Ipoh’s Robust Property Market
Topic > Properties
By Angain Kumar
Realtor Gladwin Agilan, from Oriental Realty, welcomes the boom in the Ipoh property market but maintains that the city should not lose its rustic image to over-development. “Thanks to government initiatives and planning, new townships with creative products are much sought after by buyers,” he said.
“Meru Raya, a northern suburb of Ipoh, is a fine example,” said Gladwin. The authorities’ decision to build a state-of-the-art bus terminal, relocating government departments and the establishment of Tenby International School in the area has led to an increase in demand for houses there. This has resulted in developers, such as Kinta Real Estate and Kinta Properties, to move in to cater to the needs of the discerning public.
Innovative products such as gated communities with recreational facilities like club houses and playgrounds are the in-thing today. These amenities are fast becoming part and parcel of the modern society and Ipoh is no exception.
Rapid growth in the area has led to capital appreciation and investors who have purchased properties in that area are reaping the dividends. A fully furnished 2-bedroom apartment (916 sq. ft.) in Golf Vista in Meru Valley now commands a rent rate of between RM1500 to RM1700. Sold in 2003 at RM150 per square foot (psf), the property is now valued at RM300 psf, double the original amount.
Gladwin refers to bungalow units in Canning Garden, especially those along Jalan Keliling and Jalan Lau Pak Kuan, which are being used for non-retail business purposes. These 5100 sq. ft. bungalow lots are rented for about RM2500 per month. They are a much cheaper alternative than buying a business premise in the location which can cost as much as RM1.7 million. This is much favoured by small-time businessmen who do not want overhead costs to burn a huge hole in their pockets.
“Premium properties in Ipoh are far more affordable than in Kuala Lumpur or Penang. Coupled with the low cost of living and a quieter lifestyle, the property market in Ipoh will go up.”
Gladwin has this advice for those seeking to purchase new properties. “Ensure a clean credit record and invest in property at a young age. Make it a priority above your other needs.”
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