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Wednesday, August 6, 2008

Malaysia needs to win back confidence

KUALA LUMPUR: Malaysia needs to regain foreign investors’ confidence to spur the current property market, says Selangor Dredging Bhd (SDB) managing director Teh Lip Kim.

Teh Lip Kim standing in front of Park Seven Residences

“They feel insecure here because of the current political instability. Instead, they prefer to invest in other countries such as Singapore,” she said after a media tour of its Park Seven Residences at Persiaran KLCC.

Sold out since early last year, Park Seven received its certificate of fitness for occupation on April 22.

Teh said Malaysia still offered cheaper properties than Singapore and she believed the demand for niche market was still present.

“There are still people with money in the market. When they want to buy properties, they become more selective.

“That’s why SDB always believed in branding to attract them,” she said, adding that its on-going projects in Malaysia and Singapore would always focus on the niche market.

“What makes us different from the other players is the concept that we introduce every time we launch our projects.

“By doing that, we usually manage to sell 30% to 40 % more than our competitors,” she said.

On the increase in construction cost, she said developers would have to pass part of the burden to buyers.

SDB would be developing its land bank in Taman Melawati, Jalan Ampang, Damansara Heights and Petaling Jaya soon, Teh said.

“Apart from that, we are looking to invest in countries that are more transparent and have stable financial systems, such as Australia, Thailand and Vietnam.”

By The Star

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