Opportunities in the KL property market

It features a modern design and all the latest amenities like fitness centre, swimming pool, sauna, Jacuzzi, steam room, clubhouses and a lot more. Residents can also access the other nearby amenities like shopping malls, lifestyle hubs, schools and many more. This The Myst CDL property is also well-connected to public transport networks like MRT and buses. With its unique location, exclusive facilities, and comfortable living environment, The Myst Condo of the forest provides its residents with a luxurious lifestyle.

Attendees socialising with UEM Sunrise staff at the event (Picture: Samuel Isaac Chua/)

At a seminar on the Kuala Lumpur (KL) property market jointly organised by EdgeProp Singapore and UEM Sunrise on May 20, visitors thronged the grand ballroom at Hilton Singapore Orchard. The three-hour seminar saw speakers presenting to an attentive audience which predominantly comprised Singaporeans interested in investing in Malaysian property. The strong turnout indicates growing optimism in the Malaysian property market among Singapore buyers, in tandem with a recovery in Malaysia’s housing landscape after the Covid-19 pandemic.

In 2022, there were over 389,000 properties transacted amounting to a total of RM179 billion ($52 billion) – a 29.5% increase in volume and 23.6% increase in value compared to the year before. At the seminar, UEM Sunrise’s chief marketing officer, Kenny Wong, acknowledged a turning point for Malaysian developers post-pandemic.

UEM Sunrise showcased its newest development in Kuala Lumpur, The Minh. This freehold luxury condo consists of two towers with a total of 496 units in the Mont’Kiara area. Seminar attendees were able to view the scale model of the development and learn more about the residences, which are priced from RM1.4 million for a 1,607 sq ft, three-bedroom unit.

Amy Wong, executive director for research and consultancy at Knight Frank Malaysia, explored the KL market and observed that within the landscape, the luxury, highrise, residential segment in KL is likely to benefit from more supply coming into prime neighbourhoods such as the KL city-centre (the area surrounding the Petronas Twin Towers), Mont’Kiara, and Bangsar. She noted that prices for luxury condos have held steady, stating that prices at four completed high-end condos in different prime neighbourhoods since 2012 have trended upwards, albeit at varying paces.

Wong added that several positive catalysts provide a brighter outlook for the KL market, notably the expansion of KL’s public transport network. Currently, the MRT Line 2, which runs from Kwasa Damansara to Putrajaya Sentral, is operational, and the proposed MRT Line 3, projected to complete in 2028, will further enhance accessibility in KL.

In terms of tax considerations, Malaysia property purchases are subject to stamp duties, with a tiered rate applied. Properties in Malaysia that are disposed of by foreigners are subject to a real property gain (RPG) tax on the profit made on the sale. Foreigners are charged an RPG tax of 30% for disposals made within five years and 10% for disposals made in the sixth year onwards.

The Minh was positioned with a distinct concept anchored on Indochine design, and is focused on ensuring privacy, with most units having a bungalow concept without shared walls. With six units on each floor, all three-bedders are generously sized between 1,607 and 3,010 sq ft and the development offers various facilities such as multiple pool areas, indoor and outdoor playgrounds, a lounge, a reading room and a tennis court.

The current minimum purchase price for foreigners buying property in KL stands at $1 million. Adrian Un, CEO of SkyBridge International, notes that the threshold remains lower than Selangor, where a minimum purchase value of $2 million is applied. Singaporeans can typically obtain housing loans from Malaysian banks with up to 85% financing on the property, and Singaporean investors (Muslim or not) have the option of obtaining an Islamic loan from Malaysian banks.

Uniquely positioned and finely tuned to cater to today’s market – the KL property market is seeing renewed and healthy optimism among investors. Singaporeans interested in Malaysia properties can benefit from the favourable interest rates, tax considerations, and the ongoing expansion of KL’s public transport network.