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KOTA KINABALU (Nov 13): The inaugural Malaysian Secondary Property Exhibition (Maspex) Sabah 2015 – which runs from today until Sunday at Suria Sabah Shopping Mall – will offer 36 booths showcasing 3,000 properties in the secondary market worth over RM1.6 billion.
Officiating the opening of Maspex Sabah 2015 – held by the Malaysian Institute of Estate Agents (MIEA) – was deputy chief minister of Sabah and state minister of industrial development Datuk Seri Panglima Raymond Tan Shu Kiah.
MIEA Sabah state chairman Henry Tai said the property market in Sabah is cautious with prices remaining stable, and notes that property transactions have slowed down rapidly.
“What we are experiencing is the result of the property correction measures by the government which we expect to run for another one to two years. The value and volume of property transactions have dropped significantly and will continue to shrink,” he said.
Tai also noted that the majority of residential property transactions fall within the RM400,001-RM500,000 bracket and some of property hotspots in Kota Kinabalu are Likas, Luyang and Jalan Lintas.
“Due to high land prices within the city area, most developers have moved to the fringes and nearby north and south towns, which are gaining traction,” he adds.
According to Tan, stringent lending measures coupled with the marked decrease in new property launches have inadvertently created a stronger interest for secondary properties, especially landed properties among the growing number prospective purchasers, tenants and investors.
Tan said people in Sabah are buying more secondary properties than new ones, and that out of 5,122 residential property transactions in Sabah, 83.9% or 4,298 transactions were secondary transactions.
The allure of secondary properties lies in their good location, he noted.
Chin, a 38-year-old visitor, said she is looking to buy either a 1-storey or 2-storey terraced 
house of between RM800,000 to RM1 million in Luyang, to cater for her family.
Meanwhile, MIEA president Erick Kho expects the secondary market to catch up with the primary market.
Statistics from the National Property Information Centre show that out of RM4.3 billion worth of properties transacted in Sabah last year, 40% were secondary market sales, and he believes that this figure will rise.
Over the three days, there will be talks given on topics such as the Sabah property market outlook, feng shui, impact of IT on property market, pros and cons of secondary properties, property management, and legal tips on property buying.
theedgeproperty.com is participating at Maspex Sabah 2015 as an exhibitor and the co-digital media sponsor.
