Property map “guru” Ho Chin Soon said some condominiums in the Kuala Lumpur City Centre (KLCC) development had breached RM2,000psf while the price of condominiums in the affluent Mont'Kiara neighbourhood were also rising.
Ho, who is the managing director of Ho Chin Soon Research Sdn Bhd, said the spill over effects from these “hot spots” was apparent but only in certain locations.
Malaysia is an excellent country in Asia to invest in... HO CHIN SOON
The Klang Valley, he noted, would remain the No 1 growth region in Malaysia for many years.
“Malaysia is an excellent country in Asia to invest in because of excellent infrastructure, solid legislation protecting land rights and liberal policies for foreign investors,” he said in his talk at the Malaysia International Property Showcase yesterday.
“We need to fine tune our economic policies to compete with the rest of the world in the light of globalisation. In order to compete we have to change. The recent 12th general election has started the ball rolling.
“People voted for change. They want greater transparency. There should no more be negotiated deals or land alienation but tenders and public sale of land,” he added.
Ho said there had been a lot of foreign interest in Malaysian property, especially last year when investors from South Korea and the Middle East bought office and condominiums en bloc.
He also advised investors to do their “home work” carefully and buy from reputable developers, as there were signs of the market softening.
“We have to take what developers tell us with a pinch of salt. Rental yields are going to come down,” he said in response to a question on the many vacant units in Mont'Kiara.
By The Star
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