Written By: Henny Maherah
Recent slowdowns of property development in Malaysia can be attributed to the COVID-19 pandemic. But some developers like Ideal United Bintang International Berhad (IUBIB) are bucking the trend. The firm has resumed development of property under the 1Malaysia People’s Housing government initiative.
Property Development in Taman Island Glades
The project comprises 1,611 units ranging from affordable to high-end. Affordable homes with prices ranging from RM300,000 to RM400,000 will be made available to an approved list of buyers. High-end homes would be open to the property market at prices up to RM700,000.
IUBIB reports that the development project is scheduled for completion in 2024.
Challenges for Property Developers Amid COVID-19 Pandemic
Even as property developers aim to continue with projects, newly updated safe distancing measures and shorter working hours for employees will present new challenges within development sites.
According to Tan Sri Ooi, these challenges will not halt the scheduled timeline of projects because acceleration plans have been implemented to ensure maximum efficiency during the shorter working hours. Machinery would also be more heavily deployed to further enhance efficiency.
Apart from IUBIB, other home development projects have also been given the green light, primarily for G1 and G2 construction companies that do not exceed RM500,000. These projects have been approved by the Malaysian Construction Industry Development Authority (CIDB), assuring homeowners in Malaysia that their properties are secured even during these challenging times.