Image from: Sense Consultancy

Due to favourable pricing, long-term growth potential and foreign-friendly policies, Kuala Lumpur remains an attractive investment spot for Asian buyers after COVID-19, said Zhang Bao, Chairman and Managing Director of CORE Precious Creation Sdn Bhd, in a press release yesterday.

CORE Precious, a joint venture (JV) between China Communications and Construction Group (CCCG) and WCT Holdings Berhad, which is listed in Bursa Malaysia, is currently developing a high-end residential project on the Tun Razak Exchange.

“Property in Kuala Lumpur remains an attractive investment choice for Asian buyers overseas. The reason for this is that properties in KL have relatively affordable price per square feet, ample facilities, great accessibility with integrated transport services, and one of the highest standards of living in Southeast Asia. Other factors include Malaysia’s reasonable cost of international education, great healthcare system and reputation as a top retirement destination,” said Zhang Bao.

He added that Malaysia is expected to see a rise in international purchases in the next 12 months, based on a recent study by Juwai IQI, and is currently ranked seventh in the third quarter of this year among the most favoured destinations in the world for Chinese property buyers.

“Malaysia is one of the most foreign-friendly countries in Southeast Asia for real estate investors, due to the lowering of foreign ownership price threshold since 11 June this year, which will be valid for one year. Despite a slump caused by the virus and movement control orders, foreign investors are still interested in Malaysia’s long-term growth potential and the economy has already shown tentative signs of recovery after the government began easing restrictions.”

CORE Precious announced that units were mainly taken up by customers from key Asian countries and regions such as China, Hong Kong, Taiwan, Korea and Japan for its maiden property project, Core Residence @ TRX.

While overseas buyers were unable to make site visits due to border closures, the company shared that, in addition to increasing social media interaction and providing enticing sales packages, it used innovative strategies such as online live shows and virtual viewing experience to capture a substantial amount of sales in the last few months.

CORE Precious has earned promising demand for property units at Core Residence @ TRX so far, and notwithstanding the ongoing pandemic, construction progress is said to be well on track.

“As mentioned since we embarked on this development a year ago, the completion date of CORE Residence @ TRX is expected to be in 2023. Everything is proceeding as planned in spite of the ongoing pandemic, and for that I have to thank our dedicated team in making sure that we continue to meet our stakeholders’ expectations,” Zhang Bao concluded.

(5 January 2021)