As reported in The Star Online, there was a lowered overnight policy rate (OPR) to 3%. Announced by Bank Negara last month, this has come as a pleasant surprise to many in the currently soft property market.

Good news: According to Lim (left) and Chow, the lower OPR allows for cheaper loans and more interest from property buyers.

According to developers and those in the property business, it is helping to raise the tempo for property buyers in the country.

This move is expected to help Malaysians cope with the ever-increasing cost of living in addition to boosting the national economy.

IJM Land sales and marketing assistant manager Carlson Leong stated that the reduction in OPR will ultimately benefit homebuyers because they will see a reduction in the monthly payment of mortgage loans. This will, in turn, lessen the worries of some in committing to a property.

He went on to add that this decision by Bank Negara is expected to boost the entire Malaysian economy besides being beneficial to property developers. This is because with the reduction of interest rates in savings and fixed deposits, people are more willing to spend or invest in properties.

There was also a favourable reaction from Ekovest Bhd managing director Datuk Seri Lim Keng Cheng regarding the reduction of OPR.

He said that the recent change that reduces interest rates is a good move in general, and that the bank governor has made the right decision. This move will allow for cheaper loans for construction, while property buyers can get bank loans with lower interest rates. Rental yield for commercial properties will also translate into higher returns.

Gamuda Land managing director Chow Chee Wah also weighed in on the matter, saying that competitive pricing and attractive purchase incentives available in the market now had also helped to stir interest from property investors and homebuyers.

He states that the drop in fixed deposit rates may also motivate those who traditionally save their money in the bank to seek out other investment options that will have better returns such as property.

The StarProperty.my Fair 2016, supported by premium partners Ekovest Bhd and IJM Land, will have many such deals for the public. A wide array of family-friendly events have been planned for fair visitors and homebuyers.

These include lucky draws, tree giveaways, and a CR8 robotic challenge that will take place on selected days.

For more information, log on to http://fair.starproperty.my/