low Eng Hock noted that property prices softened due to the COVID-19 pandemic are likely to stimulate property buying sprees among investors or occupiers, particularly after the government unveiled Budget 2022.

“We foresee an increase in the demand for residential properties, especially among foreigners from Hong Kong, China, Singapore, as well as Penangites residing overseas,” he told Bernama.

“We expect the international border to reopen soon and we look forward to welcoming more foreign purchasers and investors, as well as foreign financial providers as they are the key drivers of our operations.”

During the tabling of Budget 2022 on 29 October, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz revealed the allocation of a RM2 billion guarantee via the Housing Credit Guarantee Scheme to help facilitate loans for those with no proof of steady income and the waiver of real property gains tax for property that were disposed of from the sixth year onwards.

Low shared that one of the group’s ongoing projects is The Wave, a 312-unit serviced suites located atop a four-storey commercial podium, reported Bernama.

The project – which is Penang Times Square’s phase three – has a gross development value (GDV) of about RM500 million and is currently 90% completed, he said. The project is expected to be fully complete by the second quarter of 2022, he added.

Looking ahead, Low expects the group to be occupied with the upcoming launch of several projects with a combined GDV of RM2.14 billion.

One of the projects, the RM340 million Crown Penang, is expected to be launched in 2022. The 40-storey serviced suite will occupy a 0.81ha site and feature cutting edge smart home technologies like smart lifts and unit entrances, offering added value and convenience to investors and homeowners.

Ivory Properties also eyes to launch Penang Times Square’s phases four and five, which comprises a RM410 million stylish hotel as well as a trendy boutique hotel with a GDV of about RM155 million, respectively.

For the last few years, the Penang-based property group has also been looking for prominent areas with growth potential outside Penang, such as Perak and Kuala Lumpur, he said. But with the COVID-19 pandemic, some of its plans were delayed.

“We are keen to establish our brand name to build homes where it will be feasible and profitable for the interest of our shareholders, business alliances and employees,” said Low.

“There are several projects in the pipeline for developments outside of Penang, including the development of Grand Connaught and Avenue 8 Residence in Sungai Besi.”

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