Beaufort attracts Brunei and local investors
Published on: Monday, September 22, 2014
BEAUFORT: Beaufort real estate properties are attracting Bruneian investors, said Membakut-originate property developer Teo Chit Ming @ Teo Chee Ming of Pemborong Hasil Emas Sdn Bhd.Teo is developing the Lumat Centre 2 commercial property and the four-room and four-bathroom Eramas residential property projects."For Bruneians with stronger purchasing power, they find properties here cheaper. Many are making use of their relatives here to buy properties under RM1 million. For a property costing RM650,000 at the Lumat Centre 2, to Bruneians it is merely around B$250,000," he said.
ADVERTISEMENT
Many Brunei Malays from the West Coast of Sabah working in Brunei also bought Beaufort properties. People from Labuan living in company quarters also bought houses here and some came over during weekends to stay at their own homes here," Teo said.When Teo first launched his housing project here, all 100 units of the RM130,000 homes were sold out within one week after advertisement and launching.Subsequently he built more single storey homes costing around RM150,000."It is not possible now to build at this price range," he said of the escalating costs of development, even in Beaufort.
ADVERTISEMENT
His new housing properties cost between RM350,000 to RM450,000 on average for non-Bumiputra lots. He opined that if his housing development were located in Kota Kinabalu, the prices would be far more higher to beyond RM500,000 to over a RM1 million."Prices of houses in KK is just so expensive for many people," he said.
ADVERTISEMENT
As a developer, Teo is to be commented for ensuring that subdivided titles were obtained as soon as possible for all his houses and shops sold. "All these houses and shops (at Taman Lumat) have their subdivided titles," he said.Hence, his company is gaining a good reputation with property buyers here.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
