Property Prices in KK Surged Up to 100 - 150% Says SHAREDA
floor unit would be sold at around
RM2,800 per sq ft, whereas a unit
on the first and second floor at
RM1,800 per sq ft and RM 1,500
per sq ft.
Sabah Housing and Real Estate
Developers Association (SHAREDA)
President, Francis Goh
The City is ranked the third in
Malaysia in terms of the rapid
surge in property prices, after
Penang and Kuala Lumpur with
property prices surging between
100 and 150 per cent in the past
five years in the State.
The trend is expected to continue
for the next five years, said
Sabah Housing and Real Estate
Developers Association (SHAREDA)
President, Francis Goh.
He said the price of a doublestorey terraced house with a built
up area of 1,200 square foot has
increased up to 114 per cent or
RM600,000 between 2007 and
2011.
Last year, he said a double-storey
terraced house cost around
RM850,000 while a double-storey
semi-detached house is priced at
more than RM1 million.
Briefing Sabah’s property
market overview to some 50
entrepreneurs and investors from
China at Wisma Kinsabina, he said
prices of walked up apartments,
medium end condominium and
high-end condominium have
increased between 50 to 94 per
cent in the same period of time
too.
Goh said as for the commercial
sector, prices of two-storey and
three-storey shop offices have
surged 61 per cent and 111 per
cent between 2007 and 2011,
respectively.
“A two-storey and three-storey
shop offices now cost around
RM880,000 and RM 1.6 million
respectively,” he said.
He said for retail malls, a ground
Actually, Goh said the existing
resorts in Sabah should be rated
six to seven stars when compared
to the five-star rated resorts in
Kuala Lumpur.
On another note, Goh said
together with the oil palm followed
by oil and gas as well as tourism,
the property development sector
had contributed greatly to the
Sabah’s economy.
“Resorts here are built on land no
less than 300 to 700 acres,” he
said, adding that more developers
would venture into leisure
properties development in the
future.
Goh said that despite building
more than 10,000 properties of all
types every year but it was still not
sufficient to cope with the demand.
This included beach villas, lagoon
villas, riverside villas, paddy villas,
farm villas, hilltop villas, cliff villas,
forest lodge, chalets, service suits,
service apartment and hotel suites.
Palm Condo
and Square to
Transform Kinarut
“Kota Kinabalu has a population
of around 800,000, and growing
at five per cent rate every year,”
he said, adding that the 10,000
new properties annually, generally
would not be sufficient to meet
the population growth of 40,000
annually.
Among those at the half-day
briefing were Yihe Imperial
International Education Research
Institute president Professor Ai Xin
Jue Luo Qi Yi, who led the China
delegates, Bank of China (Malaysia)
Berhad chief executive officer
Wang Hongwei, Bank of China
(Malaysia) Berhad East Malaysia
regional general manager Zhang
Hong Kun and liaison secretary to
the Minister of Special Tasks Albert
Kok.
Meanwhile, Goh urged the Bank
of China to set up a branch here
in order to provide loans for
developers to build better fivestar hotels and high end leisure
properties.
“As the president of SHAREDA, I
hope that the Bank of China will
set up a branch here as soon
as possible and together with
developers, we can develop Sabah
into a tourism haven.”
According to him, he had asked
Ministry of Tourism, Culture and
Environment Datuk Masidi Manjun
for the reason Sabah only had
five five-star resorts only and the
answer was that Bank Negara
Malaysia did not encourage
commercial banks to approve
loans for developers or investors
wanting to build hotels as the
investments as high-risk ventures.
In this respect, Goh said the
delegates might consider
purchasing or building leisure
properties in Sabah.
“In line with the vision of Sabah
Government to turn stretches
of long white sandy beaches
along the west co 7BWF