Tall & Urban News

Malaysia will become the world’s 21st largest economy by 2050, with a GDP of USD 1.2 trillion (approx. RM 4.7 trillion) and a GDP per capita of US$29,247 (RM 121,000) according to a Hong Kong and Shanghai Banking Corporation (HSBC) report.

Over the last 20 years, there have been some significant changes in the Malaysian property industry. First, the standards of quality and design have improved significantly with attention to detail on the quality of material and construction. These improved standards, combined with the generally low prices of real estate in Malaysia, and the fact that prices are on an upward trend, makes Malaysian property an attractive investment. Secondly, the Malaysian government is now actively encouraging foreigners to buy property in Malaysia under the Malaysian My Second Home initiative. In the past, they have placed restrictions on foreign purchasers where there is no limit to the number of residential properties a foreigner can buy if the purchase price exceeds RM 1 million (approx. US$241,000) in the majority of Malaysia’s fourteen states and territories. But, in the recent Budget 2020 announcement, the Government will reduce the threshold on high-rise property prices in urban areas for foreign ownership from RM 1 million to RM 600,000 in 2020 (approx. US$241,000 to US$145,000).

The Conlay, located on a 0.58-hectare site at the intersection of Jalan Conlay and Jalan Kia Peng is Eastern & Oriental Bhd (E&O) Group’s second high-rise development joint-venture project with Japan’s developer Mitsui Fudosan Co Ltd. E&O’s first project with Mitsui Fudosan is The Mews Serviced Residences in Kuala Lumpur which has a gross development value (GDV) of RM 469 million (US$113 million).

The project will comprise 491 serviced apartments worth RM 900 million (US$216 million) in gross development value, at indicative pricing of above RM 2,000 psf (US$483). The property offers commanding views of the Kuala Lumpur city skyline. Situated in the heart of Kuala Lumpur City Centre, The Conlay is designed by world-renowned Kerry Hill Architects whose portfolio includes buildings as Aman Tokyo in Japan, and Martin No. 38 in Singapore. Residents at The Conlay have various facilities within the development to choose from, including a library, meeting room, music room, billiard room, multimedia room, and multi-purpose lounge, gym, sauna, yoga room, Jacuzzi and heated infinity swimming pool; while a dedicated lobby and communal space offers general space for all to enjoy. 

Located in the Kuala Lumpur city center, the development is within close proximity to established amenities, including shopping malls, medical centers, educational institutions, and recreational areas.

For more on this story, go to Luxuo.