A total of 51 private developers will showcase over 200,000 residential units at the Home Ownership Campaign (HOC) 2019, which could be worth over RM15 billion. Analysts were not surprised that developers such as LBS Bina Group Bhd, Eco World Development Group Bhd, UEM Sunrise Bhd and Mah Sing Group Bhd will offer the highest number of units.
The three-day property expo, which starts today (1 March), will see developers offer a minimum 10 percent discount to buyers, reported the New Straits Times.
“Getting at least a 10 percent discount on their property, most of which are below RM600,000, is a good deal but it will depend on project and location. There are more savvy buyers in the market now and they will look for value-for-money deals,” noted analysts.
UEM Sunrise is expected to offer more properties from its developments in Johor, where the property market has been soft over the last few years.
Mah Sing, on the other hand, has confirmed that it will offer about 3,000 residential units priced from RM500,000 to RM700,000 at the expo.
“We will feature 10 projects in the north, south and central regions, that are either in construction stages or have recently been completed…They include M Vertica, M Centura and SouthVille,” said Mah Sing CEO Datuk Ho Hon Sang.
Aside from the standard minimum 10 percent discount, the company will also be giving out freebies such as food and hotel vouchers and conduct lucky draws, added Ho.
Meanwhile, Real Estate and Housing Developers’ Association (REHDA) Malaysia President Datuk Soam Heng Choon has slammed claims that the properties showcased at the property expo are old stocks.
“The expo is not like a premium outlet store where (when) it’s off season, you throw the products there to sell. The projects showcased at the expo are either recently completed or still under construction.”
Soam also expressed hope for the expo to register up to RM4 billion in sales.
“People will take time to decide and confirm their purchases… it is difficult to gauge the expected sales. However, for the entire campaign period, I think it will be good if we can achieve RM3 billion to RM4 billion sales,” he said.
Running until 30 June, the overall HOC 2019 campaign is a collaborative initiative between the Housing and Local Government Ministry and REHDA to encourage home ownership among Malaysians.