Real estate demand returns to uptrend – Shareda

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Chua (left) presents Masidi with a token of appreciation for officiating the event.

KOTA KINABALU (September 15): Sabah Housing Real Estate and Developers Association (Shareda) PropEX has always been the place for landlords to browse the state’s best deals and buys with all the major developers and industry players under under one roof to make the experience as seamless as possible.

Shareda Chairman Datuk Chua Soon Ping said he believes after two years of uncertainty and a tough market, demand for real estate and housing is back on the uptrend as buyers regain confidence necessary to invest again.

Suburban land properties and high-rise buildings in urban areas remain the most sought-after commodities, Chua said, adding that the market has responded with several new project launches this year, many of which have been quickly acquired.

“At the recent Property Hunter Expo held in Tawau and Kota Kinabalu in July this year, sales exceeded over RM220 million, with RM125 million in Tawau alone. Now is the time to start investing,” he said.

Chua, in his speech at the launch of Shareda PropEX 2022 on Thursday, pointed out that the market is currently on the rise as prices remain affordable after two years of an unprecedented pandemic.

“But rising costs of building materials and therefore construction costs, compounded by labor complications, are expected to drive up property prices in the near future. In addition, rising borrowing costs due to recent hikes in the overnight rate (OPR) to 2.75% should also dampen any buying spree. So, we must act now when the conditions are ideal, and see our investments bear fruit.

“That’s why we’ve chosen the theme for this year’s PropEX 2022 as ‘Now’s the Time’. If there’s any doubt about your property’s price growth potential, Nusantara’s next building in Kalimantan is reason enough to start investing now,” he said.

Chua believed that the island of Borneo, and Sabah in particular, should prosper with the Indonesian capital’s eventual move.

“If we position ourselves wisely, Sabah, with its beaches, mountains, pristine forests and diverse cultural gems, can be a sustainable and natural tourism destination for the fledgling metropolis,” he said.

According to him, there are many ways to fully capitalize on the development of Nusantara, but the priority is accessibility because with reliable and affordable infrastructure, there will be an increasing ease of access to reliable transport for people, whatever regardless of income bracket.

“Besides more flights to various tourism hotspots and major cities, Sabah can also use the existing Pan Borneo highway as a starting point to develop a network of highways that will enable the entire island, even communities in the outskirts, to be better connected.

“Eventually, a high-speed train to Kalimantan could be planned in the future for even more efficient travel. We can of course continue to speculate in the meantime, but it would be beneficial to start fostering a sense of international community by focusing on what Sabah can offer,” he said.

Cross-border trade between the two regions has already been established for a long time, but modernization of sea routes between Sabah’s east coast and Nusantara can also help boost bilateral trade, Chua said, adding, “we can consider the new POIC port in Lahad Datu as a leading example. .”

“High-quality medical facilities and educational institutions will come in handy to complement Kalimantan as they build their new city, and we hope Sabah’s leading industry players will be on board to develop these facilities and welcome our neighbors to share them,” he said.

The event was chaired by the Minister of Local Government and Housing, Datuk Seri Panglima Masidi Manjun.

Speaking to reporters later, Chua, who was asked to comment on Masidi’s proposal to establish a joint committee between the government and the private sector, said Shareda welcomes the suggestion as it will improve the efficiency of the sector. private.

“The application processes like for the development plan (DP) and the like can be shortened and it could also reduce the construction time from say 36 months to 32 months. Due to the effectiveness of four to six months, we will save money and the savings we will pass on to buyers.

“Everyone will be a winner, at the end of the job the departments and utility companies will earn more, the water department, SESB, local authorities will get the rate assessment and stop renting among others.

“All of this will benefit everyone. Because whatever compliance cost we have, we pass it on to buyers. If we have less cost, it will all be savings to help buyers. We welcome the initiative,” he said.

Masidi, in his speech, said the government is committed to supporting developers and ensuring that the housing sector remains healthy and accessible to all.

“A total of RM149.52 million is allocated for infrastructure repair and disaster relief through the First Supplementary Provision Bill of 2022 passed by the Sabah Legislative Assembly.

“RM 65.28 million has been allocated for state water supply needs and RM 58.92 million for administration, management and maintenance of government buildings. The government takes this problem seriously and is focusing on repairing and helping those affected by the disaster,” he added.

Masidi added that as a native of Ranau, which once held the portfolio of the state’s Ministry of Tourism, Culture and Environment, he hoped more cultural elements would be considered for adoption. in our architectural identity.

This will not only promote our abundant culture, but also improve the economy of the state by indirectly promoting our tourism industry, he said.

He pointed out that money is not everything, but without a good economy, Sabah will be left behind.

“Under my leadership as Minister of Local Government, I will ensure that development and business enjoys the cooperation of all local authorities at all times. The Sabahans have a unique cultural identity and we all have our preferences in this regard. about the homes we prefer. I think developers can take inspiration from our culture and incorporate it into design and architecture. Learn people’s preferences and provide options that can add to the unique identity of Sabah,” he said.

Masidi also accepted Chua’s call for preparation to meet demands when Nusantara fully develops.

“We have to take the first steps to be ready. Nusantara will need to develop its infrastructure, from utilities and networks to manufacturing, ports and airports. Malaysia, or Sabah to be precise, can offer expertise and services to complement this development.

“Opportunities will arise in a range of areas, not only in construction, but also in human resource and talent management, design, architecture, energy resources, materials sourcing, and more. There will be massive investment in Borneo and this is an opportunity for Sabah to grow in tandem with the development of Nusantara,” he said.

Nusantara is planned as a “smart and green city”. With everything being built from scratch, this is an opportunity for Sabah to not only learn but also provide solutions in renewable energy and green developments, Masidi said.

“Tourism is also going to get a huge boost, I agree with Datuk Chua that Sabah is in pole position to become Borneo’s go-to tourist destination. But we have to deliver quality and quantity.

“Our tourist products must be up to international standards and the rooms must be ready for this inevitable influx,” he stressed.






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