Published on: Wednesday, December 27, 2006 |
Kota Kinabalu: Foreign house buyers and retirees are moving away from popular spots like Bali and Phuket and looking towards Sabah.
High-end properties and locations, previously not in demand, are on sale with some being snapped up even before construction begins.
The rainforests and beautiful beaches are a plus point for Sabah. To those who have invested here, however, the Land Below the Wind is much more than a pretty location.
"Sabah has a lot to offer, but it is nowhere near as saturated as Bali and Phuket, where the demand has sent prices rocketing," said Mike Power, a retired civil servant from the United Kingdom.
Power lists friendly people, affordable prices and abundant nature as the pulling factors for his decision to buy a luxury beach-front villa in the state capital about a year ago.
The 62-year-old comes from an average middle-class background, and his pension back home would be enough just to get by.
"Here, I can live in luxurious comfort, get the extra treats and have a beach-front property that will cost at least five times as much in Europe. "Since we came to Sabah about six years ago, we've been coming back every year.
"We instantly knew that this was where we wanted to be. We will be moving in next year," he said.
The property market for the State is booming rapidly in tandem with new shopping complexes, housing estates and high-class bungalows being built at prime areas previously viewed as isolated.
The Nexus Residence beach-front villas project, a housing property on the same grounds as the five-star Nexus Resort Karambunai, is one such development which has attracted buyers from Europe and Asia, touting high-end vacation homes on a 6km stretch of secluded beach, about 30 minutes from the city centre.
"We have already sold more than 50 per cent of the 243 units available, mostly to Europeans. There are also buyers from Australia, Singapore and Hong Kong," said its sales and marketing director, John Chong.
People have started to wake up to Sabah and are taking it seriously as a major destination for property investment, after places like Indonesia and Thailand, he added.
Chong attributed Sabah's growing popularity to several factors - a stable political scene and economy, established land laws, beautiful and abundant natural environment and relatively free from natural disasters.
Another property development project is setting its sight on an even higher class of clientele with luxury villas that start from RM1 million, called the Kudat Riviera, located north of Borneo. About half of the property has been sold although construction has not begun fully.
