SEREMBAN, Jan 16 (Bernama) -- The property sector in Negeri Sembilan is only expected to pick up in the second half of the year as buyers continue to adopt a 'wait and see' attitude ahead of the implementation of the Goods and Services Tax (GST).
Real Estate and Housing Developer Association Malaysia (Rehda) Negeri Sembilan Chairperson Jenny Wang Lee Peng said buyers were monitoring closely any hike in property prices.
"The GST will affect the cost of building materials and thus affect house prices but we don't know what the effect would be. That's why buyers are watching from the sidelines.
"But, house prices are expected to increase by between two and three per cent as building materials are taxed while the final price of a house is GST exempted," she told Bernama Friday.
However, Wang said sentiment was likely to stabilise after the GST takes off as the price direction would become more apparent after the implementation.
"As of now, it would be challenging for the sector as the uncertainty, continuing from the second half of 2014, will influence performance in the first half of 2015.
"Stringent bank loan approvals would further affect house sales," she said.
Meanwhile, Wang hoped the new state housing policy would be finalised soon as the state government has currently put on hold all applications for development, especially housing.
"Mentri Besar Negeri Sembilan Datuk Seri Mohamad Hasan wants to build more affordable houses in the state for the middle income group and we welcome the move.
"However, it is yet to be determined how much each house would be priced and the percentage of affordable houses that needs to be built in any development," she added.
-- BERNAMA
Just to share. The coming N.S PROPERTY FAIR 2015 (13-15 March) at Palm Mall, Seremban will feature top developers. Good deals of prime properties in the fast growing KL Southern Corridor, Negeri Sembilan and Melaka.
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