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KUALA LUMPUR (March 11): Real estate negotiators must be prepared to tell their clients to buy properties further away from the city centre, said Axis REIT Managers Bhd head of investments Siva Shanker.
“The mantra ‘location, location, location’ is no longer the most important factor now, especially for those who cannot afford to buy a property in or near the city centre,” he said in a presentation titled “Seeking the right investment in challenging times – opportunities in challenging times” at the Malaysian Annual Real Estate Convention 2016 (Marec’2016).
According to Siva, it was the rich who were living in the suburban areas while the poor lived in the city, in the past.
“It used to be the rich driving 30 to 40 miles back to their homes outside the city. Nowadays, the trend has changed and the rich are the ones living in the city centre,” he said.
Siva noted that places like the city centre would eventually be saturated and homebuyers would need an open mind to consider places further away from the city if they want to buy a property.
Some of the places Siva mentioned included the north towards Rawang, the south towards Seremban and the west towards Port Klang.
“EcoWorld has developed its township project, EcoMajestic, in Semenyih where people may not have thought of buying their properties before. Looking at the good take-up rate for their Karisma project, times have changed,” said Siva.
“There are about 100,000 people commuting back and forth between Seremban and the city centre every day, so it is something more people are adapting to in terms of further travelling distance,” he noted.
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