Dayak Daily, Photo Credit to Dayak Daily
clock 28-06-2021
hit 704

High Home Prices Not the Cause for Sarawak Property Overhang

5.00

1 Reviews

The Covid-19 pandemic has caused a delay in the Malaysian property market but in Sarawak, the overhang is still little, standing at 2,100 units of numerous types. Dato Sim Kiang Chiok, chairman of Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching branch, pointed out that high home prices may not be the aspect causing the overhang but rather poor location, unseemly home type and design. 

Dato Sim said in a press statement, “ In Sarawak, we don’t have many (Bumiputera) reserved units forming part of the overhang like in West Malaysia.” He stated that Sarawakians are enjoying Home Ownership Campaign (HOC) and there are about 132 registered properties by 89 developers in Sarawak. 


Search for homes in Sarawak.


There are about 417 registered properties by 55 developers in Kuching and up to now, there are 417 verified units of such property priced at RM233 million. On the 2021 economic prospect for Sarawak, Dato Sim was optimistic as “Sarawak can’t get as low as March last year during the first Movement Control Order (MCO) period where Sarawak GDP (Gross Domestic Product) dropped by 17.5 percent.” 


Download the free Tax Guide: Buy, Rent, Sell Ebook here


He said, “In Sarawak, we have extra income from the State Sales Tax on petroleum, Pan Borneo Highway and ART (Autonomous Rapid Transit) public transport in Kuching to look forward to. We are very optimistic for Sarawak’s economy and its recovery from this unprecedented pandemic.”


Stay up to date and follow us on Facebook or Instagram.


Tags / Keywords:



SIGN UP NEWSLETTER

logo
Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.