Project Delivery for Strata Development to Now Take 48 Months to Complete
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SHAREDA held a remarkable and memorable SHAREDA Nite 2017 last weekend. The theme, Samudera, connotes the gathering of oceans - in this instance, the night reflected on the gathering of all the property players and the urgent need for all stakeholders to work closely to overcome the forthcoming challenges in the property industry.
In his welcoming speech, SHAREDA's President, Mr Chew Sang Hai took the opportunity to grace the evening by announcing the new completion periods, granted by the Honourable Minister of Local Government and Housing, YB Datuk Seri Panglima Haji Hajiji Haji Noor.
"I'd like to show my deepest gratitude to YB Datuk Seri Panglima Haji Hajiji for considering our request and submission on the completion periods of developments", he said.
"It will now take 48 months to deliver a strata development of more than 26-storey depending on the complication of the development, 36 months for a landed property of more than 150 units and 42 months for strata development of 26-storey".
As the land cost had increased higher than one's house value, it has inevitably forced most developers to develop and market high rise and stratified tiny apartment at a price below RM350,000.
"As developers, we need to transform and become competent professionals capable in the fields of marketing, product development, cost and financial control and asset management for completed projects", said Chew.
"In other words, the new breed of developers need to be a superman in order to be leaders or captains in this challenging industry", he added.
Chew thanked the invited guests for attending the wonderful evening and encouraged his fellow committee members and property players to look forward to further collaborations in order to achieve their vision of 3S; Survival, Sustainability and Succession.
Meanwhile, in response to Chew's speech, Hajiji applauded SHAREDA's admirable focus in the real estate developments in Sabah.
SHAREDA has reached out to players in the construction industry such as the Sabah Builders Association (SBA) and Sabah Hardware Building Material Association. The joint efforts have attracted investors from China for capital investment in high-value developments.
The State will benefit from this, especially in the light of a surge in demand for building materials in Sabah, particularly the demand for cement in the construction industry.
"Thus, the government welcomes investors from China to build and operate cement manufacturing plants in Sabah. The property and construction sectors need about 1.5 million tonnes of cement per year and we understand that Sabah still lacks cement factories and clinker plant factories", said Hajiji.
He also added that the State needs to create and explore the market further in order to achieve solidarity over time.