KOTA KINABALU: The vibrant property market in Kota Kinabalu has slowed as investors are increasingly cautious of any possible policy change ahead of the impending 13th General Elections.
According to a property developer’s spokesman, buyers were adopting a wait-and-see approach in making their investment decisions.
“Most people are anxious about the elections. So, the market is relatively slow at the moment because of this external factor,” said Wilson Ngu, sales executive of Landmark Property Sdn Bhd, a Kota Kinabalu-based developer with about 30 years of experience in the industry.
Landmark Property has a number of housing projects in Kinarut, Keningau, Beaufort, Sandakan and Kudat, with its latest undertaking being La Gloxinia Garden in Kinarut, which offers 475 units of affordable double-storey terrace houses in three phases.
Landmark Property’s previous ventures included medium-cost houses in Penang and Johor.
“I think most of them are waiting to see what is going to happen and later plan their investment based on the outcome of the election,” Ngu said when met at the IPEX 2013: Property Exhibition and Ideal Home Show here yesterday.
He believed the slowdown is only temporary and sales would pick up again once the new government, whoever it might be, takes power and made clear its policies in regard to the property sector.
“The property value, the potential customers, they are all still there. The prospect in Kota Kinabalu and Sabah in general has always been on the up trend and this will continue. The future of property sector is very good, the market is still going up,” he said.
Meanwhile, Ngu said IPEX is a very good platform for promoting local products and companies among local buyers as well as those outside the state who come to the event, apart from promoting networking among developers, construction material manufacturers and home product companies.
“We developers need more events like this and this is very good for buyers too. Many different suppliers of home appliances and deco are also participating in the event, making it a stop-centre for those looking to have a new home,” he said.
Ngu said his company has previously joined Propex but this is their first participation in IPEX, and the decision has paid off handsomely so far.
He said the response they received from visitors has been encouraging with several units of the houses they were showcasing sold.
“Our target is to sell all the remaining units in the phase II of La Gloxinia Garden, and its going rather well so far,” he said.
The annual exhibition opened on Friday will be held until Sunday (tomorrow).