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Today (09 Sep 2010) |
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News & Articles @ Metro Homes
| Young people buy ‘cheaper, more secure’ condos |
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KUALA LUMPUR, July 18 —Young Malaysians are snapping up condominiums or apartments due to lower prices and better security amid increasing living costs and rising crime rates in the cities.
Several exhibitors in their 20s at the Malaysia Property Expo (MAPEX) 2010 here said that there is a trend of young adults buying apartments or condominiums instead of landed property because of tight budgets, given escalating living costs like the recent fuel and sugar subsidy cuts.
“Majority young people take apartments as landed (property) is very expensive,” property sales executive Azlifah Shamsudian told The Malaysian Insider at the MAPEX.
“Landed property in Kuala Lumpur can cost between RM300,000 to RM400,000, while an apartment in KL costs about RM200,000. Popular locations are Damansara, Gombak, Ampang and Jelatek,” said Azlifah, 25, adding that the average age of her customers is 25 years.
Property sales advisor Jay Phun cited security as another main reason why young people chose condominiums.
“Condominiums are more secure. They are also cheaper and cost between RM200,000 to RM300,000,”added Phun, 21, noting that Petaling Jaya and Damansara are popular locations.
The Malaysian All House Price Index last year showed that the average price of houses in Kuala Lumpur was RM381,802, the highest in the country.
Statistics by the Valuation and Property Services Department also showed that condominium and apartment units formed the bulk of total residential property transactions in Kuala Lumpur at 49.1 per cent (9,936 units).
The city also took up 34.5 per cent of newly launched condominium and apartment units in Malaysia last year while units priced below RM200,000 had the highest sales performance.
“Landed property is very expensive, at least RM600,000 and above. That is the price in Petaling Jaya,” said 30-year-old product specialist Olivia Goh.
“So I am looking for condominiums. My budget is about RM300,000,” she said, adding that security was another major reason behind her choice to look for a condominium.
“I am from Penang. Sometimes when I go outstation, (the condominium) will not be empty as there is a guard,” said Goh.
Account manager Christopher Chew also cited price and security as the main criteria in his and his girlfriend’s hunt for a condominium to live in together.
“Our budget is about RM300,000. Landed property in Petaling Jaya costs between RM400,000 to RM500,000,” said Chew, 31.
“We can also rent out (condominiums). Landed (property) is more difficult to rent,” added Chew.
Contractor Noor Shahidan Pitah agreed with Chew, saying that there was a high demand for people to rent condominiums compared to houses.
“Condominiums to sell it off again is easier,” said Noor Shahidan, 52.
Sales engineer Wong Mun Keen said that condominiums was his preferred choice in investments as the returns were higher compared to landed property.
“A condominium in Damansara that costs about RM100,000 — I can rent out for RM950, compared to a house in USJ that costs between RM300,000 to RM400,000 which I can rent out for only RM1,000,” said 25-year-old Wong.
Sales executive Brahmma Muthaiya said that young Malaysians are hitting condominiums as their first choice of accommodation.
“Young people are all going for condominiums,” said Brahmma, 39.
“There is more safety and security. Cost is also another factor. Condominiums in Damansara Perdana are RM800,000 and above while houses cost RM1.9 million,” she added.
A press statement by MAPEX organiser Real Estate and Housing Developers’ Association of Malaysia (Rehda) revealed that 3,453 out of 4,827 housing units showcased at the property exposition are high-rise homes.
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