Innovative property sector in the making

Innovative property sector in the making

NG SEING LIONG

President

Real Estate and Housing Developers Association (Rehda)

The Prime Minister should be congratulated for his initiative to improve the public delivery system of the property industry, taking it a step further by providing detailed mechanisms to ensure its success.

It is indeed a milestone not only for the property industry but for the whole nation as the public delivery system moves full steam ahead towards efficiency and transparency.

Rehda has always been a firm advocate for streamlining of processes to prune bureaucratic layers that are counterproductive. A streamlined and efficient public delivery system would serve as solid ground for a vibrant property sector.

The setting up of the National Inspectorate under the Housing and Local Government Ministry to monitor progress on the ground is a step in the right direction. Such move would help instil discipline in the approving authorities to expedite the approval process, as well as provide a mechanism for troubleshooting.

We are confident that with these latest initiatives, professionalism in the industry will improve, enhancing the competitiveness of the nation.



DATUK C. K. WONG

Senior managing director

Sunway City Bhd

The Prime Minister's directive for the Federal and state agencies to work in harmony and improve the delivery system will only work if all parties are proactive and can work in unison. This is a complete paradigm shift to ensure speedy implementation and delivery of all property development projects.

For SunCity, the quick approval will translate into speed to market our projects, reduce holding cost and hopefully lower the cost of doing business.

I foresee companies will be more efficient and competitive because of the more efficient administration. With the implementation of Certificate of Completion and Compliance, the industry can expect more efficient and speedy certification process by the professionals.

Developers also applaud the incentives granted for the adoption of build-then-sell concept and will be encouraged to be involved with this sales method.



TAN SRI LIEW KEE SIN

Group managing director and chief executive officer

SP Setia Bhd

The new government initiatives will result in a more competitive and vibrant property sector in the country. With a supportive public machinery and delivery system, the greater transparency and efficiency will translate into a more innovative and productive property sector.

We foresee substantial cost savings in the whole building and delivery process and this will ultimately benefit the whole industry, including property buyers. Developers will be able to plan better and come out with more exciting products for the market.

The amendment in the Strata Title Act for speedier issuance of strata titles and to accommodate landed gated communities will benefit many buyers and promote more strata titled developments and lifestyle residences.



DATUK PATRICK LIM

Executive chairman

Equine Capital Bhd

Apart from improving the public delivery system, the sweeping changes by the Government are historical reforms for the local property market. The clear rules and transparency of the public delivery system, coupled with the absence of real property gains tax and waiver of Foreign Investment Committee approval will make Malaysian property an international tradable commodity.

It will translate into higher value for local property and a greater flow of foreign investment to our shores.

At the company level, Equine will strive to adopt the build-then-sell concept and plan for more exciting projects to attract both local and foreign buyers.



DATUK LEONG HOY KUM

Group managing director

Mah Sing Group Bhd

The Government’s bold move in improving the delivery system is a big step in the right direction towards being a developed country by 2020.

Mah Sing is very upbeat about the far-reaching, positive effects that the smooth implementation of the fast-forwarded approval processes will bring about. These will dovetail neatly with our business strategy of having a fast turnaround.

Faster approval processes would be a boon for developers as they would lead to a lower holding cost, translating into better efficiency of capital. These savings could in turn be passed on to the house buyers; a win-win situation for all parties.

Having acquired the Malaysia My Second Home licence, we could give foreigners this good news when we sell homes to them. It is an additional assurance that the Government’s investor friendly regime would result in greater transparency and efficiency, and they would be able to enjoy their new homes in Malaysia in a shorter period of time.