HK buyers snap up prime KL real estate
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Now more than ever Hongkongers are buying homes in Malaysia, particularly Kuala Lumpur (KL), as they actively seek to diversify their portfolio and find a second home after retirement and for their children, according to Datuk Tracey Lai, sales and marketing director at 1 Pavilion Property Consultancy Sdn Bhd, the marketing arm of Pavilion Group, a leading property developer based in Malaysia.
The sale launches of two previous towers at Pavilion Damansara Heights which were mostly sold to Malaysians proved to be a resounding success. From June to September this year, 250 units from the third tower, Windsor Suites, were snapped up by Hong Kong buyers for a total amount of RM450 million in just four months. “Sales to foreign buyers including Hongkongers are really impressive, reflecting the consensus that Malaysia is increasingly popular among expats,” she said.
Apart from diversifying into the Malaysia property market, another reason for their investment would be the Malaysia My Second Home (MM2H) programme, along with other salient features such as affordable home prices, language and cultural similarities, favourable climate, high-quality healthcare, availability of international schools, and more greenery.
The safest strategy for foreign homebuyers is buying from a reputable developer with a successful track record and investing in a property served by comprehensive facilities, accessibility and transport links, she added.
The luxury residences in Pavilion Damansara Heights are configured with about 605 to 1,830 square feet in size, or a layout mix of one- to three-bedrooms.
Representing Canada Pension Plan Investment Board (CPPIB)’s first direct real estate investment in Malaysia and Southeast Asia, Pavilion Damansara Heights is a six-hectare upscale integrated development comprising 10 corporate towers, five luxury residences and a 1.1 mil square feet lifestyle mall.
Spanning across an exceptional 16-acres of prime freehold real estate in the heart of Malaysia’s most prestigious address, Pavilion Damansara Heights is expected to be completed in stages by Q2 2023. A pinnacle of affluence, it is the most anticipated integrated development to invest or live in. HongKongers can relate to its location comparing to the Peak whilst the development concept is similar to Elements at Kowloon Station.
Not only does the name Pavilion Damansara Heights embodies a prestigious address, the neighbourhood was also selected by Lonely Planet in 2017 as one of the “world’s top ten coolest neighbourhoods” alongside Sunset Park in New York, Tooting in London and Business Bay in Dubai. Expat families will also be drawn to a life at Pavilion Damansara Heights thanks to a choice of excellent international schools, healthcare facilities and lifestyle facilities such as equestrian club and golf courses.
With excellent connectivity, Pavilion Damansara Heights is easily accessible from the Sistem Penyuraian Trafik KL Barat (Sprint) highway and is seamlessly connected to the Pavilion Damansara Heights MRT station, which is part of the MRT line 1. From the station, it is directly connected via a covered link bridge to the massive 102,193-square metre Pavilion Lifestyle Mall, merely two stations to KL Sentral, five stations to Pavilion Bukit Bintang MRT Station, where the iconic KLCC is located, and six stations to the Tun Razak Exchange (TRX) MRT station. It takes some 28 minutes to reach the international airport from the KL Sentral station.
Each condo unit is partially fitted and comes with an allocated carpark space. The dedicated concierge offers a variety of personalised services, from housekeeping, airport transfer and property management to rental collection and tenancy management, to meet the needs of international buyers.
Residents will be able to enjoy a myriad of amenities. The facilities will include outdoor pool, heated swimming pool, Jacuzzi, sauna, steam room, children's pool, children's playground, yoga room, gym, laundry, prayer room, reading room, business centre, function room with gourmet kitchen, BBQ kitchen, outdoor lounge space, landscaped garden and jogging path.
The five-storey Pavilion Lifestyle Mall will carve a niche for itself by offering unprecedented retail therapy. The mixed-use development will also include ten prime corporate towers as well as a five-star hotel, not to mention the dazzling range of fine-dining and entertainment experiences it has to offer.
Malaysia is a multicultural, expat-friendly country. The MM2H scheme launched by the Malaysian government is an initiative to encourage foreigners to live in Malaysia.