Dear Velerie,
I am currently reviewing the condominium market in KL city nearby and around KLCC for a few potential buyers from overseas. There is a great disparity of prices from RM600 per sq ft (old condominiums of 12 years or more)to RM1,000 per sq ft (newer condominiums but larger sizes above 2,000 sq ft). Then there are those new lifestyle and designed by internationally renown architect that goes way beyond RM1,500 per sq ft to as high as RM3,000 per sq ft and they are large units above 3,000 sq ft. On top of these, there are those low density (low rise condominiums)nearby the Embassy row which is a short drive from the tip of the KLCC area across the main road of Jalan Tun Razak.
Many of these units are still vacant and desperate for tenants. KL does not have a very high expatriate population especially in the upper management category. What is driving purchases of such condominiums are expatriates who wants to own units be it for long term stay or under the MM2H (Malaysia MY Second Home Programme). There are also Malaysians (PR overseas) and Singaporeans who just wants to own properties the in KL due to their advantage of foreign exchange income. One thing is that properties in Malaysia are well regulated to minimize over speculation; coupled with political stability similar to Singapore. We also have a transparent property registration laws under the Torrens system.
Most of my buyers are seeking value and opportunity buys in the midst of this period of uncertainty. The risk are higher now to buy into new developments unless you are very sure the developer will complete the project irrespective of the economic conditions. I would mainly advise buyers to focus on the existing condominiums in the secondary market with/without tenants to minimize the risk.
Please email me for me to understand your needs further.My email is davidwong@quantumrealestate.com.my
Thank you.
David Wong
Principal
QUANTUM real estate
Mobile
+60193330573
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