HOUSING developers see steady growth in the country’s property sector next year although buyers appear to be adopting a ''wait-and-see'' attitude, said International Real Estate Federation (FIABCI) Malaysia president Datuk Teo Chiang Kok.

He said the escalating oil prices and recent increase in interest rates would initially make purchasers cautious, but added that the industry would generally remain strong.

''The situation will give rise to a temporary period of adjustment as purchasers have to balance their budgets to invest in properties.

''So long as there is political stability and steady economic growth, the need for housing will still be there,'' Teo told reporters after the inaugural AGM of FIABCI Malaysia’s first branch in Penang on Saturday.

Datuk Khor Teng Tong (second from left) at the inaugural AGM of FIABCI Malaysia’s first branch in Penang.

Hunza Properties Bhd executive chairman Datuk Khor Teng Tong was elected branch chairman, and Penang Malay Chamber of Commerce vice-president Faudzi Naim Haji Noh as deputy chairman. Raine & Horne, Zaki + Partners Penang partner Michael Geh was elected secretary.

Teo said Malaysian developers had made a mark in the international property scene for their role in contributing towards the social housing needs in the country.

''In a paper on low-cost housing presented by FIABCI world president Datuk Allan Tong at the United Nations Social and Housing Council gathering in September, it was highlighted that Malaysia is probably the only country where private developers are required to build subsidised housing,'' he said.

Teo said this was well received by the council, which recommended that a similar housing concept be introduced in less developed countries like South Africa.

Khor said by setting up the branch in Penang, with 24 members, FIABCI hoped to set the tempo for other states to establish their own branches.

Source : The Star 7/12/2005