Sarawak property prices reach steady stage


KUCHING: The current property prices in Sarawak are good for Kuching folks to affordably buy their own houses, as the prices are quite gradual and steady.

GRADUAL MOVES: Geh finds that property prices in Sarawak are gradual and do not go up till very high, unlike in West Malaysia where houses are becoming ‘unaffordable’.

“I encourage people who do not have their own houses yet to buy their first home now, especially young working professionals. It is important for them to start having a proper asset at a young age so that their repayment period starts early,” property development consultant Michael Geh told The Borneo Post yesterday.

He was one of the invited speakers at the technical workshop on smart property investment strategies, which was organised by the Financial Planning Association Malaysia (FPAM) Sarawak Chapter.

A regular observer of local and international property markets, Geh found that the prices here are gradual and do not go up till very high, unlike in West Malaysia where houses are becoming ‘unaffordable’.

“The market in Kuching, especially, is not speculative but very factual. In the last 20 years or so, there’s only an increase of five to 10 per cent. That is consider a good thing for potential first-time house buyers.

“After buying a house, people should take up the most suitable loan for themselves that would reduce the interest payment of the loan. For new buyers who are not sure of the workings of the property market, they should speak to certified financial planners for professional advice,” said the senior vice-president of Raine & Horne International Zaki Partners Sdn Bhd, a Kuala Lumpur-based property consultancy and valuation surveying firm.

Another property development expert from Kuala Lumpur,  Ho Chin Soon, spoke on transportation policy and its impact on real estate values.

The one-day workshop attended by about 70 FPAM Sarawak members.

Meanwhile, FPAM Sarawak chairman Wee Hun Been said that the association organises technical workshops for its members twice a year.

“The workshops are accredited courses under the Securities Commission to fulfill requirements as stipulated in the Capital Markets and Services Act 2007. Also, because we organise them as an association, we are able to offer the workshops at a cheaper, non-profit price to our members,” he said.

Wee said the topic on house investment was chosen because it is currently the recommended property investment as mentioned in the latest issue of Fortune magazine.

FPAM Sarawak has around 300 members from the financial services industry, in which 60 percent are in the unit trust and remiser business while the remaining are in the banking industry.