Property prices won't go down: Shareda
Published on: Saturday, July 25, 2015

Kota Kinabalu: There is no chance that the prices of properties will go down even with the country facing an economic slowdown now, said Sabah Housing and Real Estate Developers Association (Shareda) Vice President John Chee.He said prices of properties can either go up or stabilise and in the current economic situation, prices are at a standstill.

Chee also said this follows the demand and supply theory which clearly can be seen especially in the last three years where properties in the market have lessened tremendously.

He said in 2013, about RM7.4 billion worth of housing projects were launched but the figure dramatically reduced to half in 2014 and this year, although no actual figure is known, it can be seen that the number is further plummeting. He said this after a press conference on Shareda Nite at Magellan Sutera Harbour on Friday.

Chee added that the implementation of the Goods and Services Tax (GST) also made it impossible for prices to go down as it increased the construction costs.

Therefore, he said with such situations faced by the market, Shareda decided to plan its 37th Annual Anniversary Dinner with the theme 'Moving Forward and Beyond' as a way to overcome the situation.

Organising chairman of the event, Wesley Chai, on the other hand, said it had been a challenging year but Shareda believes industry players and associates would be able to rise and go forward and beyond the boundaries.

He said the imposition of the six per cent GST that led to rising construction costs and increase in property prices, falling of crude oil prices and oil palm prices as well as the plummeting of the ringgit value to name a few had greatly affected the property industry.

"No doubt it is in our wish list to expect the property market to recover and stay resilient as our industry spearheads moving forward for a better remaining year of 2015 and coming 2016 as we experience the changing economy and development paradigm," he said.

Chai said Shareda Nite will be held on July 31 at 6.30pm at Magellan Sutera Harbour Ballroom and will be attended over 1,000 guests from various counterparts from Sarawak, Peninsular Malaysia and Hong Kong. He said Minister of Local Government and Housing, Datuk Seri Hajiji Haji Noor, will grace the event.

Furthermore, he said this year, the Shareda Charity Fund campaign has raised a total of RM92,500 from their members and associates.

He said of the amount, RM10,000 will be donated to the Sabah Anti-Tuberculosis Association, towards the building of four units of single-storey rest houses for outstation tuberculosis patients and their families seeking treatment in Kota Kinabalu.

"(The other) RM82,500 will be donated to the families of the four casualties who had lost their lives putting their own at risk to save others; Persatuan Malim Gunung Kinabalu for their mountain guides who lost their livelihood (and) the victims and families of the quake disaster whose homes were swept away or blown away by strong winds.

"(They) who were devastatingly affected by the 5.9 magnitude earthquake in Ranau that hit Mount Kinabalu on June 5 and the aftermaths."

Meanwhile, Shareda Youth Secretary Benny Ng said the youth had also done some charity projects which includes building bus stops in Tenom town.

Ng also said there will also be an upgrading to the Penampang bypass highway with funds of RM3 million provided by the government.


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