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RM66m properties snapped up
Published on: Sunday, March 24, 2019
By: Larry Ralon

PENAMPANG: One hundred and thirty two property units worth RM66 million were booked during the three-day National-level Home Ownership Campaign (HOC) Expo-Sabah held at the Foo Chow hall early this month. 

Sabah Housing and Real Estate Developers Association (Shareda) President, Chew Sang Hai (pic), said 80 per cent of the property sold during the was residential property, while the rests were commercial (16.7pc) and industrial property (3.3pc). 

He said 33.34pc residential property sold was under RM500,000, adding 4,420 visitors were recorded throughout the three-day period. 

Thanking all those concerned, Chew said the HOC is still ongoing until June 30 this year and urged those looking for a home to grasp this opportunity to own their dream house at a discount. 

Participating developers are giving a minimum of 10pc discount on residential property. 

The Government is giving a total of 3.5pc stamp duty exemption through loan document and MOT. 

“I believe Sabah’s economy will only be better for the rest of the year because under our Chief Minister’s leadership, Sabah has successfully secured multiple billion ringgit deals to consolidate the state’s economy,” he said. 

The event’s organising chairperson, Benny Ng, said the focus of the HOC 2019 is not the billions ringgit sales, but the billions worth of housing delivered to home owners in need. 

Meanwhile, Shareda is set to promote the State’s property market in Southern China during the Chief Minister’s planned trade visit to Shenzhen next month. 

Chew, who retained his post uncontested, said he and council member Raymond Chan would highlight the uniqueness of Sabah Land Code to people there.

“In Sabah, foreigners can buy and own property and their rights to own property is the same as Sabahans. This is only in Sabah, not in West Malaysia or Sarawak. So we will promote it,” he said.

The Chief Minister’s trade visit gives the housing and real estate developers in Sabah to explore the market in Southern China, he said, adding they may sign a memorandum of agreement or understanding with a China real estate agent during the time. 

“The best way to market our properties in China is to get a China-based real estate agent. Two years ago we signed a MoU with a China-based real estate agent in the Northern part of China. 

“There is a good opportunity for us to explore the market in the southern part next month. We signed a MoA or MoU with another real estate agent in the Southern,” he said.  

One of the challenges in marketing properties in China is they do not know its business environment and thus may not fully understand the way business is done there, he said.

The minimum threshold for foreign residential property purchase set for Sabah, including under the Malaysia My Second Home (MM2H) Programme, is RM1 million. 

Chew also said under his new term till 2011, Shareda would continue to further enhance the existing bond between it and the new State Government. 

“Some of our problems have been resolved, like that relating to bank guarantee and the Bumiputera quota policy which is quite flexible now. It shows that the new Government has a different direction, thought and strategies,” he said.

Chew also strongly urged the new State Government to help bring up the association proposal which include the establishment of regional risk office and imposition of fixed rate regional explore for all commercial banks in the State to the National Financial Council and Bank Negara Malaysia (BNM), hoping that their proposals can be considered now under the new Government both at State and Federal-level.

Their proposals were endorsed during the 22nd Malaysian Developers’ Council (MDC) in collaboration with the Real Estate and Housing Developers’ Association (Rehda) Malaysia and Sarawak Housing Real Estate Developers’ Association (Sheda) held in May 2017. Shareda had also submitted the proposals to the previous State Government. 

 



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