Aug 3, 2011
Property market still bustling in Kuantan
KUANTAN: The controversial rare earth plant being developed at the Gebeng industrial area near here has not affected the property market.
Buying and selling of properties remained at their normal pace, said industry players, refuting rumours that prices had dipped because of the rare earth dispute.
WTW Real Estate Sdn Bhd assistant manager (transactional services) Lok Siew Mei said there were still active property transactions in Kuantan.
“These involved new as well as used properties,” she said.
While not disclosing the amount involved, Lok assured that the transactions had not dipped despite the controversies surrounding the Lynas Corp plant.
“Properties in Kuantan that are priced between RM350,000 and RM400,000 are still selling,” she said.
“Buyers have no qualms in making the purchase while the lending situation is still very much the same.
“Sales evidence still shows that there are transactions,” she added, saying she was aware of the fear involving the rare earth plant and that it was more due to sentiment.
Market analyst S.H. Teh said active transactions were more evident among locals who wished to settle down in Kuantan.
“Those looking for long-term gains or investment purposes are mostly adopting a wait-and-see attitude and this may have brought about the uncertainty sentiment,” he added.
The project continues to receive strong protests especially from the Save Malaysia, Stop Lynas residents committee despite the International Atomic Energy Agency report stating the plant was safe.
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