Sabah Property Market is Promising

Assurance from Sabah Housing and Real Estate Developers Association...

Sabah property mart is promising: SHAREDA

KOTA KINABALU: The Sabah property market looks promising despite the global economic crisis, said Sabah Housing and Real Estate Developers Association (SHAREDA) president, Datuk Susan Wong Siew Guen.

“Only the demand for commercial shops and offices as well as the high-end residential property in Sabah has slightly slowed down. Properties with good design and in prime location are still in good demand. And the demand for medium cost residential property is still going strong,” she noted.

The overall outlook of the property developments in the state remains an attractive investment option with various considerations like political stability, exotic natural environment and influx of foreign direct investment, she said at the 11th Malaysian Developers Council (MDC) meeting held at the Le Meridien Kota Kinabalu recently.

The MDC is a tripartite meeting among SHAREDA, the Real Estate and Housing Developers’ Association (REHDA) and Sarawak Housing and Real Estate Developers’ Association (SHEDA).

For example, she said the KK City Waterfront project overlooking the Kota Kinabalu seafront and with its innovative building design is selling very well. The condominium, priced at RM400-RM700 per sq ft floor area, has attracted many local and foreign buyers.

“The Hartamas Height condominium, located along Jalan Lintas and consisting of 120 units with prices ranging from RM180,000 to RM300,000, was also very sellable with 80% of the units sold within a month after its launch.

“The innovative designed semi-detached houses of Taman Bukit Sepangar developed by Wah Mie Group have attracted many buyers and the sales were very encouraging,” she said.

“The medium cost Cyber City Apartment 2 developed by W Group is selling very well and sold out in a short period of time.

“The seafront bungalows of Nexus Bay Resort Karambunai has attracted many foreign buyers and sold out mostly under the Malaysia My Second Home programme,” she added.

Sabah, with its many beautiful tourist destinations, has attracted many foreign investors to buy homes here.

“The consideration of permanent resident status for high net-worth individuals bringing in more than US$2 million for investment in Malaysia has attracted many foreign investors to invest in Sabah’s property,” she said.

Moreover, Susan said the consistent promotion by the Ministry of Tourism, Culture and Environment and the Sabah Tourism Board had brought in many tourists who also invested in Sabah’s properties.

The housing industry continues to flourish as can be seen from a number of newly launched or on-going projects in Sabah such as the Nelly Phase 8D, Kolombong consisted of 280 units, Hartamas Height, Kepayan (120 units), 1 Sulaman, Kuala Menggatal (1,008 units), Putatan Platinum Apartment (1,012 units), RH Residences, Kuala Menggatal (87 units), Mahkota, Bundusan (56 units), Prima Jaya, Penampang (34 units), Legenda Damai, Luyang (14 units) and Tiara Boutique Pool Villa Resort (93 units).

These properties comprise condominium, apartment, townhouse, double-storey detached and semi-detached houses and pool villa.

The selling prices range from RM233-RM522 per sq ft for condominium, RM186-RM205 per sq ft for apartment, RM350,000 (town house), RM347,800 (terrace houses), RM449,950-RM1.29 million (pool villa), RM795,000 (double-storey detached house) and RM1.3 million (semi-detached house).

Source : New Sabah Times, Monday, 17 August 2009