PETALING JAYA (Oct 20): The Malaysian Institute of Estate Agents (MIEA) Penang is hosting its fifth property exhibition from Oct 26 to 29 at Queensbay Mall, Penang and for the first time, the event will officially include primary properties in the market.

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

MIEA-Penang chairman Mark Saw told EdgeProp.my that the event has been renamed specifically to include properties being sold by property developers besides showcasing secondary properties marketed by registered estate agents.

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.

“As the property market moves into a more challenging phase, we have enlarged the property fair to encompass property developers with solid track records and which our estate agency firms have worked well with over the years,” Saw said.

There will be 16 real estate firms showcasing up to 5,000 secondary properties at Maspex 2017 Penang. “Our exhibitors are mindful of their selection of good [secondary] properties at marketable prices with owners’ full authorisation and permission to sell or lease their properties at Maspex,” he said.

Saw added that MIEA-Penang chose to hold the event at Queensbay Mall as the venue has high traffic flow.

Saw said it is currently a buyer’s market in the northern state of Malaysia where secondary property transactions constitute about 70% of the Penang property market.

“Transactions have been slow but there is [still] movement as you [agents] are dealing with individuals as opposed to project sales. This is a buyer’s market with plenty of choices for those looking to get their dream home,” 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 (Bovaea).

“MIEA will continue to raise the practising standards of registered estate agents by working closely with statutory bodies such as
Bovaea to help educate the public and safeguard the public’s interest on investing in real estate.

“Illegal signboards, posters and stickers put up by illegal agents have also created a nuisance. Our local authorities Majlis Bandaraya Pulau Pinang and Majlis Perbandaran Seberang Perai, together with the police and the Malaysian Communications and Multimedia Commission, are in the middle of solving this problem. Stern action will be taken against offenders,” added Saw.

This story first appeared in EdgeProp.my pullout on Oct 20, 2017. Download EdgeProp.my pullout here for free.

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