Property prices down 10 percent, approval in 12 months.

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Some Kota Kinabalu centric news. Sabah Housing and Real Estate Developers Association (SHAREDA) has submitted a memorandum to Local Government and Housing Minister Datuk Hajiji Noor with a proposal which will see approval time for development plans to be reduced from current 30 months down to 12 months. According to its president Datuk Francis Goh, it also hopes to reduce the capital contribution charges to Sabah Electricity Sdn Bhd. If these can be done, the total cost for the developers would be reduced and thus it is possible that property prices can then be reduced between 5 and 10 percent. This is a good number because the property prices in Kota Kinabalu are no longer considered low. Read here: Kota Kinabalu property market, shortages soon?

Only one small issue, this memorandum was to have been submitted together with expert bodies such as the Malaysian Architect Association (PAM), Sabah chapter of the Institution of Engineers Malaysia (IEM), Consulting Engineers Association (ACEM) and the Sabah Law Association. All these expert bodies have shown support for the plan but claimed that Shareda has submitted the memorandum by itself. Goh admitted this has happened but said that he would leave the final decision to the expert bodies. This is because the proposal has been long delayed as the draft proposal has been sent to all parties. He said he would like to hold a meeting on this soon.

Personally, I believe the inclusion of all relevant parties would have been the best. However, having been in the corporate world, I also understand that sometimes waiting may not be the best option. Every organisation would have their own timelines, requirements and it is not possible to force them to follow a certain deadline. It is not the fault of any party but it is also vital for the proposal to proceed. I think in this case, Shareda is proceeding but are still hoping that the expert bodies would join in as one of the stakeholders. My wife is from Sandakan and I own a high-rise unit in Kota Kinabalu. I will be watching this and update the progress which hopefully is a positive one. Happy discussing.

written on 6 Sept 2015

Next suggested article: Average of RM419,000 is indeed quite high, actually

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