Penang property – below RM600,000 and should be new

A close friend told me that after she has asked many agents in Penang, they kept giving her the same answer. ‘You can buy The Peak Residences.’ Walao, there are no other properties in Penang below RM600,000? This time, I did not search, I jogged my memory a little and said, actually there are quite a few. However, you wanted to buy something quite new, then I think the answer is quite clear. I also gave her another name XXX, she said No. It’s quite new and the leaking has started! She also said no to Summer Place which she said Jelutong is not her cup of tea.
For someone buying a second property, she is really quite choosy. This coming weekend, she will be viewing quite a number of properties, including Oasis, The Peak Residences, Sunrise and perhaps decide on which one she should negotiate for the prices to be lower. With the current market slowdown and also the fact that The Peak Residences had just given out the keys, it may be wise for her to concentrate and see if there is just one owner who needs the money and may be willing to sell lower than usual. Actually, at RM580psf, The Peak Residences would be one of the cheapest condos you can buy in Tanjung Tokong area. It also have the one and only garden at the top floor with a spectacular view of Penang.
Another friend said that prices may drop further. I told the friend, prices are always demand vs supply. Currently, there are a lot of owners looking to sell, thus prices are easier to negotiate. Once all these owners sold off and you start to reach the tougher negotiators, that’s when prices may start going up. Nevertheless as one of my readers said, if crisis happens again, the prices would definitely be coming down. He said it may happen in a few months or in a few years. 😛
written on 16th dec 2013
Next suggested article:  Penang property expensive versus expansive