By Farah Wahida:
Rapid property development in Kota Kinabalu would see more investors turning their sights away from traditional destinations to this Malaysian hotspot, said Fiabci Malaysia National Committee member Michael Geh.
“The strong Kota Kinabalu property development trend, with its domestic property product launches may end up drawing investors away from the Klang Valley, which used to be the traditional destination for savvy Sabah property investors.”
In concurring, Fiabci Malaysia President Yeow Thit Sang said Kota Kinabalu will still be this year’s hotspot with its economy boosted by tourism.
“The property sector was holding up reasonably well last year with the demand for houses within the RM250,000 to RM400,000 range but there has been a drop in demand for high-end units,” said Yeow.
He attributed the decline to the difficulty faced by investors of luxury units to find tenants.
“This is because influx of multinational corporations (MNCs) did not come as expected, coupled with the disaster in Japan as well as the economic situation in Europe and the US still struggling to recover,” he added.
While the industry is impacted by global economic slowdown, the government’s mega projects and infrastructure projects helped keep the industry stable.
Geh noted that Penang, Kuala Lumpur, Johor Bahru and Kota Kinabalu will remain as hotspots for various reasons.
“In Penang, it is because it is a domestic and international tourist destination while the Iskandar region of Johor Bahru is propelled by the government’s focus on it in recent times,” he said, adding that the growth of the Iskandar region will be fuelled by “the strong Singapore and international retail investors.”
For Kota Kinabalu, the same can be said for this hotspot as it shares the same traits with the Iskandar region.
Rapid property development in Kota Kinabalu would see more investors turning their sights away from traditional destinations to this Malaysian hotspot, said Fiabci Malaysia National Committee member Michael Geh.
“The strong Kota Kinabalu property development trend, with its domestic property product launches may end up drawing investors away from the Klang Valley, which used to be the traditional destination for savvy Sabah property investors.”
In concurring, Fiabci Malaysia President Yeow Thit Sang said Kota Kinabalu will still be this year’s hotspot with its economy boosted by tourism.
“The property sector was holding up reasonably well last year with the demand for houses within the RM250,000 to RM400,000 range but there has been a drop in demand for high-end units,” said Yeow.
He attributed the decline to the difficulty faced by investors of luxury units to find tenants.
“This is because influx of multinational corporations (MNCs) did not come as expected, coupled with the disaster in Japan as well as the economic situation in Europe and the US still struggling to recover,” he added.
While the industry is impacted by global economic slowdown, the government’s mega projects and infrastructure projects helped keep the industry stable.
Geh noted that Penang, Kuala Lumpur, Johor Bahru and Kota Kinabalu will remain as hotspots for various reasons.
“In Penang, it is because it is a domestic and international tourist destination while the Iskandar region of Johor Bahru is propelled by the government’s focus on it in recent times,” he said, adding that the growth of the Iskandar region will be fuelled by “the strong Singapore and international retail investors.”
For Kota Kinabalu, the same can be said for this hotspot as it shares the same traits with the Iskandar region.
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