GEORGE TOWN: Ivory Properties Group Bhd expects to see an increase in demand for residential properties in Penang, underpinned by the opening of borders, the government’s stimulus plan and softening of property prices.
Group CEO Datuk Low Eng Hock said property prices have softened due to Covid-19 and this is likely to stimulate property-buying by investors or occupiers, especially following the government’s announcement in Budget 2022.
“We foresee an increase in demand for residential properties, especially among foreigners from Hong Kong, China, Singapore, as well as Penangites residing overseas.
“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,” he told Bernama.
In Budget 2022 tabled on Oct 29, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced the allocation of a RM2 billion guarantee through the Housing Credit Guarantee Scheme to facilitate loans for those without proof of steady income, as well as the waiver of the real property gains tax for property disposed of from the sixth year onwards.
Currently, Low said, the group’s ongoing projects include a 312-unit serviced suites development atop a four-storey commercial podium, called The Wave, which is phase three of Penang Times Square.
“With an estimated gross development value (GDV) of RM500 million, the project is currently at 90% completion, and expected to be completed in the second quarter of 2022,” he said.
Moving forward, Low said, the Penang-based property group will be occupied with the launches of various projects with a total GDV of RM2.14 billion.
One of the projects, Crown Penang, a RM340 million 40-storey serviced suites development on a 0.81ha site, is expected to be launched next year and will feature cutting-age smart-home technologies.
Ivory Properties is also planning to launch phases four and five of Penang Times Square, comprising a hotel with RM410 million GDV and a boutique hotel with GDV of RM155 million.
Low said Ivory Properties has been scouting for prominent areas outside Penang with growth potential for the past few years, including Kuala Lumpur and Perak, but some of its plans have been delayed due to the pandemic.
“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. There are several projects in the pipeline for development outside Penang, including Grand Connaught and Avenue 8 Residence in Sungai Besi,” he added.
