The Kuala Lumpur (KL) property market has drawn in a growing optimism among Singapore buyers. This coincides with the overall recovery of Malaysia’s housing landscape over the past two years following the Covid-19 pandemic. With an impressive 389,000 properties transacted at a total of RM179 billion ($52 billion) last year, the market is forecasted to continue its growth in the coming years.

At a seminar jointly organised by EdgeProp Singapore and UEM Sunrise held at the grand ballroom at Hilton Singapore Orchard, the turnout was a testament to the high level of interest in Malaysian property. Speaking at the event, Kenny Wong, chief marketing officer at UEM Sunrise, highlighted the changing preferences of buyers and the solutions that developers are presenting to meet this need. He introduced the audience to UEM Sunrise’s newest development, The Minh – a freehold luxury condo in the Mont’Kiara area featuring two towers with a total of 496 units, whose prices start from RM1.4 million for a 1,607 sq ft, three-bedroom unit.

Amidst the recovery of the KL property market, Amy Wong, executive director for research and consultancy at Knight Frank Malaysia, identified the luxury high-rise residential segment as one that will likely experience a ramp-up in activity in the following years with the abundance of prime neighbourhoods such as Mont’Kiara, and Bangsar. Prices in these neighbourhoods have continued to hold steady and some have even surged, with a sample of four completed high-end condos in different prime neighbourhoods having seen prices inch up by 1% to 2%.

Positive catalysts such as the expansion of KL’s public transport network are expected to bring in further gains. With the recent commencement of MRT Line 2 and the projected completion of MRT Line 3 in 2028, long-term prospects in KL are looking bright. Moreover, developers are fine-tuning their offerings to better cater to owner-occupiers and expatriates, with a shift of focus on higher-quality homes that also incorporate environmental, social and governance (ESG) elements.

The Minh is one such example: the Indochine-style design uniquely positions the residence and emphasises on owner-privacy with the majority of the units having a bungalow concept without shared walls. Facilities are abundant, ranging from multiple pool areas to indoor and outdoor playgrounds, a lounge, a reading room and a tennis court.

The Altura EC also has a host of retail and dining options available at the nearby Junction 10 Shopping Mall. Residents of The Altura EC can easily access all of these facilities and amenities for a complete lifestyle experience.

Adrian Un, CEO of SkyBridge International (a Malaysia-based property education and investment company), highlights the considerations that Singaporean investors need to take into account in the KL market. Foreigners are subject to a minimum purchase price of $1 million, with the tiered rate of stamp duty being 1% for the first RM100,000, 2% from the next RM400,000, 3% for the next RM500,000 and 4% for RM1 million and above. In terms of loans, Malaysian banks will typically provide up to 85% financing on the property for individuals with a minimum income of RM10,000, with Singaporeans also having the option of obtaining an Islamic loan from Malaysian banks.

With the landscape of the KL property market on the rise, and the availability of tailored solutions to suit the needs of buyers, this is certainly a good time for investors to explore the potential of the Malaysian market.