Property expo for the super rich

More than 3,000 local and foreign potential investors and buyers are expected to attend the inaugural Malaysia International Luxury Properties Exhibition 2008 which begins today.

More than 40 developers are putting up some 100 development projects around the world, valued at more than RM1 billion for sale during the expo which ends on March 23 at the Kuala Lumpur Convention Centre.

Each unit on sale at the expo is priced from RM1 million onwards, and among the potential buyers are those from the Middle East and Europe, said organising chairman Moey Sai Yee. The exhibition is organised by Exhibition Guide (M) Sdn Bhd.

Moey said the bulk of the units on sale include luxury condos while the rest are bungalows and exotic holiday homes.

“Most properties are valued in the range of RM1 to 5 million while the rest are super luxury homes, above the RM10 to 16 million mark. The most expensive property is valued at RM30 million,” he added.

“Our expo essentially provides a platform for those who can afford the price tags of these luxury homes to spend time and view the property which is best suited to their taste,” said Moey.

“We have set up a VIP Lounge at the expo site where potential investors can sit in comfort and carry out their transactions in privacy,” he said.

“Two massage therapists have also been stationed in the lounge for our VIP guests.” Moey said the current economic climate is still positive for the property sector and this is the time for developers to lure foreign buyers.

“Traditionally, properties above RM1 million are only affordable to the upper class Malaysians and foreigners and there are plenty of choice properties available in this category,” he added.

“Our exhibition is open to all and anyone can walk in regardless of their financial standing.”

Among the participating developers are SP Setia Bhd, Sime Darby Property Bhd, Bolton Bhd, PJ Development Holdings Bhd, UEM Land, Dijaya Corporation Bhd, Glomac Bhd, IOI Properties Bhd, TH Properties Sdn Bhd, Country Heights, Metricon Homes (Australia), Hedgeford Sdn Bhd, Great Vision Group (Financial Investment) UK, and various other developers.

The participating financial institutions are AmBank, Bank Rakyat, HSBC Bank, Al-Rajhi Bank, Kuwait Finance House and Affin Bank.

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By theSun (by Tim Leonard)