COVER STORY
COVER STORY by Lawrence Julius
Kota Kinabalu: Market in review
Welcome to the half way mark of 2017. Where is the property market at today?
The outlook for 2017 was one neither of country. The implementation of the Goods Sabah have put off people from investing in
optimism nor excitement as the industry and Services Tax (GST) in 2015 is still bearing the state. All these factors coupled together
predicted the slower pace of 2016 to continue heavy on purchasers today, compounded with tighter lending conditions from financial
to dictate the jog. 2016 recorded a value of by the weakening of the Ringgit, plenty are institutions have led to minimal notable
RM2.94 billion for new launches in the year now weighted with diminished purchasing launches in 2017 with a majority of the high-
while 2015 and 2014 recorded RM2.69 billion power. Such is the case of weak confidence, rises that are in development today being
and RM3.74 billion respectively, according that uneasiness from the American elections initiated in 2015 and 2016, mostly for the
to the Sabah Housing and Real Estate have managed to further soften the market. mid-range segment.
Developers Association (SHAREDA). Although In turn, financial institutions have become developers remain cautious, with a majority stricter in their approval of loans, making it a See Kok Loong, Director of Metro Homes
on the tentative side, there may be a glimmer challenging process for buyers compared to Sdn Bhd told The Edge Property that the
of change on the horizon in 2017 for Sabah years past. stamp duty increase, GST, China’s restriction
on capital outflow and a looming general
and the general market.
Political scandals like the one surrounding election might continue the softness in the
The industry crawled into 2017 with factors 1MDB making the news rounds have also market.
such as a weak Ringgit and the plummet weakened investments into the country while of oil prices continue to negatively impact cases of kidnapping in the East Coast of
High Rise Projects Under Development
Name of Development Developer Location Total Units GDV
Pacific Heights @ PacifiCity Pacific Sanctuary Holdings Sdn Bhd Likas Bay 204 N/A
The Residences @ Sutera Avenue Mah Sing Group Southern Fringe of KK CBD 320 N/A
The Riverside Residence @ Sodomon Kinsabina Group Kepayan 134 RM65 Mil
One Jesselton @ Kepayan Ridge BinaPuri Properties Sdn Bhd Kepayan Ridge 125 RM84 Mil
Jesselton View @ Hilltop BinaPuri Properties Sdn Bhd Hilltop 80 RM66 Mil
SkyVue Residence NBLand Group Kobusak 200 RM177 Mil
Maya @ Likas Tower Paradise Sdn Bhd Likas 483 RM295 Mil
Bukit Bantayan, Block E Gamuda Land Sdn Bhd Inanam 296 RM144 Mil
Kingfisher Inanam Hap Seng Properties Development Sdn Bhd Inanam 257 RM295 Mil
Kingfisher Putatan Hap Seng Properties Development Sdn Bhd Putatan 120 RM56 Mil
Condominium Ria Makinsa Group Jalan Lintas-Khidmat 39 RM42 Mil
E Residence Phase 1 EH Group Telipok 320 RM92 Mil
University Utama Condominium Phase 6 W Group Telipok 660 RM137 Mil
Bukit Saujamas Tajuk Unggul Sdn Bhd