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Tuesday, November 23, 2010

'Landed property prices to rise further'

Property prices will continue with the uptrend despite speculation of a bubble building up in the property market, said SP Setia Deputy President and Chief Operating Officer, Datuk Voon Tin Yow.

"The market is still very strong. In terms of the uptrend in landed property prices, it is just a matter of catching up, with the higher income individuals are receiving, and other factors related to society," he added, after speaking as a panelist at the launch of the Bursa Malaysia Business Sustainability Programme today.

He added the uptrend seen is due to the supply shortage in landed properties and is an adjustment, rather than a bubble.

"If we analyse the price of a RM1 million landed property, it would be very expensive. But if we analysed in terms of built-up area, it would be worth the price.

"Of course, the uptrend, cannot go on for the next 10 years at this rate," he quipped.

He added the increase in prices are mostly in landed properties, but not strata title developments.

"The trend will continue for sometime but in the foreseeable future, there would not be any bubble forming in the property market," Voon said.

By Bernama

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