Foreign property investors returning

GEORGE TOWN - The number of foreigners coming to Malaysia to invest in properties is expected to increase this year by double-digit percentage.

Property Talk International Sdn Bhd managing director Steven Cheah said this was because the general election was over and foreign investors were now more certain of the direction of the country.

"The three hotspots in the country are Kuala Lumpur, Iskandar in Johor and Penang.

"Towards the end of last year there was little interest shown by foreigners in Malaysian properties due to the uncertainty of the 13th general election.

"But after the elections in May, developers and real estate agents in the country are getting enquiries and commitments to purchase their properties," he said.

Cheah said there was increasing attention from China, Singapore and Indonesia.

"Singaporeans are more interested in buying pre-war houses located in Penang and Malacca.

"The investors from China and Indonesia are more interested in condominiums with sea view and round-the-clock security.

"Malaysians overseas tend to look for landed properties in Penang and Kuala Lumpur," he said during The Star Property Fair here yesterday.

Cheah said as a result in the interest shown in pre-war properties, the pricing of such heritage houses had increased by about 50 per cent compared to two years ago.

On the RM200mil Platinum III condominium scheme in Teluk Kumbar, Cheah said the project, comprising 357 units with built-up areas of 1,230sq ft and 1,330sq ft, was priced at RM380 per sq ft.

"Since the launch of the showroom early this month, we have sold more than 60 per cent of Platinum," he said.

Platinum III by TPPT Sdn Bhd is part of the Teluk Kumbar Heights project located on a 70-acre site in the south-west district.