Better days if BN returned: Shareda
Published on: Sunday, March 18, 2018
Penampang: Sabah Housing and Real estate Developers Association (Shareda foresees better days ahead for the property development sector in Sabah if the ruling Barisan Nasional continues getting the people's mandate to govern in the next general election.Its president Chew Sang Hai said there is higher chance for market confidence to return and grow if it retains power.He opines that the main reason is familiarity among industry players and the market alike.
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"As the saying goes, a known devil is better than an unknown angel," he told reporters after chairing Shareda's annual general meeting, Saturday.He said it would take longer for confidence to grow if the opposition is in power."Business people say that if you chose an unknown party, it will take a year or more for confidence to build up," he added.He noted that from 2014 to 2017, the property development industry went through a challenging period with growth volume and value transactions were in single digit.
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Property launched last year he said amounted to RM1,500 million which was the lowest value of new project launching as compared to 2016.He explained that there were few factors that contributed to the low value of project launches causing developers to put on hold their new project launches, a situation most prominent in the East Coast where the market share of 20 per cent in 2014 went down to 15 per cent in 2015 and continues to dip further to 10 per cent in 2016.
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Chew said although the market this year would continue to remain stagnant, recovery can be expected in the second half, provided that the general election is called early to calm down the feeling of uncertainties and restore positive market sentiment.He said there have been some positive development in the economy that contributes to a stronger property market in the state this year.Stay up-to-date by following Daily Express’s Telegram channel.
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