Page 401 - Westport Guide To Malaysia

THE GUIDE TO MALAYSIA 393
threshold to RM2 million
for the island and RM1 million for the mainland.
A foreigner is required to obtain the respective State Government's approval for property purchase. This is not usually a problem as any property unlikely to gain approval will not be offered for sale to foreigners in the first place. Although foreign investors comprise only
an average of 1% of overall transactions in the country annually, they are much more prevalent in Penang, Kuala Lumpur and Johor.
An extensive range of residential property is available, ranging from old colonial buildings to the most modern upmarket condominiums, gated communities and bungalows with eco-friendly concepts. Foreign buyers are spoilt
for value and choice, as the prices of these homes range from RM500,000 to RM5 million or more. New launches of top-end residential units are priced at RM1,000 per square foot (RM10,760 per square meter) and above in desirable Kuala Lumpur locations and usually include swimming pools, gym, tennis courts, etc. Older units and individual houses can frequently be purchased for much less.
Many top Malaysian developers have won international accolades for their designs, master plans, sustainable building concepts, resort
A highly liveable integrated township built on former quarry land in Kuala Lumpur, Desa Park City has received multiple accolades, including the FIABCI World Prix d’Excellence World Gold Award 2019.
developments and golf courses. Gold Award winners at the 2020 FIABCI World Prix d'Excellence include
SP Setia (Office), Perdana ParkCity (Mixed-Use Development), and Sime Darby Property (Retail). To date, Malaysian developers have won more than 70 awards in this event, proving that Malaysian developers are on par with other international players.
SP Setia also recently
clinched the top spot in The Edge Malaysia Top Property Developers Award (2020) for the fifth consecutive year, with the other top
9 developers being Sime Darby Property Bhd, Sunway Bhd, UOA Development Bhd, IJM Land Bhd, Gamuda Bhd, UEM Sunrise Bhd,
IOI Properties Group Bhd, Mah Sing Group Bhd, Eco World Development Group Bhd, Tropicana Corporation Bhd and IGB Bhd.
The Winners of the 2021 EdgeProp Malaysia Sustainable Development Awards, from left: Sime Darby Property MD Datuk Azmir Merican, EdgeProp Malaysia editor-in-chief Au Foong Yee, former Malaysia Housing and Local Government Minister Datuk Zuraida Kamaruddin, Eco World Development Group CEO Datuk Chang Khim Wah and Matrix Concepts founder Dato’ Lee Tian Hock.