Kelantan's Housing Industry Still Doing Well

March 16, 2009 19:50 PM

Kelantan's Housing Industry Still Doing Well

KOTA BAHARU, March 16 (Bernama) -- The ongoing global economic lethargy already being felt in Malaysia is not expected to affect as badly Kelantan's residential property sector, says the Real Estate and Housing Development Authority (REHDA) Kelantan.

Its chairman, Sekarnor Che Omar said they were expecting to see up 40 percent sales for residential units at the 2009 Malaysia Property Exhibition (MAPEX 2009) from a total of 1,700 units worth RM210 million offered in the state.

"We expect to sell up to 510 units, which will be an increase from only 63 units sold last year during the MAPEX 2008 where the total units offered by developers exceeded 2,000 units," he told reporters here Monday.

He said that although the economy remained uncertain, many developers were still able to reap profits even if the margins were reduced.

Meanwhile, as an incentive at this year's MAPEX, first time buyers will be exempted from ownership transfer fee.

He said the state government was also loosening its conditions where Malay civil servants who are not from the state and who meet the conditions, can buy houses without the prior approval of the State Exco.

The two-day MAPEX 2009 will take off here on March 19 at the KB Mall shopping centre here.

Menteri Besar Kelantan Datuk Nik Abdul Aziz Nik Mat is expected to officiate the event on the second day.

-- BERNAMA