Latest news with #SarawakHousingandRealEstateDevelopers'Association
Borneo Post
a day ago
- Business
- Borneo Post
Sheda Miri launches home, property roadshow to support resort city vision
(From left) Aaron, James, Yee and Ariffin participate in the ribbon-cutting ceremony to officiate the launch of the Home and Property Roadshow 2025. MIRI (Aug 8): The Sarawak Housing and Real Estate Developers' Association (Sheda) Miri has launched the annual Home and Property Roadshow 2025, underscoring the city's aspirations of becoming an international resort city. The four-day event, taking place until Aug 10 at Bintang Megamall, serves as a one-stop platform for homebuyers, investors, and industry stakeholders to explore the latest residential and commercial property developments. Officiating the event on behalf of Miri Mayor Adam Yii, Miri City Councillor Yee Chung Meng emphasised that the roadshow is more than just a property showcase. 'It is a platform for dialogue, innovation, and collaboration among developers, financiers, regulators, and the public,' said Yee. He described Miri as a city of opportunity, noting its strategic location, rich natural resources, and vibrant multicultural community as key strengths. 'As we move toward becoming a smart and sustainable city, we welcome developments that are not only commercially viable but also socially responsible and environmentally conscious,' he added. Yee also called on developers to innovate through green building practices, affordable housing initiatives, and digital transformation, while urging youths to explore careers in the property sector. In his welcoming remarks, Sheda Miri chairperson James Hii described the roadshow as a vital platform that brings together the entire property ecosystem. 'From developers, real estate agencies, and valuers to bankers, legal professionals, consultants, and of course the public and prospective buyers, it is this dynamic convergence of stakeholders that creates the magnetic force drawing us all here today,' he said. James reaffirmed Sheda's support for the state government's development agenda, citing landmark projects including the Kenyalang Smart City Project, Nexus Business Park, and several prominent mixed commercial developments. He also highlighted the growth of Miri's hospitality and retail sectors, noting that the addition of new hotels and commercial outlets help to boost local economic activity and attract foreign visitors. Also present at the launch were Miri Deputy Mayor Ariffin Mohamad and Sheda Home and Property Roadshow 2025 organising chairperson Aaron Hii. Home and Property Roadshow resort city Sheda Miri
Borneo Post
20-07-2025
- Business
- Borneo Post
Sarawak mulls star rating system to protect homebuyers from scam developers
Tiang (left) presents a cheque to one of the house owners, while others look on. – Photo by Peter Boon SIBU (July 20): The Sarawak Ministry of Public Health, Housing and Local Government is considering implementing a star rating system for housing developers in the state to protect homebuyers from scams. Its deputy minister Datuk Michael Tiang revealed talks are currently taking place with the Sarawak Housing and Real Estate Developers' Association (Sheda). He also disclosed the ministry was blacklisting housing developers with poor track records in Sarawak. 'We are not only going to blacklist them, but we might use the publicly available star rating system for reference. 'So, if you purchase a house from developers with a one-star rating, you should think twice. However, if you buy from those with a five-star rating, you can proceed with confidence,' he told reporters when met on the sidelines after a ceremony presenting reimbursement for septic tank self-installation to Rejang Park homeowners here yesterday. He said the rating system functions similarly to other online rating platforms, allowing them to distinguish the quality of developers. 'It categorises them as five-star or one-star developers, helping users steer clear of potential scams. 'We have come across many scams among housing development projects, so we want to find ways to help our consumers to avoid these unnecessary scams, because they use their hard-earned money (to buy a house). Maybe they only buy one house in their whole life (time). 'This is a huge decision they are making, so we want to help them make better decisions,' he said. When asked when the rating system could be implemented, he said the ministry was still in discussions with Sheda, but opined it could be soon. 'The content will be published on the Ministry of Public Health, Housing and Local Government's website and perhaps on Sheda's website as well. This will go a long way to remind developers about their moral duty to house buyers. 'They shouldn't just think about making money or how much they can earn. They have a moral duty to deliver whatever they promise, not only an agreement. As developers, people use their hard-earned money to buy a house from you, so you better do it properly,' he said. Meanwhile, Tiang also shared his message for the upcoming Sarawak Day: 'I wish all Sarawakians a joyous Sarawak Day and be proud to be Sarawakians.' Also present was Sibu Municipal Council Market and Petty Traders standing committee chairwoman Jenny Ting. homebuyers Michael Tiang scams Sheda star rating system
Borneo Post
12-07-2025
- Business
- Borneo Post
Sheda advisor: Interest rate cut offers relief, but property market needs more than just OPR reduction
Dato Sim Kiang Chiok KUCHING (July 12): The lowering of bank interest rates is generally a positive move for cost-of-living relief, particularly for those with housing, personal, or business loans, said Sarawak Housing and Real Estate Developers' Association (Sheda) advisor Dato Sim Kiang Chiok. He said the reduction eases monthly repayment burdens and could free up disposable income at a time when households are grappling with rising expenses due to the expanded Sales and Service Tax (SST) and ongoing subsidy rationalisation. Sim was commenting on Bank Negara Malaysia's (BNM) decision to reduce the Overnight Policy Rate (OPR) from 3.00 per cent to 2.75 per cent. 'For businesses, it helps reduce financing costs and preserve cash flow in a slower growth environment, but this comes with a trade-off. 'Savers, particularly retirees or individuals dependent on interest income, will see lower returns on fixed deposits and savings accounts,' he said. 'As such, while borrowers benefit, those relying on passive income from savings may feel financially strained.' The BNM decision to reduce the OPR from three per cent to 2.75 per cent is a strategic, preemptive step to support domestic demand in the face of rising global and domestic uncertainties, Sim said. 'While Malaysia's economy continues to grow, there are clear signs of softening in certain sectors, particularly property, where Q1 2025 data showed a 6.2 per cent drop in total property transactions and an 8.9 per cent fall in value, according to the JPPH report.' 'Coupled with external pressures such as the recent increase in US tariffs on Malaysian exports (from 24 per cent to 25 per cent), weakening ringgit, and rising cost of living due to the expanded SST and the impending targeted RON95 fuel subsidy in Q4, the rate cut aims to preserve domestic consumption and support business sentiment. It is not a stimulus, but a timely cushion against downside risks,' he said. While a lower OPR may marginally reduce borrowing costs, its impact may be dampened by broader affordability challenges, Sim said. The Q1 2025 report indicates that even though construction and new launches remain active, residential property transactions also declined in volume and in value, pointing to a cautious buyer landscape, he said. For Sarawak, where household incomes are generally more modest and sensitive to inflation, the combined effect of higher SST, weaker ringgit, and rising living costs could offset the benefit of lower interest rates, he said. 'So, we may not see an immediate surge in first-time home buying unless additional supportive measures are introduced — such as reviving the Federal Government's 'My First Home Deposit' initiative or offering stamp duty exemptions for all residential property transactions.' Sim said Sarawak buyers tend to be price-sensitive and financially conservative. 'While interest rates do matter, income stability, employment security, and inflation expectations weigh more heavily on purchasing decisions.' He added that the recent dip in property transactions reflects that broader economic uncertainty, rather than interest rates alone, is shaping buyer sentiment. 'Sentiment in early 2025 has been mixed to cautious. After seven quarters of steady growth, the market experienced a correction in Q1 2025, as shown by the decline in transaction volume and value.' Sim said the OPR cut may offer short-term psychological and financial relief, but overall consumer confidence remains tempered by uncertainties surrounding global trade, the weak ringgit, and upcoming subsidy reforms. 'Therefore, while the rate cut helps support sentiment, more holistic interventions are needed to sustain demand, particularly in the residential market.' He noted that developers are unlikely to reduce prices significantly, as input costs remain elevated due to the SST expansion, higher logistics and compliance costs, and volatile prices for imported materials. However, he said some developers may respond by offering innovative financing packages, down payment assistance, or interest absorption schemes to attract buyers. 'There may also be a strategic shift towards smaller units and affordable housing, aligning with strong demand in the sub-RM300,000 segment, which accounted for more than half of residential sales in Q1 2025.' overnight policy rate property market Sim Kiang Chiok
Borneo Post
03-07-2025
- Business
- Borneo Post
Sheda advisor: Developers brace for higher costs as SST expansion hits Sarawak's construction sector
Dato Sim Kiang Chiok KUCHING (July 3): Sarawak developers are already experiencing noticeable cost increases across the property and construction sector following the introduction of the expanded Sales and Services Tax (SST). The expanded SST, implemented on July 1, 2025, broadened the sales tax to include a wide range of goods—such as over 240 steel-related products and industrial machinery—and extended the service tax to several new sectors, including six per cent to non-residential construction services. In a statement, Sarawak Housing and Real Estate Developers' Association (Sheda) advisor Dato Sim Kiang Chiok, highlighted that the costs have risen for both building materials and construction services provided by subcontractors. He lamented that the property and construction sector is currently going through 'profound challenges' stemming not only from the expanded SST but also from the mandatory e-invoicing system. Sim, who is also Sarawak United People's Party Stakan chairman, explained that the e-invoicing requirement introduces additional layers of administrative work for property and construction companies. It requires an investment of time and resources in updating accounting systems and staff training to ensure seamless integration of e-invoices with their financial records. Sim added that the combination of the expanded SST and e-invoicing mirrors the previous Goods and Services Tax (GST) system, but with increased complexity and the potential for double taxation. 'Unlike GST, SST does not provide tax credits along the supply chain, which opens the possibility of double taxation at multiple stages and increases the final cost borne by the consumers without clear visibility of tax components in pricing,' he shared. 'This lack of transparency means buyers cannot see where taxes are applied, creating confusion and undermining the efficiency such systems aim to achieve,' he stressed. While the e-invoicing system may improve overall record-keeping and tax compliance, Sim argues that these measures alone will drive construction costs higher, eventually contributing to increased property prices and a higher cost of living. Additionally, compliance and operational costs are expected to rise further with the upcoming mandatory Employees Provident Fund (EPF) contributions for foreign workers. Starting in October 2025, foreign workers in Malaysia will be required to contribute two per cent of their monthly wages to the EPF, with employers contributing an additional two per cent. 'These additional costs inevitably impact our budgeting processes, forcing developers to adjust tender pricing upwards to maintain profitability,' he stressed. He cautioned that without targeted support from the government, these cumulative changes could stifle industry growth and place significant strain on both companies and consumers. lead Sales and Services Tax Sheda Sim Kiang Chiok
Borneo Post
18-05-2025
- Business
- Borneo Post
Sheda Miri 2025 Roadshow returns this August
Sheda Miri chairman James Hii (fourth left), Aaron on his left, and other committee members show flyers for the upcoming event. MIRI (May 18): The Sarawak Housing and Real Estate Developers' Association (Sheda) Miri branch will host the Sheda Miri 2025 Home & Property Roadshow this Aug 7 to 10 at the ground floor of the Old Wing of Bintang Megamall. Open daily from 10am to 10pm, the four-day event will feature over 20 exhibition booths, showcasing a wide mix of property developers from Miri and beyond, alongside hardware suppliers and home improvement businesses. The roadshow aims to serve as a comprehensive platform for homebuyers, investors, and industry stakeholders to explore the latest in residential and commercial property developments. The official opening ceremony is scheduled for 9.30am on Aug 8, to be officiated by Miri mayor Adam Yii. Speaking at a press conference here yesterday, organising chairman Aaron Hii of Jiajaya Sdn Bhd expressed confidence in this year's showcase. 'The Sheda Miri Roadshow continues to be a focal point for both homebuyers and investors to connect with developers and industry experts,' he said. 'Whether you're planning to purchase your first home or expand your real estate portfolio, there is something valuable here for everyone.' Key highlights will include residential and commercial developments across Sarawak, financial advice on housing loans, and networking opportunities with experts from the development and finance sectors. Booth prices range from RM3,700 to RM4,050, with a 10 per cent early bird discount for bookings made by July 7, 2025. Sheda members are also entitled to a 10 per cent discount. A 'Best Booth Design' competition will run throughout the roadshow, offering a cash prize of RM1,000 to the winner. The event is open to all—from first-time buyers to seasoned property investors and real estate professionals. For booth reservations or further details, contact Michelle Hii on 012-5340607 or email [email protected]. Home & Property Roadshow lead miri Sheda
