COOPERATION between relevant parties is key in ensuring the success of the country’s property industry, the President of the Brunei Institution of Geomatics (BIG) said on Thursday (18 May 2013).
In his speech during BIG’s ‘Property Investment Seminar’ at the Indera Pahlawan Hall at the Ministry of Development Training Centre, Alimin Hj Kalong said that with better awareness about the property market, the market players can then help push the industry forward.
“It is my hope that this seminar will be able to shed some lights into the complexity and dynamics of the property industry so that all those involved can increase their knowledge and awareness and come up with a mutual understanding so that together we can contribute to the growth of this industry, and eventually, the economy of our country,” he said.
He also explained that the industry is “a system of complex economic activities” that is made up of many stakeholders and that any change in one aspect will affect the other.
“Any changes in any of these components, for example, new rules or law has an impact on the real estate industry as a whole,” he said.
He added that the property industry is also a significant contributor to the nation’s economy among the non-oil and gas sector.
The seminar featured presentations by the Bangkok-based independent property consultancy Agency for Real Estate Affairs Co Ltd (AREA) President Dr Sopon Pornchokchai and Robin Cheok from Cheok Advocates & Solicitors.
In his presentation, Pornchokchai said that Brunei should be active investors in property in the “ASEAN peninsula” and have the same drive when promoting the local property market.
“If Brunei wants to promote investment, the country has to take part in property seminars and events to promote their property.”
Further in his presentation, he also explained the various factors and mechanisms that determine the rise and fall of property prices in the neighbouring countries.
Meanwhile, Cheok spoke about the legal landscape of property in the country. He said that since the Ministry of Development has abolished the property ownership through power of attorneys or trust deeds, bankers and law practitioners have been working with the ministry to smoothen the transition process.
He also touched on the need for more awareness on the strata titles among property owners.
“If building owners are aware and convert their existing properties into strata properties, the value of their property would increase,” he said, adding the outcome would also positively affect the real estate market.
In March, Development Minister Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Hj Suyoi Hj Osman said that the government is facing challenges in pin-pointing the success of the strata title adding that there is still a lack of interest among property owners in Brunei.
Source: The Brunei Times – 18 May 2013