Napic: Industrial property the only bright spot in Sarawak last year

PETALING JAYA (April 21): National Property Information Centre (Napic) revealed that industrial property was the only sub-sector that saw transactions improve in Sarawak (pictured) last year.

According to the newly-launched “Property Market Report 2015” by Napic, transactions in the industrial sub-sector grew by 12% in Sarawak while other sub-sectors such as residential, commercial and development land were on a downtrend.

However, industrial property overhang (units that are completed with Certificate of Completion and Compliance) increased to 15 units worth RM6.98 million from nine units worth RM3.38 million in 2014, despite a 5.9% decrease of unsold units that were under construction, while unsold not constructed properties remained stagnant at 34 units.

Meanwhile, residential overhang and unsold properties grew during the review period.

There were 475 units of residential overhang worth RM222.16 million, more than double in volume and more than triple in value compared with 2014 figures.

Similarly, unsold residential units under construction increased by 35.3% to 3,879 units, whereas unsold units not constructed decreased by 22.5% to 599 units.

The all house price index for Sarawak stood at 232.5 points, up by 7.2% from 217 points in 4Q2015, and  stood at RM399,994, up from RM365,814 in 4Q2014. 

Moving forward, Napic believes Sarawak property will be sustained given that several major projects are planned in the state, such as the Pan Borneo Highway, Samalaju Industrial Park and Mukah Airport.

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