#10MP* Property players hope to jointly develop projects under 10MP

KUALA LUMPUR: Major property developers in the country are optimistic over the prospects of being part of public-private partnerships to develop key projects identified under the 10^th Malaysia Plan (10MP).

S P Setia Group Bhd president and CEO Tan Sri Liew Kee Sin said it is keen to pursue the opportunity to participate in the these projects.

In tabling the 10MP in Parliament on June 10, Datuk Seri Najib Tun Razak had said the private sector will have the opportunity to participate in the development of several key projects led by government-led companies. The projects include the Kuala Lumpur Strategic Development by 1Malaysia Development Bhd (1MB) for the Sungai Besi Airport area and the KL International Financial District near Jalan Tun Razak.

“The plan to support effective and smart partnerships is also a step forward as it forms the basis to move the country forward in achieving a high income economy. We are excited at the prospects presented to the private sector in forming beneficial partnerships and will keenly pursue this opportunity,” Liew said in response to the proposals in the (10MP) tabled by Prime Minister Datuk Seri Najib Abdul Razak in Parliament on June 10,

He said the thrust of the 10MP to transform the country into a high-income nation will help spur the property sector.

“With improved standards of living, affordability will go up and this can only have a positive impact on the property sector and a more vibrant market,” Liew said.

Meanwhile Mah Sing Group Bhd group managing director Tan Sri Leong Hoy Kum said he welcomed the initiatives such as the new Kuala Lumpur International Financial District, Sungai Besi Airport area as well as the development of a new Sungai Buluh township on Malaysia Rubber Board’s land.

“Given the opportunity, we shall be happy to participate or jointly develop the area with the relevant government linked companies.

“We are confident that we can add value to the government land and contribute positively by capitalizing on our vast exposure, experience and success in various types of property developments as well as our sound financial standing.”

Real Estate and Housing Developer Association Kuala Lumpur branch chairman N K Tong described the 10MP as “very current, very topical and appropriate for the country.

“On opportunities to participate in the key projects, I believe developers in KL have always had a close rapport with local authorities such as Kuala Lumpur City hall (DBKL) … ” he said.

On a proposal to amend laws governing the sales of property and land to allow collective sale of properties when at least 80% to 90% majority consent is obtained. Tong who is managing director of Bukit Kiara Properties viewed it as a positive move: “More importantly, it will help property owners to unlock the value in their assets. What is important is that it is carried out in a transparent manner and through a fair process.”

The property developers also welcomed the government’s commitment to improve connectivity and the public transportation system.

As for the high capacity Mass Rapid Transit (MRT) system to be implemented on a radius of 20km from KL city centre, Tong said it is a good move as transportation is a current issue that needed to be addressed in tandem with the goal of transforming Kuala Lumpur and the Greater KL conurbation into a world-class city. “It is a natural evolution for KL to become a world class city. We have all the elements but maybe not the perceived critical mass.”

Mah Sing’s Leong said, “This will directly and indirectly benefit our various projects which are in prime locations in the Klang Valley, Penang island and Johor Bahru. Any additional connectivity will bring added convenience for residents and tenants, and has the potential to increase property values”.