News: Property prices in Sarawak on the rise
Prices of residential property in Sarawak are rising but demand for it is not slowing. The state could try to stabilise property prices through electric and water contributions, according to the housing authority in Sarawak, Malaysia.
Prices of residential properties have risen by 10 percent in 2011 due to consumer demand and the higher cost of construction materials, said Abdul Karim Rahman Hamzah, Housing Assistant Minister, during the road show of Sarawak Housing and Real Estate Developers Association (SHEDA).
"If the demand and spending power of the consumers are strong, there will definitely be an increase in price of houses," Karim said.
The demand for medium cost unit is on the rise, particularly at the outskirts of the city, where home prices are slightly lower.
He noted that several developments in the area have failed, but he attributes these to lacklustre marketing and mismanagement on the part of the project developer.
"It's definitely not caused by poor demand from prospective house buyers," he added.
Some government-sponsored projects were also abandoned, and the Housing Ministry is currently investigating on these projects.
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