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Malaysia Looks Stable



 

 

18 December 2008

Malaysia’s property prices will reportedly not fall as drastically as in Hong Kong, Singapore and Thailand next year.

 

James Wong – president of the Association of Valuers and Property Consultants in Private Practice Malaysia (PEPS) - substantiated this evidence at the Malaysia Property Summit 2009. He stated that during the boom period, property prices in the latter three countries’ had risen tremendously over a short period while Malaysia’s only had a gradual appreciation.

 

He added; “Hong Kong and Singapore’s exposure to the US economy also contributed to a more drastic price downfall during these difficult times.”

 

Wong attributed the softening property market to lower consumer confidence level, with many buyers adopting a wait-and-see strategy in view of uncertain economy. The low and medium-cost properties would be affected more than the high-end ones.

 

“In the retail sector there could be an oversupply as there will be additional shopping centres to be completed next year. If the economy continues to deteriorate, the hotel sector will also be affected from fewer foreign travellers,” he said, adding that the domestic property prices would further moderate next year and were likely to recover in three years.

 

Sime Darby Property Bhd managing director Datuk Tunku Putra Badlishah concurred with Wong that domestic prices were not likely to drop drastically as profit margins of developers were already low and Malaysia had only experienced a gradual appreciation previously. He also urged developers to produce innovative and quality products in this softer property market.


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