Economy, property sector showing signs of recovery

KUALA LUMPUR: Mindful of the challenges that have impeded the property industry, the government will continue to play its role to cushion the impact of the pandemic and at the same time, accelerate economic recovery.

The current government initiatives have already borne some results, said Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican.

“Bank Negara noted that the nation’s economy registered an 8.9% growth in the second quarter of 2022. The central bank said growths in April and May were particularly robust. Hence, the Malaysian economy is projected to expand further for the remainder of the year.

“According to the Statistics Department, unemployment rate for the month of June 2022 declined to 3.8% – the lowest since February 2020. This is supported by Rm27.8bil in foreign direct investments in the first quarter of 2022.

“These are all real signs of recovery. We are rebounding. And we will see more promising results in days, weeks and months to come,” he said in his speech at the Starproperty Real Estate Developer Awards 2022 held at the Shangri-la Hotel Kuala Lumpur on Aug 24.

He said developers, without a doubt, play a huge role and contribute extensively to the country and their reputation is key in gaining consumers’ confidence, reflecting the developers’ standing and the consistent quality of their work.

“Therefore, the Starproperty Awards, for one, serves to validate those nominated. This will help boost the confidence of consumers in terms of the quality of work and the track record of a particular developer,” Reezal said.

Star Media Group (SMG) chairman Tan Sri Chor Chee Heung said property players grew stronger despite adversity, with many also developing a keener understanding of the needs of consumers.

“We have seen developers become even more aware of meaningful designs, green spaces and well-planned townships that embody holistic living.

“It is also truly inspiring to see that quality is never compromised and that more property players are placing an emphasis on incorporating best environmental, social and governance (ESG) practices as part of their core operational frameworks.

“We are honoured to be part of this future-forward community with Starproperty also continuing to uplift your achievements and support your continuous progress,” he said.

Also present at the event were SMG group chief executive officer Alex Yeow, adviser Datuk Seri Wong Chun Wai, group chief financial officer Sam Au Chen Sum and chief business officer Lydia Wang.

The awards, which returned for the seventh consecutive year, received 110 project entries, vying for a total of 30 categories, including three new categories, namely the Digital Strategist Award; the Highlander Award and the Placemaker Award. The full list of winners can be found at https:// awards.starproperty.my/national/2022/winners.php.