Housing potential for combined 6 million people
Published on: Friday, June 02, 2023
By: Nikko Fabian
Joachim looking at a model of the project.
Kota Kinabalu: Deputy Chief Minister II Datuk Seri Dr Joachim Gunsalam reiterated that the housing industry is an important contributor to the Malaysian economy and provider of new job opportunities as well as contributing to total output (GDP).
“The housing sector is still promising despite some issues and challenges.
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Higher economic growth and income correlate directly to property prices,” he said.
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Hence, the Deputy Chief is optimistic and confident that the housing sector will prevail despite some issues and challenges and will continue to grow with the commitment and efforts of the Government in transforming this sector, coupled with the rapid development of information technology and communication.
“This is also an opportune time, seeing that East Malaysia itself is a growth market for the housing sector,” Joachim who is also Local Government and Housing Minister said when officiating the roof topping ceremony of the Coral Bay @ Sutera organised by GSH Corporation Limited and China Railway Construction Group (CRCG) (M) Sdn Bhd Thursday.
Joachim said Sabah, Sarawak and Labuan have a total combined population of 6million in 2021, from the Department of Statistic Malaysia.
He said as the market and economy eventually adapted to a pandemic environment, the residential real estate market in Sabah experienced a significant return in 2021.
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A total of 4,805 transactions totaling RM1.941 billion were registered, representing yearly increases of 20.61pc and 37.71pc, respectively (Max, 2021),- the Edge/ Rahim & Co Kota Kinabalu housing Property Monitor.
“The housing industry is an important contributor to the Malaysian economy by providing new job opportunities and also contributing to total output (GDP).
Higher economic growth and income correlate directly to property prices,” he said.
Joachim also said that the Sabah Government would expect big returns from the Sabah-Malaysia My Second Home (SBH-MM2H) initiative participants.
He said a minimum stay of 30 days per year is one of the SBH-MM2H programme’s requirements and an individual or family is only allowed to stay for 5+5 years in Sabah.
Other requirements include being able to buy property for RM600,000 or more, obtaining a medical check-up certificate from the applicant’s country of origin and opening a bank account in any Sabah-based local bank with a RM200,000 fixed deposit.
“Through the participation of tourists in this programme, the state will benefit economically through property purchases, the inflow of funds, and the stimulation of the local economy,” he said.
The MM2H initiated by the State Government was adapted from the “Malaysia My Second Home” programme implemented by the Federal Government under the tourism sector, which is one of the main economic sectors emphasised in the five-year Hala Tuju Sabah Maju Jaya (SMJ) Development Plan 1.0 (2021-2025).
Joachim said this programme aims to attract and grant foreign tourists who meet all the necessary criteria the right to stay in Sabah for a period of time.
“Given its stunning and picturesque scenery, Sabah has a great deal of potential for drawing tourists who would like to make it their second home.
Furthermore, Sabah’s unique mix of ethnic groups and cultures is one of the state’s main attractions for tourists,” he said, adding the SBH-MM2H programme incentivises foreign tourists with plenty of rewards.
On the rooftopping ceremony, Joachim said it is a long-standing tradition in the construction industry that celebrates project milestones.
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