Tuesday, January 26, 2010

Malaysian property market to improve further this year

Its been a long time i leave it rot and there are many valuable business news that i missed out:
  1. The new LRT (The Star) extention from Sri Petaling all the way to IOI Mall, everyone is predicting where will all the station will be location. Kinarara suddenly become a boom.
  2. The internal conflicts of Ho Hup, land sold in a lower price. Can we still trust Ho hup on its new project in Bukit Jalil/Kinrara? Its a strategic piece of land though!
Let's continue with some interesting and valuable insights!

By The Star

The Malaysian property market, estimated to have registered transactions worth RM75.42 billion last year, is expected to improve further in 2010 in line with the economic recovery.

The transactions involved 337,990 properties as compared with the 340,240 valued at RM88.34 billion in 2008, said the director general of Valuation and Property Services Department, Finance Ministry, Datuk Abdullah Thalith Md Thani.

He said the challenging economic and financial environment had affected the overall performance of the Malaysian property market last year. "2010 will be a good year for all.

"The property market for this year will improve as the number of transactions involving new housing and construction activities, increases," Abdullah Thalith told reporters at the Third Malaysian Property Summit 2010, here Tuesday.

He pointed out that Malaysia is expected to steer towards a recovery path this year, driven primarily by domestic demand, with commodity prices for rubber, crude oil and palm oil also improving.

These, he said would increase the confidence level among consumers and provide a positive impact for the property sector.

"The demand for properties is returning," he added.

Abdullah Thalith said the government would continue to implement appropriate measures to restore confidence and market sentiment.

He said the liberalisation of Foreign Investment Committee (FIC) guidelines, would increase the competitiveness of Malaysia, as a preferred investment destination.

Furthermore, Abdullah Thalith said acquiring properties in Malaysia would be more attractive, as FIC approval is no longer required.

He said the review of the Real Property Gains Tax (RPGT) would also augur well for the property industry. - Bernama

Banks are getting more business with their mortgage loan pie expanding wide. NPL will also be monitor with the new Bank Negara Malaysia ruling. So the very big questiong with property investor (2010) : will bank negara malaysia will review its lowered BLR rate? hehe..