IPOH, January 31- A budget of RM60 million has been approved to upgrade Sultan Azlan Shah Airport (LTSAS), including the widening of the existing runway.

Housing and Local Government Minister Nga Kor Ming stated that the project will be implemented in two phases.

The first phase has already begun, costing RM8 million.

The expansion is expected to accommodate approximately 700,000 passengers and act as a catalyst for the state's economic growth.

On behalf of the people of Perak, Nga Kor Ming expressed deep appreciation and gratitude for the announcement by Prime Minister Datuk Seri Anwar Ibrahim regarding the approval of the RM60 million expansion project, calling it a dream come true.

He made this statement while attending the Chinese New Year Open House hosted by the Perak Chinese Chamber of Commerce and Industry (PCCCI), which was also attended by the Prime Minister.

Additionally, the Ipoh City Council (MBI) has allocated an extra RM4 million for widening the entrance and exit roads at LTSAS.

Nga Kor Ming also mentioned that the government recorded an estimated property transaction value of RM217.46 billion last year, an increase of 10.48 percent compared to the previous year.

This performance demonstrates increased confidence among local and foreign investors in the country's economy and Malaysia's real estate market.

"In just two years, we have seen a 21.44 percent increase in property transaction performance. In other words, the sector has fully recovered.

"We are confident that our real estate sector has fully recovered, and we are witnessing healthy and stable growth rather than rapid growth," he added.