KOTA KINABALU (Sept 15): Sabah Housing Real Estate and Developers Association (Shareda) PropEX has always been the place for homeowners to scour the best deals and purchases in the state with all the major developers and industry players under one roof to make the experience as seamless as possible.

Shareda president Datuk Chua Soon Ping said he believed that after two years of uncertainty and a rocky market, the demand for real estate and housing is back on the uptrend as buyers are gaining the confidence to invest again.

Landed properties in suburbs and high rises in urban areas remain the most sought-after products, said Chua, adding that the market has responded by rolling out multiple new project launches this year, many of which have been snapped up swiftly.

“In the recent Property Hunter Expo held in Tawau and Kota Kinabalu in July this year, sales exceeded over RM220 million, with RM125 million in Tawau alone. Now is the time to begin investing,” he said.

Chua in his speech at the launching of Shareda PropEX 2022 on Thursday, pointed out that the market is currently on an uptick, with prices remaining affordable from two years of the unprecedented pandemic.

“But rising costs of building materials and subsequently, construction costs, padded up by labour complications are set to increase the prices of properties in the near future. Additionally, higher borrowing costs due to recent hikes in the overnight policy rate (OPR) to 2.75 per cent is also likely to slow down any buying sprees. So, we must act now while conditions are ideal, and see our investments bear fruit.

“This is why we have chosen the theme for this year’s PropEX 2022 to be ‘Now Is The Time’. If there is any doubt as to the potential of growth for your property prices, the upcoming building of Nusantara in Kalimantan is reason enough to begin investing now,” he said.

Chua opined that the island of Borneo, and Sabah in particular is set to boom with the eventual move of the Indonesian capital.

“If we position ourselves wisely, Sabah, with its beaches, mountains, pristine forests and diverse cultural gems can be a destination for sustainable, natural tourism for the budding metropolis,” he said.

According to him, there are numerous ways to fully capitalise on the development of Nusantara, but the priority is accessibility as with reliable and affordable infrastructure, there will be an increasing ease of access to reliably transport for people regardless of income bracket.

“Aside from more flights to various tourism hotspots and major cities, Sabah can also utilize the current Pan Borneo Highway as a starting point for developing a network of highways that will allow the whole island, even communities in the outskirts, to be better connected.

“Eventually, a high-speed rail across to Kalimantan could be planned in the future for even more efficient travel. We can of course, continue to speculate in the meantime, but it would be beneficial to start fostering a sense of international community by focusing on what Sabah can offer,” he said.

Cross-border trading between the two regions has already been long established but upgrading shipping routes between Sabah’s east coast and Nusantara can also help bolster bilateral trade, said Chua adding, “we can look to the new POIC port in Lahad Datu as a flagship example.”

“High-quality medical facilities and educational institutions will be useful to supplement Kalimantan as they build their new city, and we hope that Sabah’s main industry players will be on board to develop these facilities and welcome our neighbours to share them,” he said.

The event was officiated by Local Government and Housing Minister Datuk Seri Panglima Masidi Manjun.

Speaking to reporters later, Chua who was asked to comment Masidi’s proposal for a joint committee to be set up between the government and private sector, said that Shareda welcomes the suggestion as it will improve the private sector’s efficiency.

“Application processes such as for the development plan (DP) and others can be shorten and this could also reduce the building duration to let’s say from 36 months to 32 months. By virtue of the efficiency of four to six months, we will save some money and the savings we will pass on to the buyers.

“Everybody will win, at the end of the job the departments and utility companies will earn more, water department, SESB, local authorities will get the rate assessment and quit rent among others.

“All this will benefit everyone. Because whatever compliance cost that we have, we pass on to the buyers. If we have less cost, all this will be savings to help the buyers. We welcome the initiative,” he said.

Masidi in his speech said the government is committed to support developers and ensure that the housing sector remains healthy and accessible to all.

“A total of RM149.52 million is allocated to repair infrastructure and help the people affected by disasters through the First Supplementary Supply Bill 2022 passed by the Sabah Legislative Assembly.

“RM65.28 million was allocated for the State’s water supply needs, and RM58.92 million for the administration, management, and maintenance of government buildings. The government takes this problem seriously and focuses on repairing and helping the people affected by the disaster,” he added.

Masidi added that as a Ranau native, who once held the state’s Tourism, Culture, and Environment Ministry portfolio, he hoped that more cultural elements will be considered to be adopted into our architectural identity.

This will not only promote our abundant culture but will also improve the state’s economy by promoting our tourism industry indirectly, he said.

He stressed that money is not everything, but without a good economy Sabah will be left behind.

“Under my leadership as the Local Government Minister, I will ensure development and businesses will be given cooperation at all times by all local authorities. Sabahans have a unique cultural identity and we all have our preferences when it comes to the homes we prefer. I think developers can take inspiration from our culture and integrated it into design and architecture. Learn the preferences of the people and provide options that can add to the unique identity of Sabah,” he said.

Masidi also agreed with Chua’s call for preparedness to meet the demands when Nusantara fully develops.

“We must make the first steps to be ready. Nusantara will need to build up its infrastructure, everything from utilities to networks to manufacturing to ports and airports. Malaysia, or Sabah to be specific, can offer expertise and services to supplement this development.

“Opportunities will arise for an array of fields, not only in construction, but also in human resources and talent management, design, architecture, energy resources, material supply and more. There will be massive investments coming into Borneo and this is an opportunity for Sabah to grow in tandem with Nusantara’s development,” he said.

Nusantara is being planned as a “smart and green city”. With everything being built from the ground up, this is an opportunity for Sabah to not only learn but to provide solutions in renewable energy and green developments, said Masidi.

“Tourism will get a huge boost as well, I agree with Datuk Chua that Sabah is in pole position to become the go-to destination for tourism in Borneo. But we must provide the quality and the quantity.

“Our tourism products must be on par to international standards and the rooms must be ready for this inevitable influx,” he stressed.

Source:
courtesy of THE BORNEO POST

by NANCY LAI

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