KUALA LUMPUR, 11 JULY: Kuching’s environment was flat in the 1990s, with a few big structures strewn throughout the city and numerous housing complexes containing landed residential houses and shoplots. Since then, a lot has changed, especially in the previous decade.
According to property consultants in Kuching, there have been a slew of projects in the previous ten years that have drastically altered the cityscape.
They are high-rise flats and condominiums, as well as larger-scale new commercial centers in various locations.
Despite rising interest in condos and high-rise luxury constructions, landed homes remain the favored property.
Despite the global economic slowdown and the pandemic, the state’s property market has performed well, with the landed residential sector retaining the market’s backbone.
The Sarawak Housing and Real Estate Developers’ Association (Sheda) estimates that the present unsold stock of 2,310 units accounts for around 15% of the yearly demand (based on five years).
As a result, Sheda is optimistic that the overhang will be eliminated as a result of current market demand and the economy’s openness.
Meanwhile, changing lifestyles have influenced the market for various forms of real estate.
According to consultants, the Kuching property market has matured, and buyers are more knowledgeable and savvy.
Quality products that suit evolving lifestyle needs and living standards are sought by discerning purchasers.
More information can be found in The Edge Malaysia’s weekly issue of July 12th.
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