01 Apr

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Malaysia Property Investment – Penang Real Estate News – Penang Property Market Likely See Sustainable Growth Next Year

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PENANG: Penang Property Market Likely See Sustainable Growth Next Year

The property market in Penang is likely to see sustainable growth of between 5 and 10 percent next year, says Real Estate and Housing Developers’ Association Malaysia, Penang.

Its chairman, Datuk Jerry Chan Fook Sing, said the market here will be driven by continuous business activities and the flow of foreign investments into the state.

He said property market in Penang will remain bullish amid rising demand for houses due to the increase in jobs and as impact from foreign investments as well as growing population.

“The population projection for Penang is 2 million by 2020, therefore more houses are needed. Some 12,000 houses are expected to be built yearly until 2020,” Chan told a media briefing here Monday.

Chan said property transactions in Penang for 2013 were likely to slow down amid cautious buying ahead of the pending 13th general election.

Property in Malaysia News – propertymalaysia.my – Source: Bernama

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