Economic Downturn Will Not Affect Property Development

The present global economic slowdown will not affect the development of properties here as the potential to invest in the property market is there.

KUCHING: The present global economic slowdown will not affect the development of properties here as the potential to invest in the property market is there.

PWP Properties Sdn Bhd principal Leong Chang Ming said the time now was right to buy and invest in properties as the property market was not much affected by the global crisis.

“This is the right time to buy properties as the potential is there. Kuching City Mall has a good layout and the size of the project is big,” Leong told reporters at the soft launch of Kuching City Mall sales office at Eastmoore Commercial Centre here yesterday.
It was officiated at by Batu Kawah assemblyman Tan Joo Pho, who is also Padawan Municipal Council chairman.

PWP Properties is the marketing planner for Kuching City Mall.

“The Malaysian ringgit has depreciated a bit now and this actually would attract foreigners to come and buy properties here,” Leong said.

He said Kuching City Mall, a 103-acre mixed property development project, provided good opportunities for investment as the potential to buy and invest in properties in Kuching City was still growing.

The project comprises a two-storey lifestyle shopping mall, two podiums suite apartments, 89 units of three-storey shophouses, 42 units of single- storey lock-up shops and 659 units of residential houses.

Leong said Kuching City Mall Development Sdn Bhd was having its first launching here and more activities at the site would be organised to promote the properties.

Prior to this, the company has conducted an exhibition in Sibu and the response was very encouraging.

“We will start off with the sales of Phase 5 and 6 which are 89 units of three-storey shophouses and then move on to develop subsequent phases,” he said.
The price for each unit ranges from RM870, 000 to RM1 million and to date about 25 per cent of the units had been sold.

The whole project is expected to be completed in seven years.

Kuching City Mall is easily accessible as it is located along Jalan Datuk Amar Kalong Ningkan, sited in the neighbourhood of Taman Desa Wira and a stone`s throw from MJC Township and Jalan Stephen Yong.

Major landmarks are located within five-km radius of the project and these include Kuching
International Airport, Four Points by Sheraton Kuching, Green Heights Richman Hill, BDC, Hui Sing, Timberland Medical Specialist Centre, 7th Mile Bazaar Township and Batu Kitang Light Industrial Zone.