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People buying homes again, indicating downturn bottoming out

19/10/2009 The Star By RACHEL KAM

PETALING JAYA: The property sector has seen a strong comeback in the third quarter with the renewed buying interest for residential property indicates that the economic downturn is bottoming out.

Housing and Local Government Minister Datuk Seri Kong Cho ha said the country’s property and construction sectors which have been more severely impacted than other sectors of the economy, have experienced revisions to their ratings outlook.

“Our local property market, especially in the Klang Velley has shown a recovery over the past few months.

“I have personally experienced it after visiting a few projects and through the applications for new licenses that came to the Ministry,” he told reporters here Monday after opening the the National Property and Housing Summit 2009.

Kong said he saw the property market was recovering, mainly among the upmarket properties, and the sales had been very encouraging.

“That actually is a good sign of recovery of our economy. People are investing again,” he added.

Kong credited the recovery to the implementation of stimulus packages by the Government.

Currently, there were 148 abandoned projects in the country with some being abandoned for almost 20 years.

Kong said the Ministry had successfully revived 12 of the 148 projects and 48 were now in various stages of processing.

On the Public Housing Project (PPR), he said the Ministry still had another 10,000 to 12,000 units of low cost houses to build, adding that the Ministry was asked to build total of 74,000 units.

Under the additional RM200mil package announced by Deputy Prime Minister Datuk Seri Najib Tun Razak during the Mini Budget 2009, the Federal Government was to build PPR projects.

Commenting on the upcoming Budget 2010, Kong said the country was like any other countries, was facing the economic crisis in the last two years.

Thus the Government has to be very prudent and plan very carefully for the Budget 2010.

“We will maximise the existing resources that we have now to do the best and to impact most people, especially the lower income group of people,” he said.


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