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KUALA LUMPUR: The outlook for the Malaysian property market in 2010 will be better this year in tandem with the country’s improving economy, according to a property developer.
At Ambassy (M) Sdn Bhd’s managing director Datuk Jimmy Lim said medium- and medium high-cost properties, especially link houses, would be very robust this year as the re-sale value and the turnover for these properties are good.
“Double-storey houses at between RM200,000 and RM300,000 are very well supported. People are getting married and they need houses and that market is very strong. The median of income in Malaysia has gone higher for young people, so it is natural for demand of these houses to go up,” he told theedgeproperty.com, citing some areas in the Klang Valley such as Taman Desa, Cheras, and Kelana Jaya “where no houses have not being sold”.
High-end properties however, will experience a slowdown because of oversupply, he said.
Banks are also more prudent in lending when it comes to high-end properties these days, he added.
In his presentation entitled “Live A Dream” at the Malaysian Annual Real Estate Convention (MAREC 2010) on Jan 23, Lim said business-friendly government policies are currently favourable for long-term investors.
“Our medium-strong ringgit is very favourable to us. Our banks are full of cash and the whole system is just waiting for good investment avenues,” he said.
