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Saturday, December 20, 2008

Good location will save the day for YNH

IPOH-BASED YNH Property Bhd believes it can still benefit from the global economic slowdown by focusing on developments that are located in good and prime locations.

As cliche as it may sound, adhering to the old adage of “location, location, location” speaks volumes for YNH head of corporate services Daniel Chan.

Daniel Chan

“While the Malaysian property market should experience a slowdown next year, we feel that properties in good, prime locations will still be able to generate good demand,” he says, adding that the company is not scaling down or deferring any of its ongoing projects despite the current economic downturn.

“All of our projects are on track and we are going full swing,” he says.

Two primary developments that YNH has in the pipeline are its Kiara 163 mixed development project in Mont’Kiara and a township development in Manjung, Perak, both of which Chan says are situated in “good locations”.

He says the Kiara 163 project is targeted at both local buyers and expatriates and that YNH plans to launch the project in the first quarter of 2009.

The Manjung development is still under construction and is targeted at primarily government employees.

“Civil servants earn consistent salaries and they are least likely to be retrenched,” he says.

Chan says Malaysia’s property market is still resilient compared with many Asian and developed countries.

“Property in Malaysia is still very affordable compared to countries like Hong Kong and Singapore,” he says, adding that the recent interest rate reduction by Bank Negara is a good move to promote spending.

“Lower interest rates means it would be cheaper to borrow money and easier to repay your loan,” Chan says.

By The Star (by Eugene Mahalingam)

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