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

Will the new policy address the problem of affordability for first-time homebuyers? The reaction from analysts and real estate agents has been mixed.

This was because even though PKNP’s affordable housing units in D'Aman Residensi and Casa Kayangan in Meru Raya, priced between RM150,000 and RM299,000 each, were fully booked when they were launched in May last year, some applicants had to cancel because they were unable to secure housing loans.

Developers will have to increase the prices of some homes to more than RM300,000 so that investors can purchase them.

The move to immediately limit sales of new homes priced up to RM300,000 to first-time homebuyers has drawn especially strong reactions.

Penang Real Estate and Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the outlook for the property sector in 2016 remains positive, adding that there would still be demand for the affordable housing in the segment priced below RM1 million despite the bleak economic outlook and weak ringgit.

The property developers were ranked according to their overall score. After the points for the quantitative and qualitative attributes were tabulated, the results were audited by Deloitte Malaysia.

First House Deposit Financing Scheme was announced during the tabling of the Budget 2016 last month, but details on its implementation were not provided.

Association chairman Datuk Jerry Chan asked they were asking because some developers were having trouble selling the affordable units they were building.

The Penang Real Estate and Housing Developers Association (Rehda) has called on the state government to look into development charges and various requirements imposed on developers and the industry in view of declining property sales.