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Malaysia Property Investment – Kuala Lumpur Real Estate News – Singapore’s property cooling move to benefit Malaysia

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PETALING JAYA: Singapore’s property cooling move to benefit Malaysia

Malaysian property developments are expected to benefit from Singapore’s latest round of cooling measures, said experts.

Property website group PropertyGuru said the number of Singaporeans buying overseas property is likely to increase on the back of additional property cooling measures by the Singapore government, which came into effect on Jan 12, 2013. These included a hike in stamp duties by between 3% and 8%.

“Singaporeans are an increasingly important demographic in many overseas markets, especially in Malaysia, Thailand, the UK and Australia. Even less traditional property investment destinations such as Brazil, Canada and the Philippines saw substantial numbers of Singaporean property buyers (last year),” said PropertyGuru co-founder and CEO Steve Melhuish in a statement today.

“Property remains an attractive and secure investment class, and we expect overseas property purchases by buyers from Singapore will increase over the coming days, weeks and months,” he added.

Melhuish believes that the declining growth in property price rises in Singapore, combined with the large supply coming into the market and what is close to recessionary gross domestic product growth, means there is a definite downside risk for Singapore property investments versus overseas.

“These latest measures could well be a tipping point for a property market correction in Singapore.”

Based on past exhibitions held throughout Southeast Asia and in Hong Kong by PropertyGuru, Melhuish noted that there remains a strong desire from buyers throughout Southeast Asia, not only in Singapore, to invest in property.

“Overseas property purchases just became even more attractive, and we expect the number of overseas developers targeting Singaporeans and Southeast Asian property buyers and investors to increase during 2013,” he added.

In a separate statement, Swhengtee International Sdn Bhd founder and president Gavin Tee sees Singapore’s cooling slowing down its property market.

“This is good news to the Malaysian property boom, as a wave of Singaporean investors into Malaysia can be expected.”

Tee added that a further attraction in Malaysian property market is the availability of high margin financing compared with the loan-to-value (LTV) measures undertaken by countries such as the United Arab Emirates, China, the UK and Singapore.

“For Singaporean non-individual purchasers, they may now only get as low as 20% financing, whereas individuals will get 20% if their loan term is above 30 years for their third property purchase,” said Tee.

“In the past 10 years, actually there have not been many foreign investments in Malaysia compared with neighbouring Southeast Asian countries. We are still being challenged as countries such as Myanmar, the Philippines and Jakarta are actively competing with us to bring in foreign investors including for properties, but this may be about to change.”

He expects purchasers will come to Malaysia to invest in a “big wave” because of attractive mega-project offerings and financing policies and tax, compared with neighbouring countries.

Property in Malaysia News  – propertymalaysia.my – Source: The Sun Daily

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