/// East Malaysia Property News
EAST MALAYSIA
PROPERTY NEWS
Keep track of the latest property and real estate news
plus reviews in the property market in Sabah and
Sarawak
RM2 Billion Resort City to Boost Sarawak
Tourism
Speculative Buying is Down
Chief Minister of Sarawak graces the project during the launch
CBRE Malaysia Executive Chairman Christopher Boyd
A RM2 billion premier integrated
resort destination at the suburb of
North Kuching is all geared to boost
the tourism industry in Sarawak.
truly transformational entertainment
and leisure experience,” said CMS
group managing director Datuk
Richard Curtis during the launch. “
Dubbed Bandar Samariang Resort
City (BSRC), the resort will breathe
new life to the landscape of the city
as it features a safari park, water
theme park, resort accommodations,
facilities for extreme outdoor
activities, meetings, incentives,
conferences and exhibitions (MICE)
facilities as well as residential and
commercial development.
The pedigree of Sentoria makes them
the best possible owner and operator
of a project on this scale. Main Market
listed, they have a track record of
similar successful project in Kuantan’s
Bukit Gambang Resort City.”
The removal of the Developer
Interest Bearing Scheme (DIBS)
for properties has already
made a minimal impact since its
implementation.
feature of DIBS that allows
property buyers to put down a
5% deposit while paying nothing
throughout the construction
period.
CBRE Malaysia Executive
Chairman Christopher Boyd
said speculative buying
appeared to have slowed down
in the peninsula after banks
withdrew DIBS shortly after the
announcement of the 2014
National Budget.
Boyd said good financing
facilities are still available as
the removal has yet to hit
high-demand properties like
residences, He added banks
may also move to introduce
rebates as substitutes to the
DIBS to keep the country’s
property market bullish.
It will be jointly developed by Cahya
Mata Sarawak Bhd (CMS) and
Sentoria Group Bhd (Sentoria).
“We welcome the project launch of a
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Curtis also revealed that BSRC
facilities will centre on family and
healthy outdoor recreational activities
suitable to Kuching’s population.
As a tourist attraction, BSRC will
help boost tourist arrivals as well as
provide more reasons for them to
stay longer, he added.
DIBS developers marked
up prices by around 5%
to cover interest they paid
when properties were under
construction. Speculators were
attracted to the “interest free”
He noted Singapore, which
opted to remove DIBS in 2009,
still enjoys a strong property
market without stretching the
finances of its buyers.