Malaysia’s largest developer is ‘optimistic’ about property market
One of Malaysia’s largest developers has reported that it is upbeat about certain sectors of the country’s property market. Mah Sing Bhd, Malaysia's second largest listed developer by sales revenue, said that it was optimistic about its performance in 2012, as long as it built the right kind of property.
Keep reading to learn more about the prospects for Malaysia’s property market in 2012.
Optimistic outlook for certain sectors of Malaysian property market
Mah Sing's founder and group chief executive Tan Sri Datuk Sri Leong Hoy Kum, said: “We are selectively optimistic on certain segments. We must fit supply to demand."
The sectors of Malaysia’s property market that are expected to perform well are link homes in townships and small units of service residences. The property expert also believes that larger homes in gated and guarded communities would also see high demand this year.
The comments come against a backdrop of increased pessimism regarding Malaysia’s housing market. Bank Negara’s new guidelines for lending are expected to cool the runaway property market and figures have shown that loan approvals in February 2012 had fallen by over one quarter from last year’s peak.
Mah Sing said that it is still looking for land that can be developed quickly and is suitable for building the types of property that meets market demand. The company posted sales of RM2.26 billion last year, the second highest of any listed developer.
“With the Government keen to ensure that Malaysian buyers can continue to afford property, I expect to see an increase in the number of smaller, less expensive units being built in 2012.
“However, with a strong demand for luxury homes – many for overseas buyers – this is also a buoyant area of the Malaysian property market.”
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