KUCHING: The recent amendment to the Valuers, Appraisers and Estate Agents Act, 1981 (Act 242) will take effect on January 2, 2018.
According to the Malaysian Institute of Estate Agents (MIEA) Sarawak Branch Chairman, Dato Ir Alex Ting Kuang Kuo, the amendment includes the provision for the police to take actions against illegal brokers.
“With the enforcement of this amendment, the police and Board of Valuers, Appraisers and Estate Agents (BOVAEA) can arrest or prosecute illegal brokers,” added Ting in his speech at the 4th MIEA Annual Dinner held at the Sarawak Club yesterday. He pointed out that with the main cities or towns growing at about 2 percent, 60 percent of Sarawak’s population of three million people were living in the urban areas.
“Assuming there are five persons per household, we wi l l require about 7,000 new houses per year. “Excluding those upgrading and young families moving to independent living, Kuching needs at least 4,000 to 4,500 new houses per year,” Ting added.
He also pointed that in Sarawak, 95 percent of the house buyers were owners and there was very little speculation and therefore, “no bubble”.
“We, therefore, have a ver y healthy property market,” said Ting. The dinner, attended by 330 guests, was graced by the Minister of Local Government and Housing, Datuk Dr Sim Kui Hian. During the dinner, Kozin Real Estate Sdn Bhd received the Real Estate Firm of the Year (Sarawak) 2017 award.
The State REN of the Year (Sarawak) 2017 award went to Wee Kui Ho while Simon Hii Sing Sing from H Simon Real Estate Agency, Wong Ho Ming from Homing Real Estate Agency and Aubrey Chan from Borneo Real Estate received the Fellowship award. Al s o pre s ent we re MIE A President, Eric Lim and other distinguished guests.
