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Friday, December 5, 2008

Zerin rules out property slump next year

Malaysia'S property market is expected to be resilient next year due to lower borrowing costs and as demand from foreign buyers remain strong, an industry executive said.

"It will be harder to do deals next year but there won't be a slump. People are still looking for homes to stay and invest in," said Previndran Singhe, chief executive officer of real estate consultancy Zerin Properties.

Previndran: People are still looking for homes to stay and invest in.

There will be a slew of new residential property launches from the second quarter next year and these are high-end products.

Key launches next year include 6 Stonor by Tan & Tan Development; The Pearl@KLCC by Malton Bhd; Platinum Park Residences by Naza TTDI; The Oval by Guocoland (M) Bhd; and Idaman Bintang by TA Properties Sdn Bhd.

Previndran said there is demand from locals, and investors from Europe and the Middle East for completed properties and new products in the Klang Valley.

"We are seeing more genuine buyers from these regions," he said.

Previndran said while the price of new landed and high-rise properties will be relatively similar to current levels, there will be more attractive marketing schemes.

"Developers are not going to lower property prices as construction cost is still volatile. What they will do is offer more goodies," he said.

He also expects a few en bloc deals over the next few months.

"There will also be more sales and leaseback, which will be fed into REITs," Previndran said at a property outlook briefing in Kuala Lumpur yesterday.

Zerin also introduced its new website for expatriates at the briefing.

By Business Times (by Sharen Kaur)

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