Thursday 28 Mar 2024
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KUALA LUMPUR (July 11): In the 1990s, Kuching’s landscape was flat, with a few tall buildings scattered around the city and many housing estates filled with landed residential properties and shoplots. 

Much has changed since then, particularly in the last decade.

According to property consultants in Kuching, there was a slew of developments which significantly changed the cityscape in the last 10 years. 

They come in the form of high-rise apartments and condominiums, and larger-sized new commercial centres in different localities. 

However, despite the growing interest in condos and high-rise upmarket developments, the preferred property is landed homes.

The state’s property market has performed comparatively well amid the global economic slowdown and the pandemic, with the landed residential sector remaining the backbone of the market.

Sarawak Housing and Real Estate Developers’ Association (Sheda) notes that the current unsold stock of 2,310 units constitute about 15% (based on five years) of the annual demand. 

As such, Sheda is confident the overhang will be cleared with the current market demand and the opening of the economy.

Meanwhile, lifestyle changes have dictated the demand for different types of property. 

Consultants note that the Kuching property market is now more mature and buyers are more informed and savvier. 

Discerning buyers are looking for quality products that suit the changing lifestyle needs and living standards.

Read more about it in The Edge Malaysia weekly July 12 edition.

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