Property prices in Sarawak are rising, giving investors ample opportunity to "ride the current property wave."
According to The Borneo Post, Datuk Amar Abang Johari Tun Openg, State Housing Minister, said that home prices in different locations are increasing, with a standard two-storey terraced house now priced from RM350,000 to RM400,000.
"It is worth noting that most of the new residential projects in the state's capital city (Kuching) are located further away from the city centre, like Jalan Muara Tuang, Jalan Kuching-Serian, Batu Kawa and Matang."
He noted that the launching prices of landed houses in Sibu have also climbed. On the other hand, semi-detached and two-storey terraced houses in Bintulu continue to be saleable and favourable products in themarket.
Looking forward, prices in Bintulu could be sustained or even rise, as shown by the upward correction in prices of properties that were launched previously.
"Over the long-term, we expect an increasing demand for houses due to several major on-going projects being constructed or in the pipeline under the Sarawak Corridor of Renewable Energy (SCORE) development area," he explained.
Meanwhile, prices of houses in Miri could remain competitive in 2012 and could increase further due to the higher cost of construction materials, labour and land.
Likewise, Sibu will continue to witness better demand for residential properties, particularly in prime and secondary areas. This demand uptrend is attributed to limited land availability near the town centre and the robust property growth in the Sibu Jaya Township.
He added that the Bintulu's property sector will continue to see active construction activity including low-cost houses. Moreover, double-storey semi-detached residences and double-storey terraced homes will still be the most saleable and favourable products in the area.
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