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PETALING JAYA (Oct 24): Contrary to popular belief, property developers in Malaysia are not making huge profits, said Real Estate and Housing Developers' Association Malaysia (Rehda) deputy president Datuk Soam Heng Choon (pictured).
“Just look at some of the listed property development companies, you can look at their profit margins. Are we really making an obscene profit?” Soam asked during TheEdgeProperty.com’s Roundtable on Budget 2017 held today. Budget 2017 was tabled in Parliament on Oct 21.
Soam made the point when the topic on whether housing prices can be reduced came up.
He said property developers are often viewed as the sole responsible party when it comes to housing prices.
“Efforts to bring housing prices down should be done collectively with all stakeholders involved including the government, local authorities, financial institutions, contractors as well as the public,” he added.
There are various costs involved that impact property prices including compliance and construction costs, Soam said.
His views were echoed by fellow panellists on the roundtable namely chairman of Rehda Selangor Zulkifly Garib, chairman of Rehda Johor Datuk Steve Chong, chairman of Rehda Kedah and Perlis Datuk Rick Cheng and deputy secretary-general of Rehda Malaysia Tan Ching Meng. Also in the panel was president of Master Builders Association Malaysia Foo Chek Lee,
The roundtable was moderated by TheEdgeProperty.com's managing director and editor-in-chief Au Foong Yee.
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