Domestic demand supporting Malaysia's property market
By Steve Binge

Domestic demand supporting Malaysia's property market

Soaring domestic demand is currently the key factor driving the market for real estate in Malaysia, according to property firms in Kuala Lumpur.

This view was expressed by people like sales and marketing executive at the Low Yat Group Sean Saw, who said that while the international market was dulled by world economic circumstances, young Malaysians are currently keen to buy.

He told the Star.Biz: "I gather that even though the property sector may be quieter due to external factors, but there are still transactions. Newly launched projects continue to be sold out, surprisingly."

Speaking at the Star Property Fair, he predicted activity will pick up more in 2013.

LBS Bina Group Bhd's managing director Datuk Lim Hock San also said demand is strong.

The same paper recently reported that the Malaysian government's plan to review real property gains tax in its 2013 Budget was welcomed by DRB-Hicom Bhd.

Managing director of the firm Datuk Seri Mohd Khamil Jamil said the measure will help middle-income groups become homeowners.
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