Potential to grab an auction property within Penang island?

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img-20170215-wa0001.jpgThis is for people interested with Penang LANDED properties. Two within the island and one in mainland. Beyond just the usual new launches, there are two other potential properties that one can buy. The secondary ones which can be searched via many property portals as well as those that falls ‘under the hammer’ also known as auction properties. For those who thinks of auction as a ‘scary’ or unknown option, read a little about it here:  ‘Syndicates’ in auctions  My good friend forwarded to me an e-flyer for three different properties in Penang. Two within the island and one in mainland Penang. We can see that there are two prices listed. RP is Reserve Price which meant that this would be the lowest point that the property would be sold. In other words, the auction would start from this price and progressively being bid up depending on the interest. If you are the only buyer for the particular property, then this would be the price that you will pay for it. To be frank, I do not think you would be the only buyer because the RV versus MV has a big gap. MV equals to Market Value. This is normally the price that another similar property was sold at and to ascertain for sure INFORMALLY, you may talk to your banker, your friendly property valuer or even search for similar type of properties online.

pantaijerjakThe discount versus the market value ranges from 25 percent to 35 percent. I am not the owner of any of these properties. I also do not know the owner of these properties personally. I also do not know the reasons for these properties to be put under auction. Thus, there is no need to write in to me to negotiate for better pricing. If you have interest, feel free to call the ‘Viewing Hotline’ number at 012 777 2756.  Please remember to check the actual property and the area before proceeding to bid even if you think the price looks attractive. I ran a check for ‘pantai jerjak’ for semi-detached and the image shows some of the available choices as at today, 15th February 2017. We can compare these listings to the similar one being listed in the auction e-flyer.  The good thing about landed property is that you can actually view the surrounding too. If it looks abandoned for a very long time, I think it’s best to move on to other potentials. As for properties within the island, if you were to ask any Penangites they would tell you that landed properties are the best. They are not as open to high-rise. In fact certain areas are also more favoured. So, if you are ready, the deposit to prepare is 2 percent of the reserve price. Happy bidding.

written on 15 Feb 2017

Next suggested article:   Penang: Secondary property market remained strong for 2016

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