Is there a limit to how much you are willing to pay for a home? Almost everyday, I hear friends complaining about how expensive properties are getting, and how unaffordable it is to buy a decent home in Malaysia. I can sense many of you nodding your head in agreement as I pointed this out.
In a recent article I read on The Star, the headline says “One-bedroom flats in Hong Kong going for almost RM6mil – after discounts”. Am I surprised? Well, not exactly, especially if the reference country is Hong Kong. The developer New World Development and Vanke Property (Overseas) is offering their last 64 units of one-bedroom apartment, or ‘flats’ as mentioned for a hefty price of more than HK$10mi (RM5.68mil) net priced.
The 421 sq ft unit on the 57th floor of the Pavilia Bay development, commands a full sea view and was being offered at HK$11.79mil RM6.70mil), or HK$28,021 (RM15,936) per sq ft on Monday. Once a 14.5% discount kicks in, the price will drop to HK$24,000 (RM13,649) per sq ft.
And if you think that’s pricey, wait till you read this …. Poly Property Group, the Hong Kong-listed arm of state-owned China Poly Group, released 108 units at the Vibe Centro project at Kai Tak – the site of the city’s former airport – at higher prices after generating a strong response over the weekend.
The flats, ranging in size from 228 sq ft to 1,146 sq ft, are being offered at HK$5.48mi (RM3.11 mil) to HK$35.59mil (RM20.24mil), or HK$21,649 (RM12,314) per sq ft to HK$31,063 (RM17,669) per sq ft.
That’s an average of RM17,000 Per Square Feet !!!!
Back home in Malaysia, you can own a piece of Kuala Lumpur city centre from as low as RM2,600 PSF. 8 Conlay, an upcoming hotel and luxury residential development managed by world renowned hotelier Kempinski along Jalan Conlay is offering 700 sq ft apartments from RM1.8m while The Luxe by Infinitum, along Jalan Sultan Ismail is offering 714sft apartments from RM1.1m or RM1,563 PSF.
While over in Cyberjaya, you can purchase an eco-friendly and luxury 770sft 1 bedroom condominium named Verdi Eco-dominium from RM540k which translates to approximately RM700 per square feet. If that’s still to much to bear, a pre-launch project Clique SoHo, located not far from Shell Business Services Cyberjaya, is offering 646sft 2-bedroom apartments with 2 car parks from as low as RM476k or about RM737 per square feet thereafter.
Comparing to prices of apartments in Hong Kong, prices here in Malaysia feels a tad … lesser. Of course, this is a personal opinion based on individual’s affordability.Timothy L.