Location continues to be the key factors for real estate developers. And higher focus, within the real estate parameters, has been provided to occupiers demand followed by supply and indicator fluctuation.

Sabah’s real estate market has responded to the improved sentiments now being seen across the rest of the country. Construction activity is evident largely in residential as well as commercial projects including condominiums, shopping malls and multiplexes, since this is currently the primary growth sector on the state property front. Pragmatically, Sabah’s residential and commercial real estate segment has pulled itself rather convincingly out of stagnation mode.

Despite knowing the fact that the support infrastructure is a huge challenge in most towns and even the city of Kota Kinabalu, the domestic as well as national developers have not been deterred in decking the state’s continuous growing sense of modernity.

And the property rates for new schemes at its various potential districts have spiked by significant figures over the last few years. Residential projects are coming up fairly rapidly in Kota Kinabalu, Sandakan, Tawau, Lahad Datu, etc with a fair amount of residential construction including other adjacent areas of Labuan around Kuala Penyu. With special real estate and education hub initiatives for the masses especially in Sandakan, the Sandakan Education Hub – a 1,200 acres  site to be developed as an educational hub for five colleges that have expressed interest to establish campuses in Sandakan, and the Sandakan Harbour Square which consists of 129 unit of shopoffices, a new central market, a Town Square, a shopping centre, hotels and a convention centre, the state is destined to get a face lift. Currently, Sabah is witnessing a huge revamping exercise.

According to a report compiled by the Syarikat Perumahan Negara Berhad (SPNB), which has data on all states, Sabah recorded one of the highest growth of  8 per cent during 2009-10. Lauding the prodigious achievement of the state, George Khoo, CEO of Properties Malaysia said, Sabah is the new miracle economy of the country.

To support and sustain the real estate growth trend in Sabah, the state government seeks Federal Governments immediate support in special package for infrastructure development in all the districts in Sabah.

Disseminating the news on current scenario of real estate, Sabah Chief Minister Musa Aman said, ” There has been a boom in the real estate in Sabah. I am often told that the cost of a high-end condominium unit in Sabah at present is higher than many developed cities in the country. This has happened in spite of the economic slowdown which had depreciated property prices elsewhere. The property prices had remained stagnant in Sabah for many years preceding my tenure.”

The Musa Aman regime has shown quick spike in state’s overall growth. Even, the improved law and order situation has attracted builders and investors to invest in the state contributing to its economic growth.

Another significant move taken by Musa Aman’s government is the halting of the proposed seafront development projects encompassing some 400 acres of seafront from Tanjung Aru to all the way to Likas signed away by Former Chief Minister Yong Teck Lee to some private companies one of which is connected to Sarawakian Datuk Seri Tiong King Sing who is also involved with the controversial “The Port Klang Free Trade Zone“. To save the waterfront and the Likas Bay, Musa Aman had to stop the project and the state government was bought to court and RM1.6 billion was claimed by “The Developer”, luckily the government won the case. The waterfront project in fact threatened to turn the waterfront and the Likas bay into a vast tower-block hotel and housing estate. The “Developer” hoped to build a sprawling series of high-rise blocks,  including multistory colossus. With the consequent seafront population explosion, the old concrete ramps linking the development to the seafront would be gridlocked and medical, emergency, bus and education services overwhelmed. There would be pile-driving seven days a week for years and a decade of chaos with convoys of slow lorries trundling along Kota Kinabalu seafront roads with thousands of tons of building materials. The scheme would not just be a disaster for Kota Kinabalu residents but it would ruin the city’s seafront skyline, block sea views, cause road congestion and parking chaos way beyond the waterfront area, set an appalling precedent for over-development and sound the death knell for Sabah as a peaceful leisure venue. Musa Aman’s aim is to accelerate development and undertake urban development in a way that is kind to both people and the environment and that’s why he had to put a stop to this project, he has sent a strong message in so doing.

Then there is another large industrial project, near Sipitang, US$ 1.5 billion Sabah Ammonium-Urea plant project also about to take off shortly by the Sabah government and Petronas. This undertaking also will do much to open Sipitang’s real estate growth into a new direction.

Now, the developers have started tapping Sabah’s fragmented locations after seeing a paradigm shift in affluent property buyers. They, with a serious need to spread their wings over wider geographies, now see no further mileage in delaying their move to untapped locations  where the favourable penetration rate adds extra perk to develop the real estate. And going 10 years down the line, the state will witness a consolidated position in the real estate market as developers are stretching their capacities to the maximum in order to meet the growing market demand.

Then the recent RAM Ratings has reaffirmed the AAA rating of the Sabah State Government’s RM544 million Bonds (2009/2014) and this is great news. RAM Ratings said the long-term rating has a stable outlook for Sabah and it also reflects healthy fiscal position.

Sabah recorded a fiscal surplus of RM730.3 million on the back of RM4.2 billion of revenue and this announcement further accelerates the growth curve.

Comments
  1. Shinia says:

    Semoga kerajaan persekutuan memberi peruntukan yang lebih mencukupi untuk perkembangan di Sabah terutama kawasan luar bandar yang kini masih berkurangan dengan bekalan asas seperti elektrik

    Like

  2. Zhu says:

    Jika kami bersyukur dengan perkembangan di Sabah, maka kami tidak akan bermaju lagi. kami seharus selalu bermaju dan memperbaiki kelemahan agar kami membuat lebih baik dari sekarang. Banyak masalah masih memerlukan perhatian yang wajar seperti sistem pendidikan, insfrastruktur, kemiskinan, ekonomi, PATI dll.

    Like

  3. Wan says:

    Terbukti juga usaha Musa dan semua golongan. Teruskan usaha agar bidang perikanan, pelancongan, pertanian, pembalakan juga berkembang pesat seiras dengan industri minyak & gas.

    Like

  4. Moi Moi says:

    Perkembangan Sabah seharus secara keseluruhan, sektor lain juga perlu diberi bantuan dan perancangan supaya Sabah tidak bergantung kepada satu sektor atau bidang sahaja.

    Like

  5. LLS says:

    Sabah memang berkembang, tetapi bukan setakat ini sahaja. Kami berharap perkembangan dan pembangunan yang lebih pesat dan berterusan agar kawasan pedalam juga menikmati perkembangan dan kestabilan ekonomi.

    Like

  6. lan says:

    go Datuk Musa… u the best..

    Like

  7. bella says:

    Datuk MUsa telah membuktikan bahawa beliau mampu membangunkan Sabah.. cakap2 kosong yg mau menjatuhkan beliau, tidak pernah mengugat beliau…

    Like

  8. adam says:

    dan diharap sabah akan terus membangun dengan pesat..kerjasama dari semua lapisan masyarakat adalah perlu untuk memastikan ianya berlaku..

    Like

  9. adam says:

    namun, masih banyak yang perlu dilakukan untuk memastikan pembangunan yang seimbang antara bandar dan luar bandar…fokus kerajaan untuk membangunkan kawasan luar bandar dalam NKRA memantapkan lagi usaha ke arah pembangunan..

    Like

  10. adam says:

    di bawah pentadbiran musa aman selaku KM sabah, sabah terus membangun dengan pesat terutama pada sudut ekonomi.

    Like

  11. MohdWan says:

    Perkembangan Sabah tidak seharus sebegini sahaja tambahan dengan sumber alam yang begitu banyak. Apakah yang menyebabkan Sabah masih negeri termiskin? Adakah ini berkait dengan kelemahan kerajaan negeri? Rasuah?

    Like

  12. Amir says:

    Musa has contribute a great efforts to boot local economy. More effort needed for continuous improvement and issues that yet to resolve i.e. PATI, poverty etc.

    Like

  13. Mark says:

    “Then there is another large industrial project, near Sipitang, US$ 1.5 billion Sabah Ammonium-Urea plant project also about to take off shortly by the Sabah government and Petronas. This undertaking also will do much to open Sipitang’s real estate growth into a new direction.”

    Cuma projek yang berterusan dan besar-besaran yang berkebolehan mengubah taraf hidup dan menyelesaikan masalah kemiskinan. Perkembangan estate Sipitang dapat memberi lebih banyak peluang pekerjaan kepada orang tempatan.

    Like

  14. No name says:

    Cuma pembangunan dan perkembangan yang berterusan yang akan mengubah keadaan ekonomi dan taraf hidup di seluruh negeri Sabah. Usaha semua pihak dalam sektor dan bidang yang berlainan amat penting. Masing-masing memainkan peranan yang penting.

    Like

  15. Nelly says:

    “To support and sustain the real estate growth trend in Sabah, the state government seeks Federal Governments immediate support in special package for infrastructure development in all the districts in Sabah.”

    Semoga kerajaan persekutuan memberi peruntukan yang mencukupi untuk memperbaiki kekurangan sistem infrastruktur di Sabah terutama kawasan perkampungan dan pedalaman. Sistem infra yang wajar agak menarik lebih banyak peluang dan pelabur asing.

    Like

  16. aku bah says:

    So all the best and keep up the good work Musa:)

    Like

  17. aku bah says:

    Sekarang ini kerajaan hanya perlu buktikan pada rakyat bahawa keutamaan mereka adalah rakyat jadi barulah ada peluang mendapat sokongan kuat.

    Like

  18. aku bah says:

    Tak dinafikan Sabah memang sedang membangun dan harap pembangunan itu berterusan.

    Like

  19. Yoyo says:

    Baguslah kalau macam itu. Sabah pasti akan terus membangun jika kerajaan bersungguh-sungguh ingin melaksanakannya.

    Like

  20. bell says:

    Datuk Musa is the best CM..

    Like

  21. martycruz says:

    the fact is there is no states in this country awarded AAA rating by RAM.. that is a proof that MA has done a good job as chief minister of Sabah..

    Like

  22. Ted says:

    Now focus on making Sabah rich. And do focus more on developing the rural area.

    Like

  23. Ted says:

    way the go MA!

    Like

  24. Kingsley says:

    I knew they can do it. Don’t let other people look down on us.

    Like

  25. Sino says:

    All those people who doesn’t support him should know how to respect this man.

    Like

  26. Faith says:

    Always find better ways to improve.

    Like

  27. Faith says:

    Sabah will have a bright future if we continue to support our respective leaders.

    Like

  28. Gay says:

    Hope it will continue to grow.

    Like

  29. POP says:

    Thanks to those who contributed their effort in all the projects in Sabah.

    Like

  30. nesa says:

    pembangunan luar bandar perlu diutamakan sekarang… suda ada perubahan..tetapi perlu diperbaiki lagi..

    Like

  31. Edelweiss says:

    diharap projek2 Petronas yang dijalankan akan menjana lebih banyak pendapatan kepada Sabah. mungkin lepas ni kadar royalti juga akan dinaikkan. memang sangat diharapkan.

    Like

  32. Edelweiss says:

    usaha pembangunan di luar bandar perlu diberikan lebih tumpuan. lagipun masih banyak kawasan2 yang masih belum dicapai oleh peruntukan pembangunan.

    Like

  33. Pemerhati says:

    Continue efforts to help the Sabahans!

    Like

  34. nella says:

    Sabah sedang membangun… thanks to Datuk Musa…

    Like

  35. supra says:

    teruskan lagi usaha untuk membangunkan sabah.

    Like

  36. supra says:

    walaupun pembangunan di Sabah belum lagi sepenuhnya, namun kita dpt rasai perubahan dan pembangunan di Sabah.

    Like

  37. G.G says:

    now, many development and positive changes in Sabah. there are still many things need to do..keep up the good effort.

    Like

  38. stone says:

    Continuous efforts should be done to make Sabah more developed. hope that we can see more development in the future..

    Like

  39. Kast says:

    No one can Deny Datuk Musa Efforts in changing Sabah to a new face of hope!

    Like

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