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Old 01-15-2016, 10:05 AM
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edward222 edward222 is offline
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Default Business down 40 per cent in Labuan

Credit to:Corruption News : Business down 40 per cent in Labuan

KOTA KINABALU: Business is down by 40 per cent in Labuan in the wake of the crude oil price heading south to USD32 per barrel, 50 per cent of the workers have been laid off and many companies have closed down, been sold or moved out. ?Oil is the most important commodity to Labuan as an international offshore financial centre and tax-free haven,? said Labuan Chinese Chamber of Commerce (LCCC) President Wong Kii Yii. ?The drastic drop in the crude oil price has affected the hotel, tourism, entertainment, restaurant and other sectors on the island.?

One bright spot, said Wong, was the property sector which has not been affected much by crude oil prices crashing. However, market demand has dropped slightly and sellers are more willing now to negotiate on their prices. Still, he added, a two-storey shophouse near the LCCC office can sell at RM3 million or more. ?The buyers are mostly investors who buy properties and lease them to business people.?

?A 1,800 sq feet shop near LCCC can easily bring in RM10,000 per month in rental. Half a shoplot near the Ferry Terminal can fetch RM6,000 per month rental from a food stall operator.

Your thoughts guys?
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Old 07-18-2018, 06:51 AM
divyanshisharma divyanshisharma is offline
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So useful information by you, I would like to read this thread for more analysis!
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