SIBU: Those planning to buy a house have been urged to do so now as property prices are expected to increase next year.
Sibu SHEDA chairman Wong Siong Nee said the anticipated price hike would be driven by several factors, including rising construction material and transportation costs as well as a shortage of local workers.
“This industry involves a large number of workers and provides an important source of livelihood for many families. However, over the past two years, countries around the world have been facing challenges such as rising energy costs and geopolitical issues.
“Malaysia has also been affected. The prices of construction materials and transportation have increased, and with the shortage of local workers, construction costs have risen significantly.
“Therefore, we believe that house prices will definitely increase next year. For those who are planning to buy a house, now may be the best time to consider buying before prices increase.”
Wong said this at the opening of the Sarawak Housing And Real Estate Developers Association (SHEDA) Sibu House and Property Roadshow at Wisma Sanyan here today, which was officiated by Deputy Minister for Public Health, Housing and Local Government Datuk Michael Tiang.
When contacted, Wong declined to reveal how much property prices were expected to increase next year.
He said the housing and property development sector was important to Sibu’s economy as it created numerous job opportunities, ranging from architectural design, engineering and quantity surveying to actual construction work.
“The industry involves every brick and piece of timber, as well as the construction of high-rise buildings and other projects.”
Wong said Sibu SHEDA fully supported the Premier’s announcement to transform Sibu into the Sibu Economic Zone (SEZ), a central economic hub for the region, as well as the Bukit Assek redevelopment plan.
“Sibu occupies a prime central location relative to both the Pan Borneo Highway and the Coastal Highway, granting it a distinct advantage within Central Sarawak.
“In this regard, we also hope that Deputy Minister for Public Health, Housing and Local Government Datuk Michael Tiang will further develop Sibu into a regional logistics hub, thereby stimulating economic activity and real estate development in Sibu and its surrounding areas.”
Wong also hoped that government projects in the Sibu Division, including those undertaken by local councils and the Public Works Department, would, subject to compliance with relevant procedures, increasingly involve local consultancy firms.
He said this would boost local employment opportunities and help retain graduates from Sibu-based institutions such as Methodist Pilley Institute, University of Technology Sarawak, Universiti Malaysia Sarawak, Open University and other local higher education providers.
“Retaining talent is essential for population growth, and a growing population will, in turn, further drive Sibu’s economic and local development.”
