Residential developments in Kuala Lumpur still enticing to Asian buyers
Residential developments in Kuala Lumpur remain popular among Asian buyers post-Covid-19 due to competitive pricing, long-term growth potential and foreign-friendly policies, according to CORE Precious Development Sdn Bhd chairman and managing director Zhang Bao.
This is proven by the diverse range of international buyers for CORE Precious' maiden project, a high-end residential development Core Residence @ Tun Razak Exchange (TRX).
The company revealed that the units are mainly taken up by customers from key Asian countries and regions such as China, Hong Kong, Taiwan, Korea and Japan, and has received encouraging responses.
CORE Precious is a joint-venture company between China Communications and Construction Group and Bursa Malaysia-listed WCT Holdings Bhd.
Zhang said in a press statement: “Property in Kuala Lumpur remains an attractive investment choice for Asian buyers overseas. The reason for this is that properties in KL have relatively affordable prices per square feet, ample facilities, great accessibility with integrated transport services, and one of the highest standards of living in Southeast Asia. Other factors include Malaysia’s reasonable cost of international education, great healthcare system and reputation as a top retirement destination.”
He added: “Based on a report by Juwai IQI recently, Malaysia is expected to see an increase in foreign purchases in the next 12 months, and is currently ranked seventh in the 3Q2020 amongst the world’s most preferred destinations by Chinese property buyers.”
Zhang said: “Malaysia is one of the most foreign-friendly countries in Southeast Asia for real estate investors, due to the lowering of foreign ownership price threshold since June 11 [last year], which will be valid for one year. Despite a slump caused by the virus and movement control orders, foreign investors are still interested in Malaysia’s long-term growth potential and the economy has already shown tentative signs of recovery after the government began easing restrictions.”
Meanwhile, the construction of CORE Residence @ TRX is on track. Zhang said: “The completion date of CORE Residence @ TRX is expected to be in 2023. Everything is proceeding as planned in spite of the ongoing pandemic, and for that I have to thank our dedicated team in making sure that we continue to meet our stakeholders’ expectations.”
According to CORE Precious, the company used creative methods such as online live shows and virtual viewing experience on top of increasing social media engagement and offering attractive sales packages, to secure a significant amount of sales in the past few months, and to assist overseas investors who have been unable to make site visits due to border closures.