Property in Labuan keeps steady

PETALING JAYA (April 30): The Federal Territory of Labuan’s property market remained moderate last year. Just 546 transactions worth RM212.89 million were recorded. Volume declined 4.2%, while value dropped 15.4%, says the National Property Information Centre (Napic) in its “Property Market Report 2014”.

However, there was positive movement in selected residential rental markets due to high demand from oil and gas companies for accommodation located close to public amenities.

Single-storey terraced houses fetched between RM650 and RM1,000 a month while some units, particularly in Lazenda Villa 6, commanded RM1,500.

Meanwhile, rentals for two-storey terraced houses in some schemes rose between 5.7% and 25%, at between RM750 and RM3,000 a month.

In the commercial sub-sector, prices and rentals of shops was stable. Ground floor shops at the Labuan Times Square fetched between RM5,800 and RM6,500 a month.

The state’s market performance is expected to grow at a moderate pace. The completion of upgrading works at Labuan Sentral Market in Jalan Ujung Pasir should provide a better business environment for vendors and boost local entrepreneurial activities.