There are quite a lot of exhibitors booth.
Although it is 2nd year and it only 1st time for me to visit there.
Unlike most other property exhibitions, Maspex focuses on the exhibition and sales of secondary properties.
Themed “MASPEX 2013 – Penang”, the event is expected to draw large crowds of Penangites who are in search of their dream homes and exciting investment opportunities. Maspex Penang will be held at Times Square Mall in Penang.
This year MASPEX 2014 Penang is expected to offer 2,500 listing of secondary residential properties at Penang Times Square this weekend. Organising chairman Mr Michael Geh mentioned that many of the properties' prices are ranging from RM300,000 to RM800,000 , were in strategic locations. He further added, the prices are 20%-30% lower compared to the new properties sold by developers.
I only able to visit 4 booths as I have time constraints.
Below are the 3 deals capture my eyes.
(I) Hexagon Tech Park
This is a commercial unit.
Hexagon Tech Park is a 13 story building with toral of 161 units of office. It is centrally located in George town with easy accessibility to UNESCO Heritage Site, Tun Dr Lim Chong Eu Expressway and Penang Bridge.
It is the only building along Jalan Guadwara that is equipped with fibre-optic internet access. 24 hour security, 24 hour high end CCTV surveillance, ample parking within the building compound and eatery areas.
| Asking Price | $330,000.00 |
| Rental | $1,900.00 |
| Yield | 6.9% |
(II) Mutiara Idaman Jelutong
| Asking Price | $240,000.00 | |
| Rental | $850.00 | |
| Yield | 4.3% |
What if I can find a property price at $150000?
| Asking Price | $150,000.00 |
| Rental | $850.00 |
| Yield | 6.8% |
The yield also is incredible....
| Asking Price | $205,000.00 |
| Rental | $900.00 |
| Yield | 5.3% |
(III) Pangsapuri Widuri, Raja Uda
During conversation with one of the exhibitor, I told him that I am looking for a rental yield of 6%.
He introduce me with this property.
He said that this project is abandoned last time and take over by the government and revamp it.
Some of the unit now is bare and wanted to let go.
Most of the units are belong to the previous contractor that the main contractor went bankruptcy last time.
He told me he only left with 1 unit which is Block C 13 floor (top floor) for viewing.
When I back home, immediately call my friend who stay there and understand from him.
There are total of 3 blocks with each Block has 13 or 14 levels.
Total units are about 800.
There are still 10% is empty now, translate to 90% occupancy rate on that region.
He mentioned that it is very easy to rent out with the rental of RM650.
Block C is the newest. Block D is low cost flat.
I do some more search online and found below:
| Asking Price | $90,000.00 |
| Rental | $650.00 |
| Yield | 8.7% |
My friend staying in Block B level 7 and facing the sea.
During Chinese New year, he is able to see the lighting from the Kek Lok Si.
Note: Maintenance fees is around $80 and expected to increase 20% in October 2014
I am surprise that N Park can sell for RM400K now. really Amazing!
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