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Malaysia-China Kuantan
Industrial Park (MCKIP) recently launched its
Kuala Lumpur office to showcase its development
in the East Coast Economic Region (ECER). The
officewill serve as a point of contact for potential
investors and provide the necessary assistance
and information on investing there. Present at
the launchwere (from left) Sime Darby Property
Berhad COODatukWan Hashimi, Pahang State
Development Corp (PKNP) CEODatuk Haji
Abdul RahimMohdAli, Malaysia External Trade
Development Corp (MATRADE) CEODatuk
Zulkifli Mahmud, East Coast Economic Region
Development Council (ECERDC) CEODatuk
Jebasingam Issace John, MCKIP Sdn Bhd chairman
Datuk SoamHeng Choon, Guangxi BeibuGulf
International Port Group chairman Zhou Xiao Xi,
Ministry of International Trade and Industry (MITI)
secondminister DatukOng Ka Chuan andMalaysia
Investment Development Authority (MIDA) CEO
Datuk AzmanMahmud.
BANE FOR SOME,
BOON FOR OTHERS
Ultimately, the general consensus
on the property outlook for 2017 is
interesting. Apart fromall the
excitement that will come about
from the abovementioned, as
prices slump, more sowith the
Selangor Housing and Property
Board (LPHS) implementing a
price cap on Sohos, Sofos and
Sovos, plus serviced apartments –
the local market will become even
more attractive to foreigners
(considering the fate of our
currency).
Our neighbours in Singapore are
expected to have a field day buying
their second/third homes, weekend
getaway haunts or properties for
investment. As it is, word has it that
the Chinese and Indonesians, apart
fromother foreign nationals have
already secured their property
purchases and looking to invest in
more. Bottomline – tenants and
landlords will have “their days” and
cash-rich investors are expected to
be the biggest beneficiaries, bargain
hunting and negotiating for the best
rock-bottomdeals in themost
advantageous locations.
Followour column next week on
amore in-depth outlook of our local
propertymarket.
With the amendment to the Stamp and Strata
Title Act, there will be fundamental changes to
the way property dealings are done.
It is a good time for developers with strong and
stable standing, as well as foreigners looking to
purchase/invest inMalaysian properties.
Optimistic viewon 2017 especiallywith a few
known deals signed between China andMalaysia,
whichwill influence and set off a chain of events.
A lot of good deals are expectedwith the fine-
tuning of primarymarkets and competitive
sub-sales.
Make use of themany government and public/
private house-owning schemes made available
like PR1MA for example.
A good time to hone your negotiation skills to get
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the best property deals.
For the local buyer with cash, it’s your market; for
the local seller, best lease/rent to the foreigner.
Themarket is expected to be soft and
challenging, looking at the slow economic growth
and high cost of living.
Expect a subduedmarket on the whole but
anticipatemore sales activity frommid-year on,
especially in commercial and investment
properties.
Looking at the global economic uncertainty and
the weak ringgit, it’s going to be a challenging
year for property developers. A renters market
with the increase in vacated leases/rentals and a
buyers’ market for those who are able to
negotiate good deals.
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PUBLIC VIEWON THE LOCAL SCENE
20
theSun ON FRIDAY
|
MARCH 11, 2016
22
theSun ON FRIDAY
|
JANUARY 20, 2017