The Malaysia property market has been quiet lately. Most people I’ve spoken to had attributed this to the slowing economy, despite what the government may tell you. Ask any local retailer and they’ll tell you that business has been slow since last November.
Another big factor that affected the local property market is definitely the latest ruling of a higher downpayment for owners of 3rd property and beyond, which has been quite successful in slowing down speculation. Down south in Singapore, the government just implemented a levy on the property sales price – yup, you read that right – a tax on the property price and not the profit like RPGT.
Anyway, back to the story…. the area where I live in Sentul, Kuala Lumpur, the price of apartments seem to have gone back down slightly after peaking at the end of 2010. However, I’m hopeful that things will pick up with the launch of the iconic Sentul Capers located near the boulevard. Capers is rumoured to be launched on 12th February at a price from RM650 per sq foot, which is quite close to Mont Kiara prices. There are supposed to be only 200 odd units available so like other recent YTL projects, I expect the apartments to be fully sold out on the same day.