I love the sun, the sea and the duty-free. Nope, not about Langkawi even if I still visit it once per year. This is about an island in Perak. Remember this earlier article? Fly to Pangkor Duty-Free I was feeling excited with the prospect of Pangkor island becoming another duty-free status island. Its even possible to fly there for a holiday if its based on the earlier plans. Here is one latest update on the land purchases. Good suggestions learning from what happened in Medini Iskandar Johor previously.
Article in themalaysianreserve.com With regards to “landbankers” looking to purchase lands in Pangkor and its surrounding areas, Knight Frank Malaysia Sdn Bhd MD Sarkunan Subramaniam said “It is given that as more developments go in the island, the land values will go up. I suggest the state government to put some kind of moratorium on land purchases to avoid land hoggers, so that the price will not jump as high as what happened in Medini Iskandar Malaysia. Put restrictions on the land purchases to discourage speculators. For example, if the land is not developed within some period of time, the buyers will be penalised.”
CBRE-WTW (CBRE Group Inc and CH Williams Talhar & Wong Sdn Bhd) MD Foo Gee Jen said “The roads in Pangkor are quite limited and not the entire land is accessible. Ferries are mainly used to transport passengers and cars are quite limited. It will have a small impact on the real estate market as Pangkor has a small population. But buyers might already be looking into buying homes in Lumut and Sitiawan.” In Budget 2019, Finance Minister Lim Guan Eng said that the government is committed to making Pangkor “a duty-free island to realise the true potential of the island”. Article in themalaysianreserve.com
I think a moratorium on land hoarders makes good sense. However, I think the Perak state government may want to have a proper development plan for the island instead of leaving it entirely to whatever the the developer builds. I also agree that buyers may be buying properties in Sitiawan and Lumut. We will however have to see how successful is this new duty-free island because compared to Langkawi because both are “competitors” with one having a proper airport and already well known even to foreigners. Happy buying, buying and buying.
written on 20 Aug 2019
<Featured Image is courtesy of Stock Photos from smarta>
Next suggested article: Melaka for property investment. I thought it’s just a holiday destination