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| The federal government's 'affordable houses at RM250,000' is not affordable at all for Sabahans, 70% of whom earn less than RM3,500 a month. |
KOTA KINABALU: Sabah’s past 10 years of vigorous growth spurred by its ‘booming’ real estate sector is heading for a slowdown and among the factors is the recent general election outcome, said a global real estate consultancy here.
CH Williams & Talhar noted that although the Sabah market had experienced an upswing, it was unlikely to enjoy the same high.
Its managing director Chong Choon Kim cited several reasons for this, including the recent general election which saw the opposition sweep the urban seats.
The Opposition took away an unprecedented 13 constituencies from Barisan Nasional’s 60 state seats. As a result of this historic loss, Chong said he was not optimistic about the BN state government investing in urban infrastructure development.CH Williams & Talhar noted that although the Sabah market had experienced an upswing, it was unlikely to enjoy the same high.
Its managing director Chong Choon Kim cited several reasons for this, including the recent general election which saw the opposition sweep the urban seats.
“We would not see massive urban road development and opening up of more suitable land for development,” he said, adding that the rural sectors were likely to see more funds channeled towards infrastructure development.
Chong reckoned that the the next five years will likely see the government “cutting budget deficits” and scaling back on spending on road construction, schools and hospitals.
Further dampening the industry was the fact that young Sabahans were unable to buy houses.
He said young people who flocked to Kota Kinabalu and urban areas for jobs did not earn enough to pay to compete with the rising prices of houses.
“Now in KK, over 50% employees earn less than RM2,000 a month; 20% earn between RM2,000 and RM3,500 per month and 20% between RM3,500 and RM7,000 per month. Only 10% earn more than RM7,000 per month.
‘There are buyers’
For young people earning RM2,000 per month, they could only afford houses at RM150,000 with a payback period of 30 years,” said Chong.
According to Chong the government’s “affordable homes at RM250,000″ was not “affordable at all”.
“At the moment only those earning RM3,500 per month can afford to buy these houses,” he said.
Chong was among several speakers at a seminar on housing development in Kota Kinabalu recently.
Chong’s views seem contradictory to the visual “boom” in KK especially where as many as seven major construction companies from the Peninsular are involved in commercial and residential property development.
A ride through town from KK city centre and to Inanam state constituency threw up an amazing array of choice development from office and commercial units to highrise condominiums with picturesque view of the sea.
According to a property agent here, “there are buyers” and the prices of residential units within KK hub are comparative to Penang and Kuala Lumpur.
“It (housing) is expensive inside the city. Mostly foreigners pick up properties here under Malaysia My Second Home programme. Prices start from RM800,000 and runs into the millions.
“But you go to suburbs like Penampang, Kepayan, Inanam and Putatan you can get double storey link houses for RM250-RM500k. It’s still affordable,” said Wah, who joined the industry two years ago after spending five years in Kuala Lumpur.
Wah was optimistic about the industry despite Chong’s predictions, saying that Sabah was “open for business” and with an active oil and gas industry, there would likely be continuity in sales.
“Maybe a slight drop, but people will still buy property especially landed ones,” he said.
Sabah has not been spared in this regard. The imposition on developers to provide "affordable housing" [as opposed to the authorities doing the right thing] as part of the terms and conditions of development approval has been going on for a long time. This policy is stale to the core!
ReplyDeleteIts effectiveness is, at best, doubtful and cannot provide a long term solution for the crying needs of affordable housing in Sabah.
All that it has done is shifting the cost to the developers who then pass it onto the shoulders of those wishing to buy better houses.
ReplyDeleteAuthorities must urgently undertake important action
Invite all the stakeholders [especially the affected buyers], undertake a thorough review and adopt fresh approaches. It can stage a situation and initiate policies whereby market forces can be applied to provide affordable housing. A top down compulsion will only distort the workings of the market;
Authorities must urgently undertake important action
ReplyDeleteReview thoroughly the performance of the Government Agencies which have been tasked to provide low and affordable housing to the people.
Hundreds of millions have been allocated by the Federal and State Governments over the years but the failure rate can only be described as unbelievable. In most cases, the Government has given free land for these projects. Often some political leaders would lobby for these projects, take the ill gotten "financial rewards" and leave the project to fail, leaving the poor buyers houseless.
ReplyDeleteThese abandoned projects are testimony to this fiasco.
These political leaders should be made accountable. Had there been proper management of these projects, the number of people in need of affordable and low cost housing would have been a lot less.
ReplyDeleteIsn't it logical for the authorities to put right these problems first before imposing on the developers to provide affordable housing?
The basic principle for an affordable housing policy should include: [1] there must be a direct relationship between the average income and the price of housing. This ratio is rapidly getting out of sync already in Sabah.
ReplyDeleteThe mortgage payment should not exceed 30pc of the combined family income. More than that will cause considerable financial hardship on the family when food prices have gone sky high.
ReplyDeleteThe repayment period should not exceed more than 30 years [25 years is preferred], considering the present average working life of Sabahans. The equilibrium of these three factors will allow the average Sabahan to accumulate a decent asset before their retirement.
ReplyDeleteSad but true that in Sabah such equilibrium has ceased to exist for a large number of Sabahans for a long time. The cause can be established very simply. Either our income is far too low or the cost is just too high or a combination of both. The devil is in finding the right set of policies to close this gap.
ReplyDeleteChief Minister Datuk Seri Musa Aman wants the Sabah Housing and Real Estate Developers Association (Shareda) to step up efforts to facilitate the development of affordable homes "so that more families can buy property".
ReplyDeleteIn making the call, he said there was a need for more low- to medium-range priced homes that would enable people from lower income groups the opportunity to own houses.
ReplyDelete"As such, it is crucial for Shareda members to focus on quality and to not cut corners with the rising costs of materials. It is your responsibility to ensure that you provide what you promise your buyers,"
ReplyDeleteThe Ministry of Housing and Local Government has distributed annual grants totalling RM67.49 million to 20 local municipal authorities in the state this year (2013).
ReplyDeleteBila dah tak dapat jawatan, macam - macam cerita la keluar ye tak. Ada orang dalam tikam dia dari belakang la. Ada orang sabotaj la.
ReplyDeleteMacam - macam alasan yang dia boleh bagi. Itulah sifat puak - puak Pakatan Haramjadah ni sebenarnya. Diorang ni bukannya berjuang untuk rakyat.
ReplyDeleteSebaliknya pembangkang ni berjuang untuk mendapatkan kuasa, nama dan jawatan. Yang lain diorang peduli pun tidak. Yang pasti, diorang dapat kuasa.
ReplyDeleteBila dah hilang semua tu, mula la diorang meroyan tak tentu arah. Mula la diorang tuduh orang itu ini. Nampak sangat yang diorang ni jenis orang tak bersyukur.
ReplyDeleteNah!!! Ambik nak sangat. Sebelum ni, Si Nurul Izzah ni bukan main lantang lagi mengkritik tindakan Kerajaan Singapura yang menahan 21 orang warga Malaysia.
ReplyDeleteMereka yang ditangkap sebelum ini didapati telah melanggar undang - undang Negara Republik tersebut kerana berhimpun dan menimbulkan kekecohan.
ReplyDeleteBagi Nurul Izzah, tindakan Kerajaan Singapura itu adalah satu tindakan yang tidak wajar. Dia mendesak agar Kerajaan Singapura membebaskan mereka yang terlibat.
ReplyDeleteSelain itu, Si Nurul Izzah juga turut mengecam Kerajaan Singapura yang bertindak menarik semula permit pekerja asing yang diberikan kepada 21 orang itu.
ReplyDeletePesan kerajaan Singapura mudah je buat Si Nurul Izzah ni. Adalah lebih baik dia jaga kawasan dia dulu. Jaga hal ehwal rakyat yang berada dikawasan dia sendiri.
ReplyDeleteItu lebih berfaedah. Yang paling penting, jaga parti dia sendiri. Jangan dok nak sibuk menjaga tepi kain orang!!!
ReplyDeleteParti sendiri pun masih tunggang langgang, lagi dia nak sibuk dalam urusan orang lain ke? Dasar manusia tak sedar diri!!!
ReplyDeleteTak puas lagi ke Si Nurul Izzah ni nak mengkritik pentadbiran Kerajaan Malaysia sampai hak kerajaan Negara lain pun jadi bahan pertikaian dia jugak?
ReplyDeleteNampak sangat la yang Si Nurul Izzah ni memang tak de kerja lain. Kerja dia hanya untuk mengkritik orang tanpa henti. Bila orang kritik dia, dia marah pulak.
ReplyDeleteSebelum ini, pihak Kerajaan Singapura telah mengambil tindakan terhadap 21 orang rakyat Malaysia yang bertindak membantah keputusan Pilihan Raya Umum di Malaysia.
ReplyDeleteMereka ditangkap selepas pihak berkuasa memberikan amaran supaya mereka bersurai namun ianya tidak diendahkan lansung. Sebab itu tangkapan dibuat.
ReplyDeleteDari satu sudut, tindakan pihak Kerajaan Singapura itu dilihat perlu sebab ianya melanggar undang - undang Negara mereka. Serupa jugak dengan Malaysia.
ReplyDeleteKerajaan Sabah melakukan apa sahaja yang ia boleh untuk membantu rakyat, terutamanya dengan pembangunan perumahan baharu, kata Menteri Kerajaan Tempatan dan Perumahan Negeri, Datuk Hajiji Noor.
ReplyDeleteBeliau berkata kenyataan baru-baru ini oleh penilai hartanah tempatan bahawa kerusi Parlimen yang dikuasai pembangkang di Kota Kinabalu dan tiga kerusi dewan undangan negeri akan mencatatkan kurang pembangunan bagi tahun-tahun akan datang sebagai mengarut.
ReplyDelete"Kota Kinabalu ialah ibu negeri dan penduduknya juga membayar cukai, dan sama ada pembangkang menang atau kami (Barisan Nasional) menang, kami masih perlu menjaganya," katanya.
Hajiji berkata demikian di pelancaran Lido Avenue, pembangunan komersil bercampur dan kediaman.
ReplyDeleteLido Avenue terdiri daripada 15 unit kedai atau lot pejabat dan 228 unit rumah kediaman di blok menara berkembar 26 tingkat.
Beliau berkata pelancaran satu lagi pembangunan kediaman mewah itu merupakan bukti ekonomi mencatatkan prestasi baik.
ReplyDelete"Implikasinya hanya boleh menjadi positif. Jika ekonomi tidak elok atau sekiranya sektor swasta tidak ada keyakinan terhadap kerajaan, kita tidak akan melihat pelancaran berturut-turut projek perumahan dalam beberapa tahun lepas, dan saya yakin lebih banyak akan dilancarkan dalam tahun-tahun akan datang," katanya.
Hajiji berkata sejak 2010, kira-kira 2,113 unit hartanah bertanah seperti rumah teres dan 2,126 unit hartanah hak milik strata seperti pangsapuri telah diluluskan atau dilancarkan.
ReplyDelete"Ini di Kota Kinabalu dan Penampang sahaja ... sebahagian telah siap dan dijual dan sebahagian masih sedang dibina," katanya.
Beliau berkata kira-kira 15,000 unit rumah akan dibina dalam tempoh beberapa tahun akan datang menerusi usaha bersama Persatuan Pemaju Perumahan dan Hartanah Sabah, Pihak Berkuasa Pembangunan Perumahan dan Bandar dan Syarikat Perumahan Negara.
ReplyDeleteSementara itu, Hajiji merayu sektor swasta untuk menimbang menurunkan harga rumah mereka.
Sabah will experience tremendous economic spin-offs when the long awaited Jesselton Waterfront project costing several billion ringgit kicks off in the first quarter next year.
ReplyDeleteSuria Capital Holdings Berhad (Suria Capital) Chairman, Datuk Faisyal bin Datuk Yusof Hamdein Diego, said the major development would benefit the people as well as create a new landscape for the State Capital.
Delete"The JV was signed on May 21, this year, and the project will carry a minimum net sales value of RM1.8 billion. The project tenure is five to eight years.
DeleteHe said Suria Capital would have another source of revenue for the Group with the signing of a Joint Venture agreement with established property developer SBC Corporation Berhad on 16.25 acres in the vicinity of Kota Kinabalu Port.
ReplyDelete"The Jesselton Waterfront project will consist of mixed properties, including retail commercial space, premium offices, waterfront service residences, waterfront business hotel and world class marina facilities," he told a press conference after chairing the 30th annual meeting of Suria Capital Holdings Berhad and SuriaGroup at Sapangar Bay Container Port, Thursday.
DeleteHe said they are serious and committed on the project as it would bring economic transformation to the State Capital while benefiting dwellers.
DeleteSuria Capital Chief Financial Officer Ng Kiat Min said the jv is a conditional agreement in which requirements and conditions have to be fulfilled.
DeleteThis comment has been removed by the author.
DeleteMeanwhile, Suria Capital Group Managing Director Datuk Dr Mohd Fowzi Razi said they are optimistic that 2013 will provide more opportunities for expansion.
DeleteBouyed by steady national economic growth, strong domestic demand and private investments, he said they believed the future holds a promising path.
Delete"The existence of window berthing whereby vessels are assured of berths upon arrival, is testimony of the steps taken by Sabah Ports towards efficient management," Dr. Mohd Fowzi said.
DeleteOn a complaint by DAP Likas Assemblyman Junz Wong over the delay in berthing and loading of goods at its Sepangar Bay Container Port that caused some vessels to leave without unloading goods, Sabah Ports Sdn Bhd Chief Operating Officer Mohd Sahid bin Nawab Khan said repairs on two of four equipment to load the goods were done and operations had returned to normalcy.
Delete"We have two gantry and two mobile cranes to load goods from the vessels berthing at Sepangar port and these are working 24 hours and seven days.
Delete"Thus, there was stress on the equipment which were on a gantry and one mobile crane which have been fixed immediately, Now, the operation has returned as usual," he said.
DeleteMohd Sahid also explained that heavy rain in the past two weeks ago contributed to the delay and operations had to be stopped.
DeleteAware of the problem, he said, over RM50 million has been invested to order necessary equipment to complement the berthing and loading at the port.
DeleteSuria Capital Holdings Berhad and its Group of Companies (SuriaGroup) have delivered a stable performance for 2012.
ReplyDeleteThe port operations, managed under its subsidiary Sabah Ports Sdn Bhd (Sabah Ports) which operates the eight major ports in Sabah, posted a total revenue of RM218.6 million, a 0.8 per cent increase against 2011’s RM216.8 million.
DeleteThis was coupled with a 5.2 per cent increase in container throughput totaling at 374, 624 twenty feet equivalent units (TEUs) as compared to 356, 196 TEUs registered in 2011, said the group managing director Datuk Dr Mohd Fowzi Razi.
DeleteHe told this to a press conference after the group held its 30th annual general meeting at Sapangar Bay Container Port yesterday. The meeting was chaired by the group chairman Datuk Faisyal Yusof Hamdain Diego.
DeleteDespite the favorable results generated from the port segment, Dr Fowzi said the group’s total revenue of RM262.9 million had experienced a 4.7 per cent decrease compared to RM276.0 million in 2011.
DeleteThe group’s pre-tax profit of RM70.1 million and net profit of RM50.9 million had also declined by 5.7 per cent and 5.0 per cent respectively. This was mainly due to lower receipts from the bunkering and logistics segment, he said.
DeleteFor 2012, the ports segment had generated 83.2 per cent of the group’s overall revenue, followed by the logistics and bunkering services segment (9.1 per cent), contract and engineering (5.5 per cent), ferry terminal operations and investments holdings (2.2 per cent).
DeleteThe increase in port revenue was attributed to the higher container throughput registered by Sapangar Bay Container Port which handled 67 per cent of the overall container throughput; Sandakan Port remained the top contributing port handling 6.93 million tonnes or 31 per cent of the total non-containerised cargo volume as well as Tawau Port, he said.
DeleteSapangar Port generated the highest amount by contributing RM62.1 million or 28.4 per cent to the total revenue from port operations.
DeleteThis was followed by Sandakan Port with RM51.5 million (23.6 per cent), Lahad Datu Port and Kunak Port jointly with RM39.5 million (18.1 per cent), Tawau Port at RM32.5 million (14.9 per cent).
DeleteKota Kinabalu Port and Sapangar Bay Container Port contributed RM20.6 million and RM11.7 million respectively while Kudat Port contributed RM0.6 million for 2012, he said.
DeleteIn terms of revenue contribution by cargo type, 43 per cent of the total revenue came from container operations, liquid cargo generated 29 per cent, general dry cargo 21 per cent and anchor operation 7 per cent, he said.
DeleteFor 2012, total cargo throughput (excluding containerised cargo) was recorded at 22.51 million tonnes compared to 22.91 million tonnes in 2011. Sandakan Port had generated the highest volume of cargo throughput registering at 6.93 million tonnes.
DeleteThis was followed by Lahad Datu Port (4.55 million tonnes), Tawau Port (4.31 million tonnes), Sapangar Bay oil Terminal (2.53 million tonnes), Kota Kinabalu Port (2.39 million tonnes), Kunak Port (1.54 million tonnes) and Kudat Port (0.26 million tonnes).
Delete“Cargos handled were mainly dry bulk (palm kernel expeller and fertiliser), liquid cargo (palm oil and petroleum) and general cargo,” said Dr Fowzi.
DeleteS.P. Satria Sdn Bhd, the subsidiary which supplies and maintains port handling equipment, had invested further in overseas technical training for its manpower and passed the re-certification audit by SIRIM, he said.
DeleteSuria Bumiria, another subsidiary involved as a ferry terminal operator, recorded improved business during 2012 following efforts to perk up services provided at Jesselton Point. Main source of revenue were from the collection of passenger terminal fees, rental of retail outlets and futsal centre, he said.
DeleteHe said Sabah Ports will further tap the opportunities presented in the 4,000 acre Sabah Oil and Gas Industrial Park (SOGIP) which is estimated to attract investments worth RM12 billion into the State.
DeleteMeanwhile, Dr Fowzi said Suria Capital had signed a joint venture agreement on May 21, 2013 with established property developer, SBC Corporation Berhad on 16.25 acres of land in the vicinity of Kota Kinabalu Port to develop the Jesselton Waterfront project.
DeleteThe project which is a diversification of the group will consist of mixed properties including retail commercial spaces, premium offices, waterfront services residences, waterfront business hotel and world-class marina facilities which carry a minimum net sales value of RM1.8 billion, he said.
DeleteThe group’s chief financial officer Ng Kiat Min said as required by Bursa Malaysia, they will call for an extraordinary general meeting in September this year to get the approval from the shareholders to implement the project.
DeleteGroup chairman Datuk Faisyal said the project is expected to be launched in the first quarter of 2014.
Delete