Property investment always the best move against inflation — Wee
KUCHING: Investing in the property market is always the best method to hedge against inflation while prices of daily necessities increase and purchasing power diminishes.
Dato Wee Hong Seng said this during a property talk titled ‘ Investment Opportunity in Kuching’ organised by Wee Aik Oh Realty Sdn Bhd at a hotel here yesterday.
“It has been proven over time that the wisdom of our forefathers that investment in property will pay off handsomely holds true,” said Wee, who was representing Wee Aik Oh Realty Sdn Bhd.
He believes that the prices of property in Kuching will rise further as land becomes scarcer, especially in prime locations and the cost of construction keeps going up.
Brandon Sim, representative of HASB Consultants ( Sarawak) Sdn Bhd – the marketing agent for the event – concurred that property prices in Kuching will always appreciate over the years due to inflation and rural-urban migration which will boost the demand for Kuching properties.
“For assumption, the property prices in Kuching would appreciate three to five per cent annually, matching the inflation figure announced by the government,” he said.
Commenting on the newest development project in the heart of Kuching, Wee said that The Podium development project offers a good investment for the public whether it is for their own use or for rental income purpose.
Strategically located at Jalan Tun Ahmad Zaidi Adruce, The Podium is a mixed development project consisting of 395 apartment units, 140 units of strata title shops, four- storey commercial units and more than 1,000 parking spaces.
Also speaking at the event was Datuk Bandar of Kuching North City Commission ( DBKU) Datuk Abang Abdul Wahap Abang Julai, who stressed that the city has to be prepared with the challenges associated with growing urbanisation by optimising resources and efficient urban management.
“For areas under the jurisdiction of DBKU, developers can rest assured that DBKU will continue to facilitate and help as much as we can with the development plans,” he said.
On another note, Abang Abdul Wahap said Universiti Teknologi Mara had been roped in to evaluate the effectiveness of the five-year Clean, Beautiful and Safe (CBS) Plan initiated by DBKU and recommendations would be proposed after the evaluation.
Among those in attendance was Deputy Minister of Domestic Trade and Consumer Affairs Chong Chieng Jen.