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Ipoh properties often underrated

KUALA LUMPUR: Ipoh's real estate properties are often underrated and misunderstood by the public, chief executive of Superboom Projects Sdn Bhd Peter Chan said during his presentation at the 21st National Real Estate Convention (NREC) on Tuesday, Aug 3.

"Many people think Ipoh is a backwater area. It is a actually stable city with abundant modern amenities and infrastructure. It is quiet and slow-moving," he noted in presenting his paper titled "Investment in Upcoming Real Estate Development".

More importantly, he added, Ipoh is a safe and clean environment, and has a low cost of living and property prices.

The rental yield for condominium in Ipoh can fetch 5% to 6% compared to Kuala Lumpur (4% to 5%), and Penang (3% to 4%), he said.

Landed homes in Ipoh, meanwhile, enjoy a lower rental yield of 2%, as the demand is lower.

Chan added that Superboom Project's flagship development in Ipoh, The Haven, is projected to have a rental yield of 6% to 7%. The Haven offers three blocks of condominium, and is situated next to Banjaran Hot Springs and the Lost World of Tambun.

The project saw a take-up rate of 70% for the first block before its official launch scheduled in September, Chan said.

"People have this wrong mindset that Ipoh properties will always underperform Kuala Lumpur and Penang... Everything will adjust itself (one day) and nothing will go up forever.

"Another mindset is that Ipoh people don't stay in condominiums. That's not true, but there aren't any good condominiums in Ipoh," he noted.

Chan added that there are many signs pointing towards a bright future for Ipoh, including the encouraging support from the government in development projects, as well as upcoming infrastructures like the Electric Train Service, which connects Ipoh to other cities like Kuala Lumpur.
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