Would you believe me if I tell you that there are still long queues of people when it comes to new property launches today? By the way, it still happens but no longer most of the time or most of all the projects. However, there’s this little city where property remains a premium both in terms of prices and availability. Thus, as long as there are new developments with the right price at the right place? People will queue up to buy. I meant, long queues…
Article in South China Morning Post Do look at the image below. Yeah, this is one recent event and it was a queue for Sun Hung Kai Properties’ offer of 335 flats at its Wetland Seasons Park residential project. For EVERY unit, there were up to 20 buyers submitting bids for it. Sizes start from 386 sq ft and price for this is HK$4.83 million (RM2.56million). As many as 7,370 potential bidders registered to bid. Note: 335 units ONLY. 7,370 BIDDERs. Besides the smallest, there is also the largest three-bedroom flat which is priced at HK$7.41 million after discounts.
These prices look good when compared to a 20-year old residential estate with a 441 sq ft lived-in home in Kingswood Villa in the same neighbourhood is asking for HK$5.48 million (RM2.9 million). Midland Realty’s residential division chief executive Sammy Po said that these were pent-up demand because of the uncertainties during the protests. Po added this very important final sentence. “Even those who choose to wait and see still need to buy homes at some point.” Please refer to the article for a very good reading. Article in South China Morning Post
In Hong Kong, the supply of new homes comes from a few super huge developers. Here in Malaysia, it comes from hundreds of developers. Thus, when everyone starts building and the market suddenly slows down, the unsold units will pile up… Plus the fact that Malaysians do not think of property as something they desperately need because of how the prices continuously go up.
Many Malaysians even think that renting is still the best option. It’s good to actually consult these Hong Kong buyers yeah. They will tell you why renting is a disadvantage because owners are known as LANDLORDS. What do we have however is a lot more opportunities. Just look at the unsold unit numbers as well as the many buyers who bought during the height of the booming property market and now thinking of selling at a lower price than they anticipated when they bought the unit previously. Happy understanding that it’s always about the need when it comes to property. Prepare the money…
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