Developers preparing to woo foreign buyers

Mah Sing is confident there will be more transactions involving foreign buyers soon

by FARA AISYAH / pic by TMR FILE PIX

DEVELOPERS are looking to woo foreign buyers to drive sales and clear stocks, driven by the government’s initiative to lower the price threshold for foreign buyers from RM1 million to RM600,000 for condominiums and apartments effective Jan 1.

Mah Sing Group Bhd founder and group MD Tan Sri Leong Hoy Kum (picture) is confident there will be more transactions involving foreign buyers soon.

“At present, we are engaging local and overseas agencies, along with a series of digital marketing initiatives lined-up to market our products in an effort to continue to leverage on the current interest from foreign buyers.

“We are seeing overwhelming interests from Hong Kong buyers in our properties, especially from those who have excess funds and are turning to Malaysia for property investments in view of our many attractive qualities, including tropical weather, cleaner air and a good education system, among others,” he told The Malaysian Reserve.

Leong said Mah Sing is actively promoting several key projects most suitable and desirable to foreign buyers, including Meridin @ Medini, i-Parc KL, M Vertica and Legenda @ Southbay in Penang.

The developer has seen a spike in interest from foreign buyers following the lower threshold announcement in Budget 2020, along with the Malaysia My Second Home (MM2H) programme. Leong said Mah Sing is optimistic the positive momentum will persist throughout 2020.

Gamuda Bhd’s property development arm, Gamuda Land, is another player in the market which is eyeing the foreign buyers’ segment.

Gamuda Land COO Aw Sei Cheh said it has always been in the company’s DNA to have the foresight of recognising and seizing opportunities when they arise.

“Therefore, even before the Malaysian property market turned sluggish, foreign buyers have been one of our target markets.

“Our experience also tells us that foreign buyers are more interested in properties that are under construction compared to completed projects as they plan for their second home (in the) years ahead,” he added.

He said Gamuda Land’s Horizon Hills in The Cove, Johor, has buyers from over 40 different nationalities, including 52% Malaysians, 19% Singaporeans and 29% from other countries.

Gamuda Land is currently waiting for the government’s further verification on the requirement for the lower threshold for foreign property buyers.

Aw noted that there has been a spike of enquiries from foreign buyers since the year started, particularly from Hong Kong and China due to the political turmoil in Hong Kong and increased tension from the US-China trade war.

Paramount Property Development Sdn Bhd CEO Beh Chun Chong said while the company focuses mainly on local buyers, it expects to gain interests from foreign buyers as well.

“We generally build with local buyers in mind, but foreign buyers may find our Utropolis Batu Kawan integrated development in Penang interesting. We expect interest from both locals and foreigners — those who want to buy either for their stay, for their children studying at UOW Malaysia KDU, or for investment.

“Sejati Residences in Cyberjaya is one of our developments opened to the foreign market, and it is already 99% sold,” he said.