Malaysia’s growing population has led to an increased demand for new homes, which has in turn pushed property prices upwards, said Steve Melhuish, CEO of PropertyGuru Group, who spoke at the recently concluded Malaysia Property Showcase (MPS) 2011 in Singapore.
“However, (the) property market in Malaysia is more stable, unlike the roller coaster situation in Singapore.”
He noted that economic reforms in Malaysia, such as the government’s Economic Transformation Programme (ETP) and mega development projects such as Iskandar are key factors. “Also, rental yields for Malaysia property are better than in Singapore.”
With this trend, many overseas investors, particularly from Singapore, can benefit from the robust property market across the causeway.
Mabel Ooi, General Manager for Marketing and Corporate Affairs at Lone Pine Group, a Malaysian developer, said the ETP has helped attract foreign investments.
“The demand for property will increase further in the coming two to three years, in turn pushing up prices.” She added that luxury properties such as seafront homes are popular with expats and foreigners.
Lone Pine Group recently showcased its latest development in Penang, 1 Tanjong, during MPS 2011.
Set to be completed in 2013, the project represents the developer’s maiden foray into the luxury super condo market. It comprises 147 freehold units, with each floor having only two units, and features three layouts — a typical unit (4,760 sq ft), penthouse (9,600 sq ft), and top penthouse (18,600 sq ft).
“We’ve incorporated eco-friendly features that reduce heat absorption as well as energy and water consumption and have applied for the Green Building Index (GBI) certification,” noted Ooi.
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