Don’t go overboard CM:
Builders must keep their prices competitive
14/07/2007 The Star
PENANG: Developers must make sure that their property prices remain
competitive or risk losing potential buyers.
It is acceptable for property prices to increase by between 10% and 30% but
it should not be exorbitant, Chief Minister Tan Sri Dr Koh Tsu Koon said.
“It is understandable that with the increase in building material prices,
property prices will also rise.
“However, we must make sure that we do not lose our competitiveness by
raising the prices too much, like in Singapore,” he said when opening the
Malaysian Property Exposition (MAPEX) 2007 yesterday.
Dr Koh said many of the state’s projects especially the RM2.7bil second
bridge, which will link Batu Maung here and Batu Kawan on the mainland,
Penang Outer Ring Road (PORR), monorail and public transportation system
would augur well for the property sector.
In his speech, Real Estate and Housing Developers Association (Rehda) Penang
branch chairman Datuk Jerry Chan Fook Sing said the association was
optimistic that the property market would see “bullish” times in the next
“We are very pleased with the progress of the state’s major transportation
and infrastructure projects as well as the close cooperation given by the
Penang Municipal Council (MPPP) and Seberang Prai Municipal Council (MPSP)
to our members.
“Those who invested in property during last year's MAPEX would have seen the
value of their property increase by 10% to 15% since.
“With more foreign investment and property developers from other states
coming in, we expect to see more expatriates and locals making their homes
“This is still a very good time to invest in property with land value
expected to appreciate by at least 10% per year,” he said.
The exposition at the Chee Hoon Khor Moral Uplifting Society in Macalister
Road opens from 10am to 9pm. More than 15,000 visitors are expected at the
three-day event which ends tomorrow.