Find out what’s happening in the property investment arena both in the UK and internationally
Sales Boom For Kuala Lumpur Property
September 14, 2009Article by Ray Withers
The Kuala Lumpur property market is ready to go in to hyper drive despite the recession as sales in Malaysia’s most expensive homes pull the sector out of a trading slump.The Binjai on the Park development chalked up £17.2 million in sales – and a massive £6.8 million in just one week.
One buyer put deposits down on six 3,000 square foot apartments costing £1.2 million each and is considering buying two more.Renting to families and tourists fuel house prices in Kuala Lumpur, which is a thriving and fast growing Asian city with excellent communications by air to London and other Far East countries.Kuala Lumpur does offer more modestly priced Malaysia property investments with a good yield.
International property consultants, Property Frontiers, of Oxford, are managing sales of some typical developments in the Malaysian capital.One such project is the combined Axis Pandan development – comprising 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 are built above the city’s largest shopping mall Apartments 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.
Another is in the exclusive Mont’ Kiara district – i-Zen @ Tiffani brings simplistic elegance in its design principles from two award-winning interior designers, using porcelain, marble, timber and tile.With state-of-the-art appliances, broadband, satellite, multimedia and the latest security features, apartments are finished to the highest specification.Fully fitted kitchens & each bedroom provided with walk-in wardrobes for luxury living.Each 3-bed apartment has parking for two cars.80% LTV, 20 yr mortgages are available for non-resident foreigners.The development is a fully managed, hands-free investment with current market yields between 7-9% per annum