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Malaysia will become the world’s 21st largest economy by 2050, with a GDP of USD 1.2 trillion (approx. RM 4.7 trillion) and a GDP per capita of USD 29, 247 (approx. RM 121K) according to a Hongkong and Shanghai Banking Corporation (HSBC) report.
Over the last 20 years, there have seen some significant changes in the Malaysian property industry. First, the standards of quality and design have improved significantly with attention to detail on the quality of material and construction. These improved standards, combined with the generally low prices of real estate in Malaysia, and the fact that prices are on an upward trend, makes Malaysian property an incredibly attractive investment. Second, the Malaysian government is now actively encouraging foreigners to buy property in Malaysia under the Malaysia My Second Home initiative. In the past, they have placed restrictions on foreign purchasers where there is no limit to the number of residential properties a foreigner can buy if the purchase price exceeds RM 1 million (approx. USD 241K) in the majority of Malaysia’s fourteen states and territories. But, the in the recent Budget 2020 announcement, the Government will reduce the threshold on high rise property prices in urban areas for foreign ownership from RM 1 million to RM 600,000 in 2020 (approx. USD 241K to 145K).
Even though the property market has slowed down a bit, there are still many home buyers who are still shopping around since there are more choices and varieties to choose from. However, there are some important factors to consider when choosing a property to invest in such as the price and the location of the property. If the property is situated in a prime locality, it will command a better selling price and rental yield.
Conlay, located on a 0.58 ha site at the intersection of Jalan Conlay and Jalan Kia Peng is Eastern & Oriental Bhd (E&O) Group’s second high-rise development joint-venture project with Japan’s developer Mitsui Fudosan Co Ltd. E&O’s first project with Mitsui Fudosan is The Mews Serviced Residences in Kuala Lumpur which has a gross development value (GDV) of RM 469 million (approx.. USD 113 million).
The project will comprise 491 serviced apartments worth RM 900 million (approx. USD 216 million) in gross development value, at an indicative pricing of above RM 2,000 psf (approx. USD 483). The development will create a new city-living concept for urbanites. The property offers commanding views of the Kuala Lumpur city skyline. Situated in the heart of Kuala Lumpur City Centre, The Conlay features a modern architectural form designed by world-renowned Kerry Hill Architects whose illustrious portfolio includes such distinguished buildings as Aman Tokyo in Japan, and Martin No. 38 in Singapore. Residents at Conlay have various facilities within the development to choose from, including a library, meeting room, music room, billiard room, multimedia room and multi-purpose lounge, gym, sauna, yoga room, Jacuzzi and heated infinity swimming pool, while a dedicated lobby and communal space offers general space for all to enjoy. Read about another starchitect project in KL here.
Located in Kuala Lumpur city centre, the development is within close proximity to established amenities, including shopping malls, medical centres, educational institutions and recreational areas.
Developer: Eastern & Oriental Bhd (E&O) and Mitsui Fudosan Group
Architect: Kerry Hill Architects
Highlights: Library, meeting room, music room, billiard room, multimedia room and multi-purpose lounge, gym, sauna, yoga room, Jacuzzi and heated infinity swimming pool
Price: From RM 1.6 million (approx. USD 358K)