The recently concluded Penang International Property Expo 2011 (PIP 2011) has received thumbs up from foreign property experts and also featured an Indonesian Feng Shui master singing to Chief Minister Lim Guang Eng.
“The target market in this expo has been the end-buyer, and not the speculator, which is a good thing,” said Rusmin Lawin, the secretary-general of the Real Estate Federation of Asia Pacific.
Lawin noted that bulk buyers and property speculators pose one of the economic challenges for developing countries in Asia.
“The government needs to ensure that people get the houses get the houses they deserve,” he added.
“I think the next step for the state government is to spread out the development and housing demand to Seberang Jaya and Butterworth,” he said, referring to the major mainland spots in Penang.
Lawin, an Indonesian, also revealed that the Indonesian government had opened its doors to foreigners to buy properties in the country.
Earlier, during the launchof the expo, Lim revealed that transactions worth up to RM200 million were made during last year’s event.
The DAP secretary-general was later serenaded by Putri Wong Kam Fu, an Indonesian Feng Shui master during a press conference.
“This is the year of Rabbit, and thus natural disasters are bound to happen. But Penang will not be affected by all this,” she claimed.
She went on to sing a number praising the land of Penang in front of a seated Lim.
The PIP Expo is held annually, to help citizens acquire their dream house in a fair manner; developers and end-buyers get to conduct business directly with each other, as opposed to having a third party broker the process.
This year’s expo ran from March 18 to March 20 at the Penang International Sports Arena (PISA).