Mega property projects in KL back on trackShare

Mega property projects in KL back on trackShare
08 Dec 2009 - PropertyGuru.com.sg

Construction players and developers are all in favour of mega property projects in the pipeline for Kuala Lumpur, especially the proposed development of a 100-storey skyscraper project, near the Matrade Centre.

Ng Kee Leen, president of Master Builders Association of Malaysia (MBAM), said the mega development project would boost the Malaysian economy as well as provide more jobs to industry players.

The mega development project will occupy a 28-hectare site owned by Permodalan Nasional Bhd (PNB) and is expected to be completed within three to five years, if approved.

“It’s definitely the right time to revive the construction industry in a big way as (prices of) raw materials for the construction industry have stabilised and more importantly, consumer confidence, both local and foreign, is rising,” said Mr. Ng yesterday.

Kuala Lumpur City Hall had already approved several 50-storey property development projects, which are expected to start soon.

City Hall and PNB officials did not confirm if the 100-storey skyscraper project has already been approved.

Mr. Ng said despite the current property overhang, signs of a revival in the construction industry were visible.

“There is now more hiring of draftsmen and architects and if most of the mega projects are approved, it would certainly help further boost the Malaysian economy.”

“We don’t see this (building more mega property projects) as having a negative impact on the construction industry or the economy,” said Ng, referring to the impact of the property project.

“It would show to the world Malaysia’s seriousness in following through with its plans,” he said, citing the continued property developments in Singapore and Hong Kong despite the current property overhang.

Jack Chua, a property consultant and real estate agent, said the development of new mega projects would provide a positive impact to the economy.

“We believe if the policies of the Malaysian government remain consistent and attractive, there should still be good buying interest from locals and foreigners, even if more mega projects come on-stream,” he said.