Bungalows are considered a luxury property and actually even landed properties in some exclusive neighbourhood can be pretty expensive. My personal definition of pretty expensive luxury? Anything above RM3 million. Just last month, a detached home was sold for RM5.25 million. The buyer said that the home was in a very exclusive neighbourhood and behind the home was the home of a VIP too. Here’s that property. If we are in the market for bungalows, it may be a good time for us. Well, applicable for the secondary market anyway. In an article in TheMalaysianReserve here, According to CBD Properties Sdn Bhd MD Datuk Adrian Wang, high-end properties, especially those above RM3 million per unit, are very much in demand. He said, “There is high demand in the high-end properties. It was very hard to find good bungalows at an affordable price in Tropicana Kota Damansara, Damansara Heights and Bangsar previously, but you can find them being sold at a very good price now. The owners are reducing the price to compete with other sellers in the market.”
Wang said that one reason for these buyers in selling their homes may be migration or some may be moving to living in apartment or condominium units. Meanwhile Zerin Properties real estate negotiator Natasha Gideon said, “There is a high demand for high-end properties because buyers know now is a good time to get a deal.” (I seriously agree with her. In fact for those with deep pockets, this is the time to get properties below the usual market price. I will not say if all these luxury homes should be worth so much but when we are talking about multi-million ringgit homes, the target market is a totally different one from the working household world) Wang shared however that the 14th General Election is affecting Malaysians in their new property purchases. There is also the trend of people renting just to weather the high-cost entry that includes bigger down payment and legal fees. Please refer here for the full article again.
Kuala Lumpur properties will always be in demand because of the population growth. It is true that buyers could buy much further away but for the super-wealthy, the location and the neighbourhood of the home is by far more important than the price per sq ft or that buying further means getting a bigger sized home. Driving an hour to get into the city centre does not seem to be something interesting to them too. As for the timing for them to buy, it’s usually the opportunity that will entice them instead. Seriously, buyers of a RM5.25 million home may not be too concerned with good times or bad times. Happy finding that luxury landed home at a good price since the secondary market would offer good deals occasionally. Cheers.
written on 3 May 2018
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