Mapex 2016 eyes 40,000 visitors

PETALING JAYA (Mar 1): The Malaysian Property Expo (Mapex) 2016 is expected to generate RM500 million in sales, said its organising chairman Datuk Ng Seing Liong.

"Currently, 41 developers have confirmed their participation and more than 1,000 developments with selling prices ranging from RM400,000 to RM5 million will be showcased at the event," he said at a press conference on Mapex 2016 today.

The three-day exhibition, organised by the Real Estate and Housing Developers' Association of Malaysia (Rehda), will be held at the Mid Valley Exhibition Centre on April 15 to 17, from 10am to 9pm.

Ng said Mapex is offering a wide portfolio of properties ranging from mid-range to luxury properties, and the organiser expects to attract 40,000 to 50,000 visitors to the exhibition themed "Home Ownership through Smart Financing".

Among the developers who have confirmed their participation are S P Setia Bhd, IJM Land Bhd, BRDB Developments Sdn Bhd, Glomac Bhd, Eco World Development Group Bhd, Matrix Concepts Holdings Bhd and Pasdec Holdings Bhd.

In conjunction with the theme "Home Ownership Through Smart Financing", Ng urged financial institutions to participate in the exhibition to showcase their products and services to property buyers.

Currently, there are three financial institutions participating in Mapex, including Bank Islam Malaysia Bhd, Bank Simpanan Nasional and Hong Leong Bank Bhd.

"In the past two years, we (Rehda) have received complaints from developers claiming that buyers face difficulty in securing a mortgage loan. We urge the banks to provide more products for home buyers, especially for first-time home owners, to purchase properties," he explained.

He added that most buyers who could not get a loan or the loan margin they wanted would give up their plans to purchase, which in turn will impact sales.

"Financing is one of the factors that is affecting property market sales performance. We foresee the growth of sales to remain slow if the problem persists," said Ng.

Ng urged financial institutions to look at the quality of borrowers, such as their academic background and job prospects, instead of evaluating them by their payslip as young professionals may not be earning much in the beginning years of their career life.

"As their income will increase over the years, banks should offer more flexible products, which allows them to pay less in the first few years, to encourage young graduates to own a house," he said.

Do not ask your uncle about the value of your home. Click here at The Edge Reference Price to find out.