KUALA LUMPUR: Residential property prices in the country will continue to rise 10 to 15 per cent this year, according to real estate services firm C H Williams Talhar and Wong Sdn Bhd. Managing Director Foo Gee Jen said sales for new housing developments will sustain this year driven by high demand for residential properties in the country.
"Areas of high demand will be close to the high-level infrastructure projects such as Mass Rapid Transit (MRT), Light Rail Transit (LRT) and Komuter train lines," he told reporters at the launch of the company's Property Market Report 2013 here on April 24.
"A big volume correction will be seen this year. House prices will remain generally flat but prices could face upward pressure from rising materials prices and other cost-push factors," said Foo.
The landed residential market is expected to continue to be in resilient mood with stable growth although fewer new units may be launched, he said. Developers are also trying to sustain profit margins by raising the new launch prices and testing new grounds for affordability.
"In tandem with that, they are putting in more eco-friendly and green building features as an added value to the projects.
"We have seen developers veering away from high-end niche devlopements and swtiching to more mid-range products in tandem with the government's PR1MA scheme," he said.
Foo said the outlook for the affordable housing segment is very positive. "We can expect units in this segment to continue to find a ready market. High-end residential properties continue to sell well in the major cities of Johor Baharu, Kuala Lumpur, Kota Kinabalu and Penang.
"We can expect with the seemingly strong demand, prices may be pushed upwards," he added. - Bernama
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