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PROPERTY & INVESTMENT
Property Investment
and Development
Various initiatives and projects have
continued to emerge following the
nation moving towards an endemic
phase.
Among those highlighted early on by
the former Minister of Development
Dato Seri Setia Ir Awang Haji Suhaimi
bin Haji Gafar were the initiatives
undertaken by the Ministry of
Development (MoD) to ensure the
country’s sustainability and resilient
development.
At last year’s 18
th
Legislative Council
session,
the
former
minister
announced
that
the
Housing
Development Department under the
Ministry of Development (MoD) would
carry out plans in building National
HousingSchemes (RPN) either through
National Development Plan (RKN)
or using alternatives that lessen full
reliance on government expenditure
to provide more sustainable national
housing.
According to the former minister,
BND38.8 million with a cost plan of
BND250 million was allocated under
the RKN 11 for housing projects
including 1,000 units of terrace
houses at RPN Kampong Lugu and
750 houses at RPN Kampong Tanah
Jambu Project starting in mid-
2022. Meanwhile, 245 out of 300
units (10 blocks) of H40 apartments
in Kampong Lambak have been
occupied.
This was backed by the smooth
construction of the RPN which
resumed in 2022 following the
COVID-19 infections, as outlined by
the former Minister of Development.
Construction of 1,000 units of
houses for RPN Kampong Lugu is
scheduled to be completed by early
2023, with another project involving
construction of infrastructure for a
nearby site where 86 hectares of land
will accommodate around 500 to
600 housing units.
Other housing projects also resumed
in 2022, including 750 units of terrace
houses at the RPN Kampong Tanah
Jambu Phase 7 which was reported
in January last year as being under
the tender assessment process and
the upgrading project, and 140 units
of terrace houses in RPN Kampong
Rimba.
While government initiatives to help
bolster property are in full effect,
various parts of the private sector
are also pitching in to provide
opportunities to invest in the re-
emerging sector. In March 2022,
Bank
Islam
Brunei
Darussalam
(BIBD) concluded a virtual forum
which discussed the country’s real
estate and construction industry as
a continuation of the 10-part ‘BIBD
SME360 Series’.