theSun Property July 2017

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LASTweek, our property
section ran an article on the
sub-salemarket outlook over
in East Malaysia, focusing on
Sabah. This week, we take a look at
the scene in Sarawak.
There is much going on in
terms of property development,
over in both Sabah and Sarawak.
This is mainly due to the
government’s Economic
Transformation Programme
aimed at raising the economy of
the country, hence, Malaysia’s
status as a “developed nation”.
LOCAL VIEW
Earlier in the year,
SarawakHousing
and Real Estate
Developers’
Association’s (Sheda)
Kuching branch chairman
Dr Christopher Ngui shared
his viewon the residential
property scene in the “Land of the
Hornbills”. He said it was a good
time to purchase, evenwith the
rising costs of imported building
materials, the way the ringgit is
“faring” and the implementation
of the Goods and Services Tax. He
supports his claim further, saying
that property prices in Sarawak
has “not particularly” increased.
“Our house prices are still not
going up (in February 2017) as
most of our developers are willing
tomaintain the current prices or
are selling property fromprevious
projects,” he said. Still, Ngui
doesn’t deny that property prices
in Sarawakwill increase,
considering historical trends of
housing prices after a year or two
of recession.
GOING UP
Is there really a good or bad time
in buying property?With the
continuity in improving living
Residential sub-sale market report
DID YOU KNOW?
Most popular price range for
residential properties in
Sarawak
40%belowRM250,000
40%between RM250,000 and
RM500,000
Followour series of pictorial
reports depicting the sub-sale
residential market across various
states inMalaysia – this week
highlighting Sarawak, the “sixth
top transacted state for residential
properties inMalaysia”, as
reported by iPropertyiq.com
standards and rising costs, prices
generally go up. Furthermore, the
price one is willing to pay is
indefinite and varies, depending
how an individual “values “ a
particular piece of real estate and
howmuch he or she desires it and
is willing to pay for it.
While somemay haggle to get
the best deal or below-market
price, there are others who are
willing to pay “an armand a leg”
for their dreamhome.
While Ngui claimed prices
were not rising earlier in the year,
but would, PropertyGuruwebsite
reports that property prices in
Sarawak have soared over the last
two years – on the average, sky-
rocketed fromRM400 plus psf to
over RM800 psf.
Limbang
Miri
Niah Caves
Belaga
Bintulu
Kapit
Mukah
Sibu
Sarikei
Santubong
Bako
National Park
Kuching
Bandar Sri Aman
SEARCH GROWTH (Y-O-Y)
82%
Bintulu
36%
13% 5%
-7%
Samarahan Sibu Kuching Miri
MOST TRANSACTED VS SEARCHED AREAS
44%
48%
12%
4%
12%
10%
35%
9%
3%
8%
3% 2%
Kuching Sibu Kuala
Baram
Miri Bintulu Samarahan Sarikei
90%Market share
Sold (3.6k) Search Interest in iProperty.com (123ksearches)
Source: JPPH and iProperty.com
TOP AREAS IN SARAWAK
Transaction
Volume
3.6k
(-15% y-o-y)
40 %
Kuching 10% 10 %
Sibu Kuala Baram 10 %
Miri 10 %
Bintulu
Source: JPPH
MOST POPULAR RESIDENTIAL BUILT-UP SIZES SOLD
50%
17%
15%
612 Sold
12%
8%
5%
Terrace
1,250-1,500sf
RM116k
Semi-D
1,500-2,000sf
RM333k
Terrace
750-1,000sf
RM190k
Terrace
750-1,000sf
RM133k
Terrace
1,500-2,000sf
RM280k
MARKET SHARE BY BUILDING TYPE
58%
2.1k Sold
20%
8% 6% 4% 3% 1%
Terrace Semi-D Flat Bungalow Apartment Condo Others
LANDMARKET - SARAWAK
15.1k
acres
14.3k
acres
800
acres Agriculture Development
>Graphs, charts and information on the outlook in Sarawak
Amarket to consider
Sold
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