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Malaysia's home prices to continue rising
5th January 2011Residential property prices will continue to increase due to the increasing cost of building materials and land, according to LBS Bina Group Bhd, one of Malaysia’s leading property developers.
Datuk Lim Hock San, Managing Director of LBS Bina, noted that despite 2012 being a challenging year globally, the group expects demand for residential properties in Malaysia to remain strong as prices continue to increase.
“Housing prices will continue to go up and it's not because we property developers are greedy. Land cost has gone up. So has labour wages, building material and fuel costs. In fact, financing cost has also gone up,” he said.
Despite the inflationary effects on the residential property market, the company is aiming to achieve RM800 million in sales this year, 20 percent higher than last year’s RM663 million.
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