PROPERTY transactions in Penang appear to have come to a standstill as investors wait and see how the state's economic landscape will unfold."We have received many concerned calls from our foreign investors, counterparts and clients, who are anxious to get a better feel of the ground on the implications for the property market," Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Toh Puat told Business Times yesterday.He said that improving living conditions in Penang would help to attract foreign investment in properties and those looking for a second home."Attracting investments, tourism arrivals and residents, however, will be a greater challenge today in view of the growing Asia-Pacific real estate market offering alternative opportunities for investors in 2008," Teoh said. Henry Butcher Malaysia (Seberang Prai) senior manager Fook Tone Huat expects investors to take a few months to observe the new political developments before making any decision to continue their investments."Right now, I believe they will wait and see before they decide on their next move, and this will definitely slow down investments."However, if the new state government implements the 'transparency and fair to all' administrative strategy, it may create more market confidence," Fook said. Read more
(New Straits Times 20-3-2008)
