FB Live Interview Session – Kuala Lumpur, Malaysia & YOO8 Property Showcase: Editorial
Overseas Property FB Live Session – Inaugural Episode: Malaysia
Co-organised by The Standard and Sing Tao The Standard Overseas Property Online, the Overseas Property Facebook Live gathers insights from industry professionals and introduces outstanding property projects from top markets around the world.
The rapid development of Malaysia’s economy in recent years, together with its high quality of life, close proximity to Hong Kong and British commonwealth legal system, has made the country a favored immigration and investment destination.The pilot episode of Overseas Property FB Live was held on August 21, which had Dr. Theresa Fok and Isaac Lee – Managing Director and Head of Market Research respectively at of Jade Land Properties (HK) Limited – sharing their expert views on Malaysia’s economic outlook and current investment climate.
Despite the downturn in the global economy amidst Covid-19, Malaysia’s economy bodes well for a strong recovery. In fact,Malaysia’s real GDP growth is expected to soar to 6.3% next year, according to the International Monetary Fund (IMF).The government has recently announced the 20-billion ringgit “2020 Economic Stimulus Package”. Growth-supportive and oriented, the initiative will help mitigate the impact of Covid-19 by easing the cash flow of affected individuals and businesses,stimulate economic revival by boosting local consumption and sustain both public and higher value-added private sector investments.
In regards to these favorable factors, Fok noted that, once the Malaysia Movement Control Order is lifted, the property market is expected to return to its prior robust state.
Malaysia is especially welcoming to foreign investment and expatriates, with the Malaysia My Second Home (MM2H) program enabling foreigners and their immediate family members to reside in the country for 10-years, yet with no obligation to stay in the country for any fixed period of time. Many emigration hopefuls have turned to purchasing an apartment to realize their plan of moving abroad.
On the affordability of real estates, Lee pointed out that prime properties in Kuala Lumpur cost roughly one-fourth of those in Hong Kong. He added that the locations of properties ought to be the main consideration of overseas investors as they harbor the most significant price premium potentials.
Fok said that Kuala Lumpur and Penang abodes are ideal investment options, and pointed to prime examples, including YOO8 Serviced By Kempinski, a branded residence with 5-star hotel service in the heart of Kuala Lumpur City Center.
Caption: Isaac Lee, Dr. Theresa Fok, Tsang Kwong Yue