Miri’s Property Outlook Remains Buoyant
76 Property Buyers Conned
A company, claiming to
be a property developer
has allegedly conned 76
unsuspecting buyers of
RM1.56 million by selling
non-existent property
products.
Booming of landed residences in Miri, Sarawak
Demand for residential
houses in Miri has increased
sharply over the years with
the annual take-up rate rising
to more than 1,000 units
currently, including low-cost
houses.
The strong growth is a far cry
from less than 100 houses
completed a year in the
1970s, according to leading
property consultant CH
Williams, Talhar, Wong & Yeo
Sdn Bhd’s (WTWY) managing
director Robert Ting.
“Price of houses had
increased at least 60 per cent
over the last decade, and in
some cases, even doubled or
tripled over the past 10 to 15
years,” he said in an interview
in conjunction with Miri City
Day.
The demand for housing is
in tandem with population
growth, he added. Based on
figures compiled by WTWY
Research, Miri division’s
population would reach
close to 440,000 in 2020 and
hit 530,600 by 2030 from
364,500 in 2010.
The increased demand
for residential housing
and consequently modern
conveniences has led
to various township
developments.
Bandar Baru Permyjaya
launched in November 1995
is by far the largest integrated
township to be developed in
a single location in Miri and
when fully developed, the
new township is expected
to have more than 20,000
houses, 1,000 shops and 800
units of industrial buildings,
said Ting.
“Miri is one of the major
towns directly having an
impact in the palm oil
industry as more than 60 per
cent of oil palm estates in
Sarawak are located within
the middle belt of Bintulu-Miri
zone.
“Miri’s overall property
market in 2013 was stable
as shown by encouraging
transaction activities despite
an increase in house
price, stricter housing loan
requirements implemented
by Bank Negara and the
declining real purchasing
power of households.”
“Currently there are about
1.16 million hectares of
oil palm estates. This will
continue to grow as there are
potentially another 1.5 million
to two million hectares of
land to be opened up for oil
palm cultivation in Sarawak,”
said Ting.
‘Shop offices’ transaction
volume and prices were up
due to higher demand and
corresponding increased
supply. Buyers also find shop
offices attractive investments
on an after-tax basis.
“Industrial transaction
volume and prices are also
up as there is currently a
limited supply of industrial
units,” added Ting. He said
demand remained stable this
year.
The oil and gas industry
had been one of the driving
forces behind property
development in Miri with
other catalysts boosting
property sales include the
thriving timber and oil palm
industries.
In addition, Ting also said that
property developers would
face many challenges, such as
regulatory policies, securing
land banks, rising land and
development costs.
“Therefore, developers
who look into research and
development to keep costs
at reasonable level, maintain
quality of their products
and having large land
banks would be in a strong
bargaining position to have a
competitive edge in times to
come,” he concluded.
Sabah State police
commercial crime chief
Superintendent Saiman
Kasran said the police
had received 83 reports
against the company
and raided its office
here on April 24 this
year. The police also
nabbed a 47-year-old
man and a 48-yearold woman who were
believed to be selling
non-existent bungalow
lots and property
projects in Sabah.
The woman was the
managing director of the
company while the man
was her assistant.
Three computers, bank
account books, mobile
phones and documents
believed to be used in
the duo’s fraudulent
activities, were seized
as well.
In a press statement
issued yesterday,
Saiman said police
investigation found that
the company had no
licence for development
and collecting deposits.
The duo allegedly
carried out the fraud
by advertising in local
papers on development
projects and sale
of bungalow lots in
Sabah at a cheap price.
Interested customers
were required to pay a
20 per cent deposit of
the property price. In
addition, the company
also promised agents a
10 per cent commission
from the deposit paid by
customers.
A total of 76 victims
had paid their deposits
amounting to RM1.56
million but there was
no signing of Sales and
Purchase Agreements
(SPA) or handing over of
keys as promised by the
company, he said.
The duo were charged
in the Sessions Court
yesterday under
Section 420 of the
Penal Code for cheating
and dishonestly
inducing delivery of
property, which carries
a punishment of
imprisonment for a term
not less than a year and
not more than 10 years
and with whipping, as
well as be liable to a fine.
The duo hav