iProperty.com’s recent expo focusing on luxury properties chalked up an estimated RM300 million deals done over the 3-day event. More transactions are expected to be finalized in the following weeks, making this the biggest ever property expo in Malaysia in terms of sales and floor space.
Speaking at the opening of the expo, Housing and Local Government Minister Datuk Wira Chor Chee Heung said that Malaysia's property market is due to stay vibrant this year due to low borrowing costs, easier foreign ownership rules and a new home purchase scheme by the Employees’ Provident Fund (EPF).
"This shows that the property market in Malaysia is more resilient and stable, especially in demand locations such as the Klang Valley.
“The total number of launches reduced only slightly from 48,830 units to 45,909 units in 2009, possibly due to some cautiousness among some developers. Selangor and Johor remain the leading states with 8,430 units and 7,099 units launched respectively," he said.
Strong Demand
The record expo sales figures are testimony that the appetite for properties remained strong and even far exceeded expectations in some cases. One development that stood out was Acmar International’s D’Rapport Condo in Ampang, where an estimated RM180 million worth of registered bookings were made over the 3-day event. The 80 units reserved had price tags of between RM1.6 - RM5.5 million and were not due to be launched officially until September.
Another development in the same area, Land and General’s (joint venture with Mayland Group), The Elements @ Ampang Serviced Residence also received overwhelming response with over 1,000 registrations of interest to purchase.
Meanwhile, properties from outside of Klang Valley such as The Light Waterfront in Penang by IJM Land Bhd concluded more than RM5 million sales, while the Haven in Ipoh and Marina Island Pangkor in Perak saw encouraging sales.
The Iskandar Malaysia Pavilion, led by the Iskandar Regional Development Authority (IRDA), with exhibitors like UEM Land, Danga Bay, Pulai Spring and Tanah Sutera, were selling off their properties like hotcakes, and drew huge attention from visitors.
The 30 seminars, a record number at a property expo, were very well-attended as well. Popular among visitors were Ho Chin Soon’s talk on the relationship between Singapore and Malaysia, lawyer Kee Li Ling’s talk on the legal aspects of purchasing property, and Colin Tan’s presentation on “Technology, Activities, Systems and Kung Fu” , among others.
The expo, held at the Kuala Lumpur Convention Centre from 30th July to 1st August, attracted at least 23,000 registered visitors who viewed over 300 property developments located in two halls at the centre. The space was expanded this year to accommodate the increasing popularity of the iProperty.com Expo series amid strengthening confidence in the property market, said Shaun Di Gregorio, CEO of the iProperty.com Group.
The next iProperty.com expo will take place at the iconic Marina Bay Sands, Singapore, on the 23rd and 24th of October 2010.
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