Condo market in Ipoh

Ipoh? Condo? Are you out of your mind? I remembered even my parents said condo does not have a market in Ipoh. There are so many landed properties available in Ipoh and much cheaper! I asked them, would they want to move to newer areas since those areas are also much cheaper. They can sell their current place and move over. They said NO.  I have friends whose parents stayed in Kg Bercham all their lives and when my friend bought his first property, it was also in Kg. Bercham. My uncle meanwhile said his place Pengkalan is the best because his shop is nearby his house.

You can see all the older generations love the place they are currently staying. For children who loves them, where do you think they would stay? What happens if the places that they want to buy is already fully built and the prices are becoming more expensive? What about children like me, who has stayed in high rise for the past 16 years and moving back to Ipoh? What about Penangites or KLites who just want a nice place to spend their weekends instead of always being in the same place all the time? Think about the convenience that a smaller condo may have instead of two old folks trying to maintain a 35 x 75 semi-detached landed property? Deteriorating security?

Now, do you understand why many of the earlier launched condo units were snapped up? Why some condos, as soon as they launched their second block, sales slowed down? Perhaps because the price has become too high in the minds of the buyers? From the last conversation I had with a prominent Ipoh developer, there were no less than 6-7 new high rise projects coming up in Ipoh. I actually told him that if it meets my price and location requirement, I would buy one. As for the question of whether there is a market for condos in Ipoh, no one would know unless the launches of new condos reaches thousands of units. When that happens, then we would know if there is indeed a condo market. If there are just hundreds of units, sorry, no one can answer you today because the current market can still absorb the units.

written on 2nd jan 2014

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