KOTA KINABALU August 31, 2012: Sabah Housing and Real Estate Developers Association (Shareda) has urged the government to build more roads in the state as a way to encourage healthier growth and check the skyrocketing prices in the property sector.
Shareda president Datuk Susan Wong Siew Guen said many developers in Sabah are currently chasing after limited available land for their projects, thus driving up land and property prices.
“This is one of the main reasons for the escalating house prices in Sabah. Building more roads would open up more land for development and we believe this is one way to stabilize the house prices,”
said Susan in her welcoming remarks at the launch of PropEX 2012.
The ceremony was officiated by Chief Minister Datuk Seri Musa Aman. Also present were Assistant Ministers of Local Government and Housing Datuk Gulamhaidar Khan Bahadar and Datuk Edward Yong Oui Fah.
Susan said the property developers are also hoping the relevant ministries would look into the need to ease the approval process for subdivision of titles from Hasil Bumi and Land and Survey Department.
She said this is necessary to expedite the payment of land premiums by developers to the government.
“This would be a win-win situation for the developers and the government and we hope the honorable Chief Minister could look into this issue,” she said.
Susan also reiterated Shareda’s call for the government to consider reinstating the 999-year land lease term for subdivided titles.
For the interest of the house buyers, she said the 999-year term should be maintained for the original master title after conversion and subdivision.
She said developers in Sabah are hoping the Housing Ministry would consider easing the release mechanism of the five percent deposit for housing project developers.
The deposit is required by the authority as a guarantee before issuing the Housing Developer License for a new housing project.
Susan said Musa has proved that he always has the people’s interest at heart and as such, Shareda is hoping there will be some good news for the property sector to be announced by the State Government soon.
Susan said Sabah has remained vibrant and economically strong, with property developers continue to launch many new projects to meet strong local demand every year.
She said the booming property sector is supported by the state’s wealth in natural resources and continuous growth in major economic activities, such as palm oil, timber, oil and gas, seafood products, tourism and services.
Sabah’s strong economy is also a direct result of the stable and business friendly government under the leadership of Musa.
She said house buyers should have full confidence in Sabah’s property sector, noting that there has been no abandoned housing projects in the state for many years.
She noted that unlike in Peninsular Malaysia where there are many abandoned projects every year, the housing projects in Sabah are ‘safer’ partly due to the strict regulations and controls by the Housing Ministry as well as the healthy market demand.
by Murib Morpi