News

Housing Developers Remain Optimistic Of Market For 2018

Last update: 27/11/2017ISKANDAR PUTERI, Nov 27 (Bernama) -- Housing developers remain optimistic over the market for 2018 despite the challenges being faced this year.

UEM Sunrise Bhd Managing Director cum Chief Executive Officer, Anwar Syahrin Abdul Ajib said however, spending would be tempered with caution, while admitting that the challenges were due to an imbalance in housing demand and supply.

"We see at times development (housing) in areas that are not suitable due to a lack of infrastructure and such.In the case of UEM Sunrise, we consider areas with existing infrastructure and where people want to go to such as Putera Harbour and Nusa Idaman," he added.

Anwar Syahrin told reporters this after officiating the opening of the new Coastal Highway Southern Link (CHSL) here today.

He was also responding to a question on the housing market's prospects for next year.

Agreeing with Anwar Syahrin, Sunway Group Chairman, Tan Sri Dr Jeffrey Cheah said all property developers are currently facing headwinds.

"All of us are facing challenges. But, I think the government is very proactive, and is now looking at unsold units as well as how to help developers.

"Everyone builds, thinking the market would be good, but now we are facing a bit of a headwind," he added.

Cheah said with the right policy and incentives, the situation of imbalance can be improved.

Bank Negara Malaysia recently disclosed an imbalance in demand and supply in the property market, including the housing segment, resulting in many unsold houses, especially luxury homes.

The number of unsold houses was the highest in 10 years for houses priced RM250,000 and above.

The central bank also said Johor recorded the highest number of unsold houses, followed by Selangor and Kuala Lumpur.

Meanwhile, Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin officiated the CHSL which is a 5.2 kilometre highway that connects the Iskandar Coastal Highway to the Second Link Expressway.

The highway, which will open to the public tomorrow, cuts travelling time from ten to five minutes from the Sultan Abu Bakar Complex Customs Immigration and Quarantine (CIQ) to Medini.

-- BERNAMA