PETALING JAYA (Aug 3): Property consultancy firm Nawawi Tie Leung has expressed optimism on the prospect of the property market in Penang which has been supported by the growth in industrial activities.
This article first appeared in edgeprop.com. View source here.
“As the demand for properties is driven very much by owner occupiers over the past several years, the focus will remain on affordable housing for the time due to the effects of the pandemic. We believe the property market is near the bottom, if not already beyond it.
“This is the right time to expand and we will continue to grow aggressively our presence in the Malaysian market. We will be looking out for more opportunities with like-minded professionals as the way forward is collaboration,” Nawawi Tie Leung managing director Eddy Wong told EdgeProp.my.
“As for the entire former team of Raine & Horne Penang joining our firm, we view it as a good opportunity for us to strengthen our capability in the northern region. It also signals our view on the property market i.e. we anticipate the market to pick up soon with the completion of the vaccination drive by the end of this year,” added Wong.
According to data provided by the National Property Information Centre (Napic), the property market in Penang trended upwards in 2H2020, which saw 9,936 deals worth RM4.57 billion done.
This was an improvement from 1H2020, when 5,836 transactions valued at RM3.25 billion were recorded.
Napic also revealed that commercial and industrial properties saw a greater number of transactions but a lower total value in 2H2020. 813 units of commercial properties worth RM620 million were transacted in 2H2020, compared with 511 transactions valued at RM690 million in 1H2020.
Yesterday, the firm announced that the former team of Raine & Horne Penang previously headed by the late Michael Geh has joined the firm.
Wong also said in a statement yesterday that Nawawi Tie Leung has been active in the Penang market, and with the addition of this team of professionals who have been operating in Penang for the past 26 years, they are well placed to better service their existing and expanded clientele.
Daniel Ma, Nawawi Tie Leung head of valuation, will be driving the business together with Lum Ming Ming, a licensed valuer, property manager and estate agent.
A total of 16 professionals including Linda Geh, who heads the plant and machinery department, and Celia Fung, who heads the agency team, both from Raine and Horne, will be joining Nawawi Tie Leung.