Maspex Penang showcases over 5,000 secondary properties

PETALING JAYA (Oct 27): The fifth property exhibition held by the Malaysian Institute of Estate Agents (MIEA) Penang has kicked off yesterday and will run until Oct 29 at Queensbay Mall, Penang, showcasing over 5,000 secondary properties.

Formerly known as the Malaysian Secondary Property Exhibition (Maspex), the property fair has been renamed the Malaysian Secondary and Primary Property Exhibition.

Maspex Penang organising chairman Long Soo Keat said that to ensure Maspex remains relevant to the market, MIEA has opened up the event to property developers.

Among the participating developers are Malaysian Resources Corp Bhd (MRCB), Ideal Property Group, BSG Property, MTT-Priority Group of Companies and Penang Development Corp — the development agency of the Penang state government.

In his officiating speech today, State Town, Housing and Country Planning Committee chairman Jagdeeo Singh Deo urged the federal government to introduce further measures in Budget 2018 to make housing more affordable and accessible to Malaysians.

“The most urgent matter that requires to be addressed by the federal government is the high loan rejection rate by commercial banks, in particular for first-time homebuyers. The imposition of standard fixed rates for varying income groups vying for housing products with varying prices cannot continue.

“Especially for first-time homebuyers, Bank Negara Malaysia ought to consider the introduction of better loan packages, including disbursing higher loans even up to 100% of the purchase price; extending the repayment period of the loan; accelerated and flexible tiered repayment; and the reintroduction the Developer’s Interest Bearing Scheme for first-time homebuyers.

“These are measures, which are clearly under the purview and can be undertaken by the federal government to control housing prices, ensure the availability of adequate stock of affordable housing and also People’s Housing Project throughout the country, and ensure access to such housing especially by the lower-income group and it is hoped that Budget 2018 will address the same,” he said.

Sponsors for the event are Malayan Banking Bhd, MRCB, Ideal Property Group, BSG Property, MTT-Priority Group of Companies and Allianz Malaysia.

The official media partners are EdgeProp.my and Good Harvest.

It is also endorsed by the Penang state government and the Board of Valuers, Appraisers and Estate Agents.