PROPERTY consultants and developers in Malaysia and Singapore are expecting higher sales of luxury apartments to wealthy Hong Kong residents seeking to invest outside the restive city, reported Nikkei Asian Review.

Both countries are seen as safe havens following months of protests in Hong Kong against the city’s Beijing-appointed government.

In Malaysia, Nikkei reported property developer KSK Land had noted a sharp increase in sales inquiries from Hong Kong residents.

Its managing director Joanne Kua said inquiries of luxury apartments from potential buyers in Hong Kong had risen 10% since April.

She also expected sales of service units to Hong Kong buyers to grow up to 50%.

Two weeks ago, The Malaysian Insight reported higher interest registered by Hong Kong folk about the Malaysia: My Second Home programme.

Relocation agents handling applications for the programme said there was an increase of up to 40% in enquiries over a month-long period.

Meanwhile, Kua told Nikkei she expected Malaysia to be more attractive than Singapore in terms of luxury condominium pricing.

The price per square foot in Malaysia is US$792 (RM3,306), while it is around US$2,500 per square foot in Singapore.

Property consultants in Singapore said the republic’s move to raise stamp duty for foreign buyers from 15% to 20% last year had not stopped interest from Hong Kong, with nine properties sold to Hong Kong buyers in the second quarter of this year, an increase of three from the first quarter.

Consultants also expected the luxury property sector in other Southeast Asian countries such as Vietnam, Philippines and Thailand to benefit from the unrest in Hong Kong since they are stable with cheaper costs compared to Singapore. – September 10, 2019.