Brunei's real estate and construction industries are discussed at the forum

[ASEAN NOW Content Team]

 

As part of the 10-part 'BIBD SME360 SERIES,' Bank Islam Brunei Darussalam (BIBD) finished a virtual conference on the Sultanate's real estate and construction industry on Wednesday (March 9).

The two-day session, which started on March 8, focused on the market problems experienced by industry players at the commencement of the Covid-19 epidemic and during the changeover period.

 

The first session of Day 1 featured a panel of speakers, including Shamri Mahali, BIBD Head of Corporate Digital and Business Development from the Corporate Banking Group, Angelina Kong, Decals Contractor Admin Executive Angelina Kong, and Siti Hairaney Shahri, academician at the Institute of Brunei Technical Education (IBTE) and member of the Brunei Institute of Geomatics (Real Estate) and Registered Valuer at the Brunei Darussalam Board of

"Home ownership is something that practically every Bruneian dreams of, and we at BIBD aim to go above and beyond to help them realise their dreams," Shamri added.

 

Despite the Covid-19 epidemic, property financing has remained relatively stable and is unaffected by the pandemic.

"However, the pandemic's external problems, such as delivery and completion time because to inadequate workforce, as well as rising material costs, are prompting home purchasers and investors to put the notion on hold," he said.

Despite the pandemic, the panellists agreed that the local real estate market is looking up for homeowners, and that because people aren't spending their money on trips because the borders are closed, now is a good time to consider buying a property.

 

MD Associates Principal Consultant Haji Mohd Don Omar (Chartered Surveyor, Valuer, Property and Strata Title Consultant), Principal and Managing Director at Gemilang Latif Associates Ar Mahri Latif, and Registered Estate Agent and Managing Partner of Alphamas Real Estate Agency Jason Foo all spoke at the session titled "The Future of Brunei's Property Market."

Speakers expressed confidence that, with Brunei's rising population, property prices would become more competitive and fair in the near future, with better designs being given to prospective buyers.

 

The Institution of Surveyors, Engineers and Architects (PUJA) Brunei President Sr Mohd Hanafi Abdul Rahman, NS BlueScope Lysaght Brunei General Manager Judith Fong, and Construction Association President Yong Teck Foo discussed the 'Brunei's Construction Industry Challenges and Opportunities' on Day 2 of the forum.

Project delays caused by personnel challenges due to limitations and labour shortages were prevalent and remained a serious difficulty in the current epidemic, according to the panellists, particularly in the construction industry, which relies heavily on foreign labour.

However, opportunities have arisen, including opportunity for local labourers to advance and upskill.