Many of us like to stay in places where there are lots of expats. While I do not really think so myself but many friends equate this with status, an elite one no less. Look at the premium priced areas or places within KL and the signs are pretty obvious. It is true that due to their earning powers, these expats is able to afford to pay higher. Okay, perhaps it has slowed down slightly where rental market is concerned due to some headwinds but as long as Malaysia stays the course, I think good times should come back in the near future. Yea, some said, it’s the best time today. Read here: Flat 2016? Good 2018,2019 and great 2020?
One more development being launched targeting foreign buyers is 8KiaPeng@KLCC. The developer is I-Bhd and its director, Monica Ong said this during the laucnch, reported in thestar.com.my, “From the feedback we’ve been getting, we are confident that the take-up rate will be very good” and “Also, the forex will be to their advantage.” She also shared that majority of the buyers would most probably be foreigners.from China, Hong Kong and Singapore. I once met a Hong Kong couple in Penang. They asked me a few questions about the condos with seaviews in Penang. Their comment? It’s really affordable. I think the sentiment remains the same. 8Kia Peng@KLCC is made up of a single 50-storey tower on a freehold land with a gross development of RM1bil, with a total of 442 units mostly overlooking the Petronas Twin Towers.
I do know that many of the condos in KLCC are owned by foreigners. Malaysia property market is quite friendly because these foreign owners would have the same rights to the property as any other Malaysian property buyer. Of course, the property prices would have ‘alienated’ many local buyers who are earning in RM and buying in RM. Looking deeper, the prices are in RM and the foreign buyers are buying with their stronger currencies, many times the prices that they are paying is indeed extremely attractive. This is one reason it’s value for money for them.
Furthermore, some are within walking distance to most of the stuffs they need be they shopping, transport or just food haven. Yes, with regards to great food, an old friend flew back from UAE to KL for a short break said that she thinks its value for money to fly back for food because the flight ticket price is still just equivalent to the amount she would spend for good food over there in the UAE. Good reasoning, I guess. I was seriously looking for Malaysian food within days of fish and chips in some countries in the world. I do hope we continue to attract good people from all over the world who buys in Malaysia because they would also like to live, work and contribute. Selling to just buyers who buy and uses it as a vacation home is not really something which I would personally like. It would also be a little creepy too if the whole project looks deserted even if well maintained. Happy investing.
written on 15 Mar 2016
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