THE Malaysian Secondary & Primary Property Exhibition (MASPEX) 2018 Penang is back for the 6th time this year and will be held over 4 days from Oct 25 – 28 at Queensbay Mall in Bayan Baru.
According to its organiser, the Malaysian Institute of Estate Agents (MIEA), the event will be the largest and most successful MASPEX ever as the exhibition will feature more than 15 Real Estate Firms and 2 prominent local developers offering 5,000 plus primary as well as secondary properties. Most listings are for homes priced between the RM250,000 to over RM1,000,000 price bracket.
Speaking to the press on Oct 22, exco member for Local Government, Housing and Town & Country Planning Jagdeep Singh also expressed his hope for the federal government to come up with solutions to the high rejection loan rate affecting first time home buyers.
“One of the issues I brought up at the National Housing Council meeting chaired by the deputy prime minister, is that Penang calls for the federal government to address the high rejection rate of loan application by first time home buyers.
“I will repeat the call because it is not something new as I called upon the former regime as well but nothing happened. The biggest challenge for the property sector is the high rate of loan rejection. I can speak from my personal experience where the state government is concerned. The state government also has public housing projects under the low cost and low medium cost categories and yet, there’s a high rate of rejection rate for loans, what more for the non-affordables?”
“I have been informed at the National Housing Council that meetings are already been undertaken with the relevant parties in particular the Ministry of Finance and Bank Negara Malaysia. Our finance minister, who’s our former chief minister, is aware of how I have been fighting for the banking system to review and address this perennial problem to all housing sectors. I hope good news will be forthcoming soon,” Jagdeep told members of the press.
Also present was MIEA Penang chairman Mark Saw.
“MIEA is expecting a high turnout of home hunters looking for their dream home in the midst of a Penang market which continues to show resilience in the face of the current challenging property climate,” Saw said.
Story by Victor Seow
Pix by Alvie Cheng