KUALA LUMPUR: The Real Estate & Housing Developers' Association
Malaysia (REHDA) is confident the property market can be stable amid the
gloomy global economic outlook.
Its chairman of finance and
investment committee, Datuk Ng Seing Liong, said the market would
probably take a breather after having been quite bullish in 2010 and the
first half of 2011.
"So far, the property market is not too bad, except for the past few weeks when the stock market was down.
"Looking
at the market situation, we will definitely see a slight slowdown, but
the undercurrents are still quite strong," he told a media briefing on
the coming Malaysia Property Exposition 2011 (MAPEX 2011) here today.
Ng
said REHDA hoped the government would not introduce new tax policies
and impose more stringent rules for securing property loans in the 2012
Budget.
"It is important to be consistent so that the property market can be sustained," he said.
REHDA, he said, has generally asked for stability and consistency in terms of policy whether it's tax or other things.
Meanwhile,
chairman for REHDA Wilayah Persekutuan, NK Tong, said the challenge for
the country, especially the Greater Klang Valley, was the provision of
more new good quality houses, especially with the increase in the
population.
"We're facing very unusual time now all over the
world. Not only the moods are dampened, we also find the costs are
rising, therefore people are not buying.
"That will slowdown the
building of new homes and in 10 years there will be a shortage of homes
and this will escalate prices," he said.
Ng said MAPEX was open to participation from overseas.
"We
cannot be static anymore. Many Malaysians are investing in overseas
properties and vice-versa. We also want the foreigners to come and buy
our properties," he said.
REHDA has received interests from Shanghai, Hong Kong, Guangzhou (China) as well as Australia, London and Dubai, he said.
He said MAPEX was expected to generate sales of about RM300 million, the same amount be recorded last year.
"We are more concerned about generating awareness. Sales don't have to be transacted within the three days," Ng said.
MAPEX 2011 will be held from Oct 21-23 at Mid Valley Exhibition centre.
