Desa ParkCity

KUALA LUMPUR (Nov 5): Should one still consider buying property when prices are high? Of course, simply because those looking to buy or invest in a property should keep their focus on the potential capital appreciation that a property can bring rather than on its price. This was the advice shared by Perdana ParkCity Sdn Bhd former CEO Lee Liam Chye during Breakfast Chat with him at Desa ParkCity today. Perdana ParkCity is the developer of the award-winning township near Kepong, Kuala Lumpur.

In a high housing price environment, one could "buy high and sell higher", said Lee. "Especially in townships like Desa ParkCity, the situation where one can 'buy low sell high' is over. Buyers should aim for buy high and sell higher!" he told the over 100 attendees at the event.

Organised by, Lee was invited to share his philosophy in Desa ParkCity’s township master plan, design and its success. The session was moderated by managing director and editor-in-chief Au Foong Yee.

Lee said housing prices will continue to rise in tandem with the rise in construction costs and land scarcity, especially in city centres.

"Prices will always go up, there will be consolidation during a slowdown but prices will certainly rise higher during the next boom period," offered the 63-year old who has stepped down from the CEO position and succeeded by former executive director Datuk Joseph Lau. Lee’s new position in the company is as personal advisor to the group executive chairman.

Lee is cautious about the outlook of the property market due to external and internal factors but anticipates the market to pick up from the beginning of the second half of 2017.

"Looking at the fundamentals of the country, we have a high amount of unsold units in the first half of this year with about 120,000 properties coming into the market, coupled with a high loan rejection rate of 60% in 1H2016 as well as dampened consumer sentiment," he observed.

According to him, the property market usually begins to flourish at the beginning of a new decade and will last about three to seven years.

"For instance, the years of 1960, 1970, 1980, 1990, 2000 and 2010 saw the beginnings of property boom times. Looking back at this pattern, the next boom may be in 2020," he predicted.

For buyers and sellers in the market, he advised both parties to take a cautious approach and look for the right timing and opportunities.

"If I'm a property owner, now is not a good time to sell. Hold if you can and wait for the next boom. For buyers, exercise extreme caution when making purchase decisions, buy for exceptional reasons," he advised.

Desa ParkCity

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