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Maxland Real Estate Agency senior negotiator CK Chong highlights that the Kuala Lumpur prime property market is full of potential because Malaysia is strategically located in South East Asia and KL is the capital city.
“Malaysia is well known as a retirement destination due to its modern city, nice weather, good international support, affordable cost of living and plenty of business opportunities. Many foreigners like it here because it is one of the few countries in Asia that have a good balance of work and life. Furthermore, our property is inexpensive in comparison with other Asian cities like Hong Kong, Tokyo and even Bangkok,” Chong notes.
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Limited impact from lockdown
Sharing the same view, Arden Estates Sdn Bhd senior negotiator Eugene Pang adds that even during international border closure times, foreigners have continued to send in property buying or renting requests.
“KL is a foreigner-friendly city. Most foreigners find it easy to live and work in KL as they do not face the language barrier and the weather is comfortable. Currently, KLCC prime property provides an average rental ROI (return of investment) of 3% to 4%. It is not a lot but it is very stable,” Pang shares.
He also doesn’t expect the current pandemic to further dampen the KL prime property prices due to limited supply as KLCC is running out of development land.
“KLCC is the heart of the country, and land will not give birth to another land. The land price never goes down and developers are always on the lookout to buy one even though it is expensive. Therefore, we can foresee that the property prices (in KLCC) will go up despite the challenging environment right now,” Pang notes.
This story first appeared in the EdgeProp.my E-weekly on July 30, 2021. You can access back issues here.
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