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Tuesday, October 20, 2009

Property sector bouncing back

PETALING JAYA: The property sector has seen a strong comeback in the third quarter with renewed buying interest for residential property indicating that the economic downturn is “bottoming”.

Datuk Seri Kong Cho Ha... 'The country’s property and construction sectors had experienced revisions to their ratings outlook.

Housing and Local Government Minister Datuk Seri Kong Cho Ha said the country’s property and construction sectors, which were more severely impacted than other sectors of the economy, had experienced revisions to their ratings outlook.

“Our local property market, especially in the Klang Valley, has shown a recovery over the past few months.”

He said this to reporters after opening the National Property and Housing Summit 2009 here yesterday.

Kong said sales on the upmarket ones in particular had been “very encouraging”.

“That is a good sign of recovery of our economy, and the people are investing again,” he added.

Kong credited the recovery to the implementation of the Government’s stimulus packages.

Currently, there are 148 abandoned projects in the country, some dating back 20 years.Kong said the ministry had successfully revived 12 of these.

Commenting on the upcoming Budget 2010, Kong said the country, like others, had faced an economic crisis in the last two years.

“So, the Government has to be very prudent and plan very carefully,” he said.

By The Star

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