Developers selling lifestyle
KUALA LUMPUR: The local property market landscape is changing as developers turn more innovative in their product planning.
Malaysian Institute of Estate Agents (MIEA) president Siva Shanker said gated and guarded property and integrated projects are the in thing now.
Siva said home buyers today are looking for properties that offer lifestyle and security.
"Developers today are not selling houses, but lifestyle. A developer is not going to build and sell a single or double-storey house. They will build homes that come with a lifestyle.
"So when you hear about properties increasing in price, it is because of the lifestyle," he said recently, after a briefing on the 23rd National Real Estate Convention 2013 (NREC 2013).
Siva said inner city living is also becoming more popular because of the perception of being on the high-end of the society and due to traffic.
According to Siva, a boutique developer in the Kuala Lumpur city centre is able to sell a property for about RM3,000 per square feet because of lifestyle.
"That is a huge leap forward. People are prepared to pay for a branded house," he added.
The NREC 2013 will be held on Thursday at Hilton Hotel in Petaling Jaya and several topics will be discussed.
Siva will present a paper on "Changing Trends in the Property Market". Senator Datuk Abdul Rahim Rahman from Savills Rahim & Co Chartered Surveyors will talk about "The Property Market Outlook for 2014", while Ho Chin Soon will discuss "New Growth Centres in Malaysia - Klang Valley, Penang, Johor and Kota Kinabalu."
Andrew Wong from the BAR Council will explain the "New Legislation on Strata Living - The New Strata Management Act 2013" and PR1MA's Datuk Mutalib Alias will discuss "Affordable Housing".