This story was submitted by Ng Siew Ling
It was not my first home purchase, but it was my first in Malaysia. I have worked in London for many years and decided to take an early retirement. I came back to Malaysia in 2002 for a short vacation.
Since I was planning to move back to Malaysia, I decided to purchase my first Malaysian property. I found Mont’ Kiara to be the place where I want to live, as I felt at home among the expatriates. Mont’ Kiara Palma caught my attention, as it was quite ideal for me.
There were few other new developments around the area, but I preferred a subsale property as it would be more established. I can see what I’m paying for and how the rental market is performing before I even move in.
At that time, I also received a good currency exchange rate which is RM7 for £1.
During my property hunt, I was shown a unit at the Majestic block. The long drive to the foyer gave the residential tower an impression of a posh hotel. The owner wanted to sell the unit for RM530,000 and I offered RM500,000.
Of course, I was turned down. Thus, with my short break coming to an end, returned to London without buying the property.
Six months later, I was contacted by the agent who informed me that the price was reduced to RM485,000. I offered RM480,000 and was accepted immediately.
The condominium was sold to me lock, stock and barrel and I could rent the place out straight away for RM2,900 a month. Due to a dispute with the vendor who collected the tenants’ deposit, I decided to refurbish the place for RM20,000. After some three to four months’ later, I rented out the place for RM3,500.
After almost two years, the happy tenant agreed for a rental hike of RM300. I was quite fortunate to purchase the unit, since I could rent it out immediately. In 2006, I had enough funds to buy another unit within the same block. Talk about putting all your eggs in one basket. One to live in and one to generate an income.
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