Innovative Projects Will Attract More Buyers in KK
I
t is undeniable that the
announcement of the Budget
2014 has caused the property
industry a slight setback. However,
group managing director of
Remajaya Chua Soon Ping, believes
that the market will recover in the
second half of the year.
He said, “From June onwards I
expect the prices of properties
to go up regardless if it is a
new or second hand property.
The implementation of the GST
will increase building cost so
naturally new projects that will be
launched will also increase in price.
Developers have no choice.”
He adds: “The local government’s
implementation of the new rule
permitting only 80 residential units
in one acre will further dry the
market. But let’s see what happens
by April 2015. Let’s see if the global
market is still stable by then.”
Chua who is behind the success
of Bay 21, located at Likas Bay
launched the dual key units, a
crossover between the Phase 1
apartments with 3 bedrooms, and
the Phase 2 business suite with one
bedroom. The dual key units were
launched during their Chinese New
Year open house held recently at
their sales gallery.
Guest of honour Datuk Panglima
Masidi Manjun minister of tourism,
culture and environment Sabah
urged developers to be responsible
to the buyers and live up to
their promises. He suggest that
reputable developers go for less
profit to gain the trust in buyers,
and ‘hit and run’ developers will not
survive for long especially in a small
state such as Sabah.
Masidi also advised developers
to build more interesting and
innovative projects like Bay21
TOO to attract more foreign
investments. In 2013, Sabah had
207 chartered flights from China
flying into Kota Kinabalu and it
is expected that there will be an
increase of interest in the local
property market by these Chinese
tourists.
Looking Forward to a More Vibrant 2014
P
roperty buyers should
look forward to a
vibrant 2014 says SBC
Corporation Group senior
sales and marketing manager
Dennis Tan. The current
market seems slightly bleak
due to the new GST scheme
and banks tightening their
financing packages, however
Tan is confident that things
will pick up after the Chinese
New Year celebration.
He said, “A lot of new
properties were on hold
since last December because
developers were still trying
to figure out how to market
and package their products
due to all the changes
and uncertainties. But the
public can definitely expect
developers to be more
active in launching newer
developments after the
holidays.”
SBC Corporation also aims to
become more aggressive in
their promotion especially to
the foreign market. A series of
upcoming events will be held
to promote the balance units
at the Peak SOHO.
And the developer also has
a few more projects in the
pipeline including Jesselton
Quey, a joint venture Suria
Capital. Registration is
ongoing to create awareness
about this mix development.
He adds: “Buyers are
becoming more selective now
with the projects they invest
it. The main criteria they are
looking for are projects by
developers who have good
track records in the past.”
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