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Thursday, July 17, 2008

New ideas to beat higher costs

KUALA LUMPUR: The rising cost of building materials provide the best opportunity for developers to be innovative and seek other alternatives to overcome the current situation.

The Institution of Surveyors, Malaysia (ISM) former president Datuk Abdullah Thalith Md Thani said new ideas needed to be injected for developers to cover higher costs.

Abdullah Thalith Md Thani

“Developers need to find ways to tackle the rising costs by focusing more on research and development (R&D). Engineers also need to look for alternatives building materials to tackle this problem,” he told a press conference here yesterday.

The press conference was to announce the 19th National Real Estate Convention (NREC) to be held on Aug 26-27 in Petaling Jaya.

The convention is jointly organised by the International Real Estate Federation (FIABCI), ISM and Association of Valuers and Property Consultants in Private Practice Malaysia.

FIABCI Malaysia president Datuk Richard Fong said the convention would address current issues faced by the real estate industry and strategies to counter them.

“The current construction costs have increased by about 30%. Now it's either build smaller houses at the same price or increase the price for better quality houses,” he said.

However, this was the good time to buy houses as developers would surely increase the prices for new project launches, he said.

The theme for this year's convention is “ Real Estate Leadership - Strategies for the 21st Century”.

NREC is expected to attract 600 delegates from Malaysia and around the region.

Registration is RM599 per person and includes convention materials, tea breaks and lunch.

By The Star

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