HERE ARE NINE INSIDER TIPS for figuring out the Kuala Lumpur property industry.
- All of Kuala Lumpur’s high rise condo blocks are equipped with a water storage tank at the very top of the building. When buying into a condo it is wise to avoid choosing units adjoining the intermediate pump room as you can expect some noise when the pump is running.
- If a condo unit shares a wall with the lift core, noise and vibration as the result of the movement of the lift cars can be transmitted to the condo unit. This part of the building therefore, should also be avoided if possible.
- High-end condominium units in Kuala Lumpur generally come with a minimum of two car park spaces. Always ask for the car park layout to ensure that you like the car parks location as much as you like its corresponding unit.
- Prospective buyers should seek to establish whether the unit they are seeking to buy into is on land designated as residential or commercial. If the land status is commercial, one can expect that the quit rent, assessment and the utilities bills will be charged at commercial rate which is higher than the rate for residential status.
- Property purchases cannot be sold for the first three years starting from the acquisition date.
- Foreigners are allowed to seek finance from domestic sources once the property is approved for purchase. Financing is available for foreign investors once potential purchasers show proof of possessing some source of income to enable repayment. For foreigners, the maximum loan normally allowed is 80 per cent and the term of loan depends on the age of the purchaser.
- Kuala Lumpur City Centre (KLCC), Ampang, Bangsar, Brickfields, and Mont Kiara are all expat areas which have good appreciation and demand.
- When international brand hotels hit a location en masse, it is normally safe to conclude that demand for property in the area subject to their attentions will spiral upwards. The Accor Group will open four new hotels in Malaysia during 2008, its regional vice president Gerrard Guillouet has said.
- Buyers can expect one of two categories of titles: Freehold, which gives the owner perpetual ownership, and leasehold, which allows the owner to stay in possession only for a specified period. When the specified period ends, ownership reverts back to the authority which issued the title.