GUH: Property market in consolidation for now

09 Oct 2019 / 20:41 H.

GEORGE TOWN: GUH Holdings Bhd is optimistic that the property market would gradually rebound despite concerns among developers over the global economy and the persistent sluggish performance in real estate.

GUH CEO and managing director Datuk Seri Kenneth H’ng Bak Tee said that they were targeting for recovery to be felt some three years later in the market so, for now, it is about consolidation.

As for incentives under Budget 2020, H’ng urged the Finance Ministry to consider allowing more leeway for expatriates under the Malaysia My Second Home retirement scheme to invest in properties and to relax banking guidelines, so more loans can be approved, particularly in the affordable housing segment.

H’ng said this as GUH has began to develop a model township project in Simpang Ampat with the aim of transforming it into a modern suburb to cater for the future development pace on the mainland.

GUH has acquired 46 acres of prime land in the old Simpang Ampat township with interim plans for a mixed development package of commercial shop lots, condominiums, landed property and affordable housing schemes.

Adding value to its project was GUH’s sign-up with QSR Brands (M) Holdings Bhd – the Malaysian franchise holder of Kentucky Fried Chicken (KFC), Pizza Hut, Aymas and Life brands – to open up a drive-through KFC outlet in Simpang Ampat by next year.

The memorandum of agreement was sealed at the GUH corporate office on Tuesday in the presence of state executive councillor Datuk Abdul Halim Hussein. GUH was represented by H’ng and QSR by group managing director Datuk Seri Mohamed Azahari Mohamed Kamil.

Azahari spoke of plans to open 30 more KFC outlets by next year while Pizza Hut has plans for 15 more outlets in the country.

GUH’s property division is developing townships in Taman Bukit Kepayang, Seremban, Sungai Bakap, Simpang Ampat (Penang) and Sungai Petani (Kedah).

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