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Malaysia Property Incentives Attract Buyers
August 17, 2009Article by Ray Withers
The Malaysia property market is recovering slowly as developers continue offering discounts and other incentives to attract buyers.Thanks to a joint effort between developers, the government and banks, the housing market has not suffered as badly as other countries with an oversupply of property.Demand is still healthy, and if anything, the housing market in Malaysia is considered undervalued as the country attempts to springboard from a ‘middle income’ to a richer nation.
This is one of the topics under discussion at the National Real Estate Convention at Kuala Lumpur Convention Centre on August 11 and 12.Other issues include changes in the way hotel owners and operators redefine their traditional business model to attract more tourists and the likely retooling of the real estate investment trust industry.The NREC is organised by the Association of Valuers and Property Consultants in Private Practice Malaysia and ISM.
For many of the best yield investments, look to Kuala Lumpur property. The capital is growing and has income potential from locals looking to rent, expats looking to rent and tourists.One such project is the combined Axis Pandan development – the midmarket Axis Residence Deluxe, Kuala Lumpur and luxury Axis Crown Premier, Kuala Lumpur.The premier provides deluxe living space with fantastic views over the city and the nearby Royal Selangor Golf Club.
The developments, marketed by international real estate consultants Property is built above the city’s largest shopping mallApartments are turnkey developments, delivered ‘ready-to-let’ and offering gross yields of about 8%.Investors can buy in to the Axis projects with 60% loan-to-value mortgages for just £19,000 cash plus purchase costs. Prices start at £50,000 for a two-bedroom apartment.