Property Worth RM550 Million Sold At Shareda Property Exhibition In Sabah

Last update: 31/08/2010KOTA KINABALU, Aug 31 (Bernama) -- The four-day Sabah Housing And Real Estate Developers Association (Shareda) property exhibition (PropEx 2010) which ended at the Sabah Trade Centre Tuesday, was a success.

It attracted 23,000 visitors, and saw the sale of 1,200 properties valued at RM550 million, said state local government and housing minister Datuk Hajiji Mohd Noor.

Thanking Shareda for ensuring the success of this year's PropEX, he hoped the association would take ProEX to the next level, enabling Sabah developers to venture beyond their shores.

He said an analysis of some Malaysian developers who ventured overseas showed they became more profitable and diversified, and achieved higher sales growth and were less reliant on government incentives.

"It just goes to show that we cannot remain stagnant because if we do, we become irrelevant and uncompetitive," he said in his speech at PropEX's closing ceremony here.

Meanwhile, Hajiji said the ministry would prepare a Cabinet paper on the proposed speedy approval of development plans.

He said Chief Minister Datuk Seri Musa Aman had announced recently, the breakthrough for the speedy approval of development plans to cut down the approval time frame.

"This shows the state government acknowledges developers as a very important partner in the aspect of developing the state on a steady pace, in line with achieving a developed nation status in the year 2020," he added.

In response to Shareda's appeal for early release of the five per cent bank guarantee of the total gross development on housing projects, Hajiji said his ministry would study their request.

On the concerns of local developers over the proliferation of foreign-owned companies selling residential properties with their tourism products, he said there were suggestions this aspect of foreign 'investment' needed to be regulated.