IT is still cheap to invest in properties in Penang and Kuala Lumpur compared with other international cities as they are among the lowest in the region.
FIABCI (International Real Estate Federation) Penang Chapter chairman Datuk Khor Teng Tong said that high-end residential and commercial properties in Penang and Kuala Lumpur were now selling from between RM500 psf and RM1,000 psf.
“Similar properties cost an average of RM15,000 psf in Hong Kong, RM11,000 psf in Shanghai and RM7,000 psf in Singapore,” he said after the opening of FIABCI Smart Property Investment Seminar 2007 by Chief Minister Tan Sri Dr Koh Tsu Koon.
The seminar is organised by FIABCI-Penang Chapter and jointly sponsored by Hunza Properties Bhd and ING Home Loan. The Star is the official media sponsor.
Khor said housebuyers should take the opportunity to buy now before prices increased.
“We expect property prices to shoot up by another 15% this year due to the rising cost of steel and other raw materials.
“Foreign funds from the United States, China, Hong Kong and the Middle-East are also now entering Malaysia to shop for high-end residential and up-market commercial properties,” he noted.
Khor said since Independence, the prices of properties in the country had moved on an upward trend.
On the one-day seminar, he said it focused on the five ‘Ws” of buying properties – when, where, what, why, and whom.
The speakers included Ho Chin Soon Research Sdn Bhd director Ho Chin Soon, Raine & Horne International Zaki + Partners Sdn Bhd director Michael Geh, FIABCI Malaysia international ordinary member Juanita Chin, and CHUR Associates proprietor, Chris Tan.
Some 300 house buyers and property consultants attended the function.