Property consultant: Market to see upturn in 2016 A lot of negativities have already been factored in this year; at some point, pent-up demand will drive renewed interest in the market, says Dato’ Sri Gavin Tee
Amid the current slowdown in the property sector, property consultant Dato’ Sri Gavin Tee predicts that the market will return to high transaction levels during the first quarter of 2016. “The market has already factored in a lot of the negativities this year such as Goods & Services Tax (GST), ringgit depreciation, etc. At some point, there will be renewed interest in property due to pent-up demand. This will likely occur at the end of 2015 due to the ASEAN Effect; and by the first quarter of 2016, the market will be hot,” said the international property consultant and speaker.
Dato’ Sri Gavin Tee giving a property talk prior to the launch of Asian Property Review magazine. The talk and launch attracted over 250 top property players.
He added that Malaysia still represents the best property investment destination in Asia – “prices are still relatively low, we have a young, skilful and growing population, our property laws are established and our infrastructure is among the best in the world,” he said. “Furthermore, we are part of AEC (ASEAN Economic Community) which although presently is not that vibrant will draw more attention from next year onwards.” Tee was speaking at the launch of a new regional property magazine, Asian Property Review (APR), which he founded.
Explaining the reason for the setting up of a regional magazine, Tee said APR serves a number of purposes. Not only is it a platform to spread word about opportunities in property investment in the region, it also can be used to tell stories that have not been highlighted by the mainstream media.
Among those invited to the group launch of Asian Property Review magazine were the guest of honour, Datuk Donald Lim, former Deputy Minister of Finance; and various association leaders from Malaysia and China.
“In recent months, as a result of several unfortunate incidents such as the disappearance of MH370, a lot of negative press has been whipped up by the foreign media on Malaysia. The very damaging publicity has caused Malaysia Airlines (MAS) to suffer great losses, not to mention a drastic drop in tourism revenue for Malaysia.”
Top management from developers joined in the group launch of Asian Property Review magazine, together with Dato’ Sri Gavin Tee and Jan Yong, Chief Editor of the magazine.
“The biggest contributor to this negative turn of events is public perception. For example, some companies in Hong Kong have banned their staff from flying with MAS, while even up till today, there are people in Beijing who are cancelling their trips to Malaysia,” he said, adding that the bad publicity on Malaysia is still on the minds of many while positive things of the country have been overlooked. “As such, we need to give more publicity to the good things as well such as how Malaysia is still a great tourism and investment destination. We have lots of beautiful beaches and mountains as well as friendly people, in addition to a great business environment. However, not many foreigners are aware of it.”
He said that the launch of the magazine is very timely indeed. “At a time when Malaysia faces increasing headwinds in many areas, APR carries an important role to present a beautiful Asia to the world.”
Jan Yong, Chief Editor of APR, who also gave a speech during the launch said that the magazine aims to be the top property magazine in the Asian region. He stressed on the importance of having a reliable platform for updated and accurate real estate related information as well as advice. “This is where Asian Property Review magazine comes in – it provides valuable nuggets of information, advice and opinions on what, where, how and when to invest,” he said, adding that the magazine does half the hard work for the investor.
It was clear from the crowd’s reaction that the excitement shown for the magazine is quite unprecedented. Gushed Janet L., a general manager of a property company, “It was love at first sight when I first read your magazine. I am highly impressed.”
Various property speakers and professionals were invited to jointly launch Asian Property Review magazine, together with Dato’ Sri Gavin Tee and Jan Yong, Chief Editor of the magazine.
Prior to the launch held at Kuala Lumpur Golf and Country Club (KLGCC), Tee had given a talk on “Going Global, what and where to invest?” Among those invited to the group launch of the magazine were the guest of honour, Datuk Donald Lim, former Deputy Minister of Finance; Wu Zheng Ping, Economic and Commercial Counsellor of The Embassy of the People’s Republic of China to Malaysia; Erick Koh, President of Malaysian Institute of Estate Agents (MIEA); Tan Sri Datuk Danny Ooi, Founder of Malaysian Book Of Record; Keith Li, Acting President of China Enterprise Association in Malaysia; Eric Chong, President of Branding Association of Malaysia and Kelvin Siah, Deputy Chairman of the Commerce Committee of Malaysia-China Chamber of Commerce, as well as the top management from over 30 developers.