A silver lining is emerging in the property market after two very uncertain years of the COVID-19 Pandemic. Across the board, global property market research reports for 2022 indicated a tentative but optimistic recovery upswing this year.
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A positive signal for the Malaysian property outlook 2022 are property prices, which have reportedly been rebounding even as of Q3 2021, according to PropertyGuru Malaysia’s Property Asking Price Index. This is attributed to high vaccination rates, the reopening of the economy and easing of lockdowns.
The Malaysian market warms up
In a conversation with Chong U Kian, the principal and founder of Malaysian real property firm Avid Estates, the property expert says there’s definitely more confidence in the market as the country enters an endemic phase.
Chong U Kian, Principal and Founder of Avid Estates (Photo: Avid Estates)
“While we’ve seen some changes in priorities and type of demands – more on personal occupancy and lower on speculating or pure investment – overall, with some pent-up demand coming forth, we anticipate continued pick-up in real estate activity and interest,” observes Chong.
In its 2022 outlook, Henry Butcher outlined that, among others, niche high-end projects in good locations will continue to be a key focus by investors and property buyers.
This is corroborated in UK-based property advisor Savills’ global study on branded residences, which highlighted that this sector will continue to see extraordinary growth – by 230% in the last decade – and remain largely resilient in the current economic climate.
Branded residences remain resilient
Chong agrees that premium or luxury properties have a more resilient value and demand. He cites reasons why investing into quality translates to value: “It’s not just about product, but also management of the property. When you buy these properties, you expect a well-managed investment with top quality maintenance. This ensures increase in capital value for your property.
“Secondly, the rarity of such properties also contributes to its consistent capital value, as supply will be very limited in the secondary market.”
Incidentally, the latest Savills spotlight on branded residence also named Kuala Lumpur within the top 10 of emerging cities to watch out for in the branded residential sector.
Front entrance to 8 Conlay
“8 Conlay’s YOO8 is arguably the best (of branded residences) currently in KL, as it has two prominent brands attached to it – Kempinski and YOO, the single largest residential brand for design globally, plus celebrity interior designers attached.
“Design-wise, you’re not only getting the property but also their custom-designed furnishings, which won’t be easily available in the market,” adds Chong.
YOO8 Serviced by Kempinski marks globally-renowned YOO’s first project in Malaysia. Featuring interior designs by Steve Leung and Kelly Hoppen, it will be the world’s tallest ‘twisted’ twin residential towers when completed.
The residence sits within 8 Conlay, a residential, retail and hotel mixed-development right in the heart of Kuala Lumpur City Centre. Sharing the prominent address will be luxury hotel group Kempinski’s first and only five-star hotel here. The hotel’s hospitality team will also service YOO8, making it a truly hotel-led branded residence.
Tower A of YOO8 is set to be ready for handover by end 2022 and Tower B by mid-2023. To visit our 8 Conlay Gallery, contact us here.