Singaporeans can obtain RPG tax reliefs though Malaysia’s bilateral double-taxation avoidance agreement with Singapore.

Singaporean investors appear to be regaining optimism in the Kuala Lumpur property market. UEM Sunrise, a Malaysian developer, recently held a seminar at Hilton Singapore Orchard to showcase its latest development in Kuala Lumpur: The Minh, a freehold luxury condo comprising two towers with a total of 496 units in the Mont’Kiara area.

The strong turnout at the seminar indicates that confidence in the Malaysian housing market is growing since the Covid-19 pandemic. In 2022, Malaysia saw over 389,000 properties transacted at a total of RM179 billion ($52 billion), representing a 29.5% and 23.6% increase in volume and value, respectively, compared to the year before. Chief marketing officer at UEM Sunshine, Kenny Wong acknowledges a turning point for Malaysian developers post-pandemic, noting that they are “creating homes that are a lot more attuned to the needs of buyers today.”

Amy Wong, executive director for research and consultancy at Knight Frank Malaysia, notes that within the varied landscape of the Malaysian property market, the luxury, highrise, residential segment in KL is expected to see a ramp-up in activity. Between this year and 2025, the supply of luxury condos in KL is projected to grow by 16% per annum, although prices for luxury condos have generally continued to hold steady.

Mardiana Rahayu Tukiran, UEM Sunrise’s chief development officer, shared that their product was designed with the demographic of the Mont’Kiara community in mind, with facilities such as multiple pool areas, indoor and outdoor playgrounds, a lounge, a reading room and a tennis court. Furthermore, The Minh was positioned with a distinct concept anchored on Indochine design, an attempt to stand out from other available residences.

Adrian Un, CEO of SkyBridge International, provided insight on the considerations for foreign investors wishing to purchase property in KL. The current minimum purchase price for foreigners buying property in KL is $1 million; banks tend to favourably view loan applications from those with at least a year of working experience and a minimum income of RM10,000. Furthermore, Singaporeans can opt for Islamic loans, subject to their income not being generated from prohibited industries. Tax considerations, such as stamp duties and real property gain tax, were also discussed.

The residence development will cater to urban dwellers and young families, with a new two-storey commercial podium, a modern retail mall, and several large retail spaces. It will also house a two-storey childcare centre and an outdoor yoga lawn. The luxurious serviced apartments will offer residents a range of amenities and facilities including a swimming pool, gymnasium, function rooms, and a landscaped garden. The project is expected to be completed in 2022.JCube Residence Jurong East will be the first development of its kind in the area and is set to give a modern face-lift to the region. Its close proximity to Jurong East MRT station also means that residents will enjoy convenient access to public transportation and other amenities. With its attractive features and modern designs, JCube Residence is set to make a strong statement in the region.

Overall, it looks like the KL market is poised for continued growth in terms of both supply and demand. Property developers are tailoring more of their offerings to cater to owner-occupiers, with expectations that these offerings will resonate with expatriates returning to the market.