Q3 recovery for Sabah property market. Launching value lowest since 2013

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According to SHAREDA’s President Mr Chew Sang Hai, the value of new property project launches in 2017 reached its lowest record since 2013. There was a total of only RM1.5 billion launches in 2018. Reasons include developers encountering difficulty in sourcing for business finances and seek for alternative end financing for property buyers. He is however a confident man. He said, “We are confident that the market would recover in the 3rd quarter of 2018 due to better economy parameter and the aftermath of the General Election would also stabilize the confidence in the market.” Full report in propertyhunter.com.my here. In 2016, total new launches amounted to RM2.96 billion while in 2012 it was RM7 billion which was the highest ever. He shared that even the RM1.5 billion in 2017 was because of Sinaland’s Elemen and Hap Seng Properties’ Kingfisher Inanam and Putatan.

A positive note may be that 80 percent of the launches are below RM400,000. Market forces at work here and developers have to follow. (When we look at even the Greater KL property market, something similar is also happening. Developers are all pushing towards the affordable segment) Chew also shared “Property investment is a medium type of business. People would not be encouraged to buy or invest in times of uncertainty – in this case, before the election. We will definitely see a positive grow after the election.” He also shared that when there are more property launches, people may gain higher confidence. It is expected that the property market would remain stagnant and anticipates to recover in the second half of 2018 due to several factors from palm oil, oil and gas and tourism industries and the infrastructure developments in the State.

Many Malaysian friends (Peninsular ones) have NEVER visited Sabah. I visit Sabah nothing less than once every quarter. My recent visit was during the Chinese New Year and my next visit is in May 2018. It has world class diving sites, superb beaches, you can climb the EASY Mount Kinabalu and it has a capital city called Kota Kinabalu with an airport which is BUSIER than even Penang International Airport. (Many people do not know this until today). Oh yeah, even the Chinese (China) loves it too for many reasons. Here’s one latest article about them. Taking a long term view meant that Sabah or at least Kota Kinabalu as a start is a must visit place for property investment. I regard Kota Kinabalu as one of the primary property market in Malaysia and this meant that it is on the same level as Greater KL, Iskandar JB and Penang. Happy travelling first and investing later.

written on 21 March 2018

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