Authorities in growth corridors must have sustainable town and city planning standards

KUALA LUMPUR: The authorities in the growth corridors must have sustainable town and city planning standards to allow viable and attractive developments to take place.

“There is demand [for such standards] in all sectors of real estate, with the most immediate being in Iskandar Malaysia,” said Datuk Ng Seing Liong, president of Real Estate and Housing Developers’ Association (Rehda). He was presenting his paper entitled “Real Estate Opportunities in Malaysia’s Key Growth Corridors” at the Master Builders Association Malaysia (MBAM) Second Malaysian Construction Summit 2009 here on Nov 10.

Ng said developers and builders need to be aware of the level and nature of demand for their products.

The growth corridors are large-scale development projects with each comprising a cluster of states. They are Iskandar Development Region, East Corridor Economic Region, North Corridor Economic Region, Sarawak Corridor of Renewable Energy and Sabah Development Corridor. 

He added that the socio-economic well being of the corridors must also continuously improve.

Government incentives such as deregulation of the foreign investment committee and the easing of approval for skilled workers applying for permanent residency will have a positive impact on the property market.