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House prices will not come down, but sizes will

October 5th, 2017 Leave a comment

penang-propertyHousing prices will definitely not go down as elements of property development such as land cost and development charges keep increasing, said a group of panellists.

“Property prices will definitely go up. We have asked various parties to help bring prices down. So, this is one of the challenges we are facing,” said Real Estate Housing Developers’ Association (Rehda) president and Glomac Bhd CEO Datuk Seri FD Iskandar at a CEO roundtable on overcoming key issues and challenges in housing and property development.

He added that new homes are becoming smaller because property developers are looking at absolute selling prices.

While affordable homes are currently a trend, he pointed out that a city cannot progress with just affordable homes, as people who move up the socioeconomic ladder will yearn for a property to match their upgraded lifestyles.

“So, we need a wide range of product offerings for homebuyers,” he added.

“However, as World Bank said, although the projection for our GDP growth increased, there is still a bit of risk in our currency and the global economy.”

Moderated by Savills (M) Sdn Bhd executive chairman Datuk Christopher Boyd, the panel also includes LBS Bina Group Bhd group managing director Tan Sri Lim Hock San, MKH Bhd group managing director Tan Sri Eddy Chen and Lendlease Projects Sdn Bhd director and country head Dinesh K Nambiar.

The panel discussion was part of the 20th National Housing & Property Summit 2017 organised by Asian Strategy & Leadership Institute yesterday and today (Oct 6) at Sunway Resort Hotel & Spa in Bandar Sunway.

Source: EdgeProp.my

 

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