Recently a Hong Kong friend asked me about the property market in Malaysia. Of course my usual reply will be full of positive remarks and numbers. I added the fact that the property market is on a slow mode meant lots of opportunities too. She showed some concern due to the current issue plaguing Hong Kong. Actually, my friend is not the only one. There has been some reports about some transfers of financial assets from Hong Kong into Singapore for example. Here’s another recent news about how some of these Hong Kongers may not always be looking at Singapore but they will also consider Malaysia, Thailand and Taiwan too.
Article in thestar.com.my Singapore based executive director of research and consultancy Alan Cheong said, “People here tend to think there are only two cities in the world — Hong Kong and Singapore. They think if people flee Hong Kong, they’ll all automatically come to Singapore. But everyone isn’t Li Ka-shing. Most are just ordinary salaried workers.”
With regards to a comparison, he said In Malaysia, for instance, “a property in central Kuala Lumpur could cost 1,500 ringgit ($358) per square foot. An apartment in a similar area of Singapore would be S$1,500 ($1,080) or more.” Thailand, meanwhile, is popular for its touristy allure.”
Nicholas Mak, the Singapore-based head of research at APAC Realty Ltd. unit ERA, said this of Taiwan as a property market choice. “Taiwan is also majority Chinese, so it’s similar, whereas places in the West are attractive for those wanting to get away from China or Asia generally.” Mak shared that Hong Kong buyers are not actively avoiding Singapore but the main reason is because not everyone has money to move to a city where the property is also quite pricey. Please do read the full article with even more examples, references and comments here: Article in thestar.com.my
What is sure is this. My ex-staff whom I hired in Hong Kong and who reported to me has a higher salary than her manager, me. The reason is because the property prices in Hong Kong is many times higher than Malaysia, thus if she were to earn a similar salary as me, there’s no chance for her to ever own a property. As for Hong Kongers buying into Malaysia, I would think it’s an easy choice too because Cantonese is certainly a popular dialect here and the property is certainly attractive in terms of pricing. Well, if any Hong Kongers are reading this, I think Malaysia is a good choice. Best choice or not will be debatable but do drop by and understand more yeah.
written on 29 Aug 2019
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