Kota Kinabalu: Sabah Housing and Real Estate Developers Association (Shareda) rues the high property loan rejection rate faced by potential property buyers from commercial banks in Sabah.
Shareda President Datuk Sr. Chua Soon Ping revealed to the media on Friday that feedback from its members indicated some “70 per cent of loan application submitted by potential property buyers were rejected and only 30 per cent of applicants were successful.”
Chua called on commercial banks to be more helpful in supporting the local property market, including in the financing of hotels, as Sabah’s tourism sector dependence reflects also on the growth of the property and construction industry.
It was reported in the Daily Express that Sabah needs more big quality hotels to boost the tourism and MICE industry.