The first property expo following a change of government post-general election drew a big crowd eager to know what’s going to happen next in the property sector.
Focus on Tun Mahathir Mohamad’s vision to get an indication of the direction of our property market, says property forecast expert Dato Sri Gavin Tee. “From recent announcements, we can deduce that Tun Mahathir is not against ‘megaprojects’, for example, his recent announcement of the possibility of an ASEAN car project with Indonesia,”Tee told a packed crowd during a forum on “Post GE14 – What’s next for Property Market?”
Overall, most of the forum participants concluded that it would take some time, perhaps until the end of 2018 before investors and homebuyers regain full confidence to enter the market in a big way. “It’s still a wait-and-see approach until then,” they say, to which Tee, who is the moderator, replied that this would be the best time to buy because when confidence returns, the pent-up demand would translate into higher prices.
Confidence is not expected to return to the market immediately as there are still a lot of ‘cleaning-up’ or restructuring to do after the new government took over following the general election on May 9. Furthermore, uncertainties still prevail especially in regards to the so-called cancellation of the Kuala Lumpur – Singapore High Speed Rail (HSR) and the MRT3. The HSR is currently believed to be postponed as no official notification has been relayed to the Singapore government yet.
Meanwhile, most of the forum participants felt that the MRT3 should be postponed and not cancelled due to its crucial role as the circle line that enables seamless connection with the MRT1 and MRT2, as well as with the monorail and the LRT.
There were several other forums and countless talks conducted by property experts that attracted more than 12,000 visitors over the 2 -day event. The response was also very encouraging for the exhibitors who said there were many genuine enquiries.
Among the developers which participated were Shangtai Group, Mah Sing Group, Sunsuria Berhad, Hatten Group, and Yong Tai Berhad. Towards the closing, several awards were given out; among them was the “Best Booth Award” which went to Shangtai Group.
The June 23-24th expo held at Mid Valley Exhibition Centre in Kuala Lumpur was the third Annual Swhengtee Property Expo and as with the previous 2 expos, was rated as one of the most successful property expos in Malaysia. For the organisers and staff, it was the culmination of months of planning and preparations.
Asian Property Review magazine together with Real Estate Malaysia magazine are media partners of the expo which is organised by Swhengtee Group and co-organised by 1Balcony app.