China Communications Construction Group (CCCG) is optimistic about high-end property prospects, believing that the worst is over.
CCCG Overseas Real Estate Pte Ltd director Zhang Bao said that mega infrastructure rollouts, the revival of the Malaysia My Second Home (MM2H) programme, and the reopening of borders to international visitors have generated excitement in the property market.
He believes that once the borders reopen next month, a gradual return to normalcy can be expected, but it will take time to reach pre-pandemic activity levels.
"Our online engagements with potential buyers from Hong Kong, China, and Singapore are ongoing. They have expressed a desire to fly into Kuala Lumpur to examine our project once they are permitted," he said.
Malaysia will reopen its borders to international visitors by January 1, as the country seeks to revive its ailing tourism sector. The government has gradually reopened its economy in recent weeks as Covid-19 infection rates have slowed amid a ramped-up vaccination program.
Government statistics show that more than three-quarters of Malaysia's 32 million population are vaccinated.
According to Zhang Bao, customers quickly realise the value of owning a home due to the pandemic.
He said that the Covid-19 outbreak has also shifted their preference for living spaces that allow them to live, relax, and work in comfort.
"The property industry had observed a burst of recovery in market activity and transaction price when the movement control order was lifted. Potential local buyers and investors who have solid financial footing and an appetite for higher-priced properties may be enticed to purchase our products to take advantage of the stamp duty exemption and the current low interest-rate environment," he said.
CORE Residence @ TRX (Tun Razak Exchange), a high-end freehold project in Kuala Lumpur with a gross development value (GDV) of RM1.4 billion, is currently being developed by the company through a joint-venture (JV) firm, CORE Precious Development Sdn Bhd.
WCT Holdings Bhd is its joint venture partner.
According to Zhang Bao, the project has generated significant sales, primarily through its digital platform.
He said that interest in the project has remained strong due to its prime location in the country's international financial district and attractive price per square foot.
"This gives customers the confidence and space to enjoy some price appreciation post-pandemic," he said.
Zhang Bao said that the CORE Residence @ TRX project is on track for its expected completion in 2023.