Rising demand for property in Gadong, Muara
Saturday, July 21, 2007
DEMAND for property in Brunei has been rising steadily over the past few years, say real estate property developers.
"There is a strong demand for new houses, especially in the Gadong and Jalan Muara areas," said Lim Poh Yeh, a property developer from White Castle Real Estate and Development.
"Increase is largely due to their location. The built-up area of the houses may have decreased but more residential development housing projects are coming up."
According to Lim, 1980s housing projects managed to give buyers 0.3 acres of land with a double-storey house that sold in the region of $200,000, as compared to the years which saw developers providing buyers with less than 0.2 acres of land for the same price.
"A spate of housing development projects have contributed to the increase in price of land in the prime areas like Jalan Muara and Gadong," said Lim.
"With available land becoming less in these areas, developers are trying to maximise what they build with the land size they have. For instance, if a developer was given one acre of land, developers would divide the land up to fit in 12-14 houses."
He added: "What most potential home owners in Brunei are looking for is a double-storey, detached house, with three to four bedrooms. However, we also have prospective buyers who still think that they can find the same type of house below $200,000 in these two areas," said Lim.
"Jalan Muara and Gadong are prime real estate areas, because Gadong is central to schools and the shopping district, while Jalan Muara, is also central to school, the airport and government offices," said Ann Taguinot, a real estate agent from Primeland Real Estates.
She also said that "the real estate industry is growing because there are more housing developments over the past few years as compared to 2004 and earlier".
However, according to other real estate agents, "more people who are looking to buy a house, prefer to purchase a developed house rather than use the money to build their own house".
"Most people want to avoid the hassle to going to different government agencies to get approvals for their house, and just purchase one which is already built and all they have to do is just sign the necesssary documents," said Lim Chee Eng, from Axsel Property Management.
According to Lim Chee Eng, the market for house purchases has increased an estimated 80 per cent over the past few years, whether people are purchasing developed houses or pre-owned houses.
"From what I see, there are definitely more housing development projects coming up," he added.
The Brunei Times
"There is a strong demand for new houses, especially in the Gadong and Jalan Muara areas," said Lim Poh Yeh, a property developer from White Castle Real Estate and Development.
"Increase is largely due to their location. The built-up area of the houses may have decreased but more residential development housing projects are coming up."
According to Lim, 1980s housing projects managed to give buyers 0.3 acres of land with a double-storey house that sold in the region of $200,000, as compared to the years which saw developers providing buyers with less than 0.2 acres of land for the same price.
"A spate of housing development projects have contributed to the increase in price of land in the prime areas like Jalan Muara and Gadong," said Lim.
"With available land becoming less in these areas, developers are trying to maximise what they build with the land size they have. For instance, if a developer was given one acre of land, developers would divide the land up to fit in 12-14 houses."
He added: "What most potential home owners in Brunei are looking for is a double-storey, detached house, with three to four bedrooms. However, we also have prospective buyers who still think that they can find the same type of house below $200,000 in these two areas," said Lim.
"Jalan Muara and Gadong are prime real estate areas, because Gadong is central to schools and the shopping district, while Jalan Muara, is also central to school, the airport and government offices," said Ann Taguinot, a real estate agent from Primeland Real Estates.
She also said that "the real estate industry is growing because there are more housing developments over the past few years as compared to 2004 and earlier".
However, according to other real estate agents, "more people who are looking to buy a house, prefer to purchase a developed house rather than use the money to build their own house".
"Most people want to avoid the hassle to going to different government agencies to get approvals for their house, and just purchase one which is already built and all they have to do is just sign the necesssary documents," said Lim Chee Eng, from Axsel Property Management.
According to Lim Chee Eng, the market for house purchases has increased an estimated 80 per cent over the past few years, whether people are purchasing developed houses or pre-owned houses.
"From what I see, there are definitely more housing development projects coming up," he added.
The Brunei Times
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