PETALING JAYA: Property developers are confident the sector will weather the slowing economy with some help from the financial institutions and the Government.
Support from the banking sector and the Government was helping to prop up the Malaysian property market, said Perdana ParkCity Sdn Bhd marketing and sales director Susan Tan.
“The only thing that needs to be done now is to boost the confidence level in the market and give potential buyers a good impression of the sector,” she said.
Perdana ParkCity had this year launched only one new project, The Northshore Garden at Desa Parkcity in Damansara and the response had been overwhelming.
“Apart from that, we are selling the remaining terrace houses of Parkhome and Zenia at Desa Parkcity. Hopefully, by next year, we would see fast recovery in this sector to spur our business,” she said.
A spokesman from a property consultancy firm said as long as banks were willing to provide loans, the property sector would not be affected much by the current situation.
On their part, developers should review current market demand and reposition themselves to face the economic slowdown, he said.
“They should know where the economy is heading and what the market really wants. If they manage to do that, they can become more competitive and successful,” he said.
Magna Prima Bhd chief executive director Lim Ching Choy said the current slowdown in the property sector had little impact on the company’s business.
“The market is still reasonable and the banking sector is still lending support. With the right location, the company is confident of attracting buyers,” he said, adding that it was targeting buyers with stable income and not first-time buyers.
“We are moving away from our traditional high-rise development and are now focusing more on landed property with good density for our development at Jalan Kuching and Selayang,” he said.
He hoped the recent RM7bil Government stimulus package would help put the sector back on track.
This year, the company launched two new developments: a 378-unit apartment project at U1 Shah Alam priced from RM250,000 to RM380,000 per unit, and a 1,070-unit apartment at Magna View Selayang, priced at RM230,000 to RM350,000 per unit.
Lim said both projects enjoyed good sales and the company was pushing hard to sell the balance 140 units.
Mah Sing Group Bhd group chief executive officer Datuk Seri Leong Hoy Kum said the lower construction costs would certainly help ease the burden of the developers.
“Buyers are becoming more cautious before making any purchase but with good location, demand is still going to be good.”
He said the group was going for lifestyle and medium to high-end market that could contribute better to its business.
By The Star (by Edy Sarif)
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