High-end residential properties in Kuala Lumpur remain popular among Asian buyers

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3 January, KUALA LUMPUR – Kuala Lumpur remains an attractive investment spot for Asian buyers post Covid-19 due to competitive pricing, long-term growth potential and foreign-friendly policies, says CORE Precious Development Sdn Bhd Chairman and Managing Director Zhang Bao in a press statement today.

CORE Precious, a joint-venture (JV) company between China Communications and Construction Group (CCCG) and Bursa Malaysia-listed WCT Holdings Berhad, is currently developing a high-end residential project located at 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 based on a report by Juwai IQI recently, Malaysia is expected to see an increase in foreign purchases in the next 12 months, and is currently ranked 7th in the third quarter of this year amongst the world’s most preferred destination by 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 shared that units at its maiden property project, Core Residence @ TRX, have mainly been taken up by customers from key Asian countries and regions such as China, Hong Kong, Taiwan, Korea and Japan.

Although overseas investors have been unable to make site visits due to border closures, the company shared that it used creative methods such as online live shows and virtual viewing experience on top of increasing social media engagement and offering attractive sales packages, to secure a significant amount of sales in the past few months.

So far, CORE Precious has received encouraging demand for property units at Core Residence @ TRX and the construction progress is said to be well on schedule in spite of the ongoing pandemic.

“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.


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