Macao Daily, 19 February 2014 – Malaysia welcome foreign investors make housing property investment in Malaysia
Macao Daily, 19 February 2014
Tropicana Corporation Berhad from Malaysia and Macau Group BuildingsAgency.com held a news conference to announce the latest integrated development at Iskandar, Malaysia - Tropicana Danga Bay. A real estate fair will be held next month from March 14-16. Macau Group BuildingsAgency.com deputy director Lu Jian Heng said that in the past, Macau’s local property investors preferred to invest at the Pearl River Delta. Recently, the interests in overseas investment has increased, in Britain and Malaysia for example, mainly for rental purposes rather than residency.
The news conference was held at the Grand Hyatt Hotel at 11am yesterday. Tropicana Managing Director of southern region Lee Han Ming, Executive Director of sales and marketing Pamela Loh and Deputy Director of the Macau Group BuildingsAgency.com Lu Jian Heng attended the auspicious event.
Lu Jian Heng said that last year the agency recorded an income of more than thirty million and has kept growing till now. Malaysian real estate has experienced steady appreciation over the past decade, even the financial tsunami has not hit the market. The latest data shows that there is still much room for growth in Malaysia’s property market as the average price for Kuala Lumpur’s residential properties range between MOP$1200-2400 per square feet, compared with Macao’s market price range of MOP$10,000 per square feet,. High rental yields compared Macau
In the past, investors have begun to focus on Macau property, starting with the Pearl River Delta, because of its nearby location. But in recent years, the mainland properties are experiencing instability and the rate of returns is reducing, which causes some to begin choosing foreign properties. Response to property sales in the UK were favourable and Malaysia is confident that the project will achieve success. Macau residents mainly buy properties abroad for rental purposes, in Malaysia, for example, the rental yields are higher and residential use is not a priority.
Lee Han Ming said Malaysia's economic development in recent years has done well, with GDP growth in the 4-5% range where the Government is implementing economic restructuring and creating more employment opportunities. This attracts foreigners to consider working locally. Tropicana Danga Bay is located in Johor Iskandar’s development zone, nearby to Singapore, as Shenzhen is to Hong Kong. Under the Iskandar Development Programme, local property prices accelerated within the last two years. When the first phase of Tropicana Danga Bay was open for sale it costs MOP$700 per square feet, the sale price of Phase 2 of Tropicana Danga Bay – Bora Residences starts as MOP$1,200 per square feet, an increase of more than 70%. First phase of the project has attracted five percent of foreign buyers, including those from Singapore, Indonesia, Hong Kong, Japan, USA, UK and Macau.