Property in the north of Malaysia will take the stage at the Penang International Property and Lifestyle Expo 2006 (PIP 2006), to be held later this month.
Housing and commercial property from around 43 developers will be showcased and sold, estimated to be worth approximately RM4 billion in Malaysian currency.
While Penang’s cyber-city status is expected to prove a draw to foreign companies in search of premises, convention director Michael Geh also said the show aimed to boost the profile of the ‘Malaysia My Second Home’ scheme.
“We want to create more demand for Penangs property market via foreign buyers,” he told the country’s Business Times.
Although the entire property price spectrum will be covered, overall director Ong Ban Seang, added that the high end of the market was particularly well supplied, apartments selling for more than RM1 million apiece.
He said he expected many foreign investors who would in turn attract wealthy individuals looking for Malaysian property.
Penang Housing Committee chairman, Syed Amerruddin, said the event could also be transferred to the capital Kuala Lumpur by the end of the year, with possible extensions to the Singapore and Indonesian property markets.
PIP takes place in Penang from May 12th to May 14th at the International Sports Arena.
