Singapore buyers close 16 Malaysia property deals at the STProperty Seminar & Expo over the Weekend Singapore investors closed 16 Malaysian property transactions worth more than RM8.6 million (S$3.31 million) at the STProperty Seminar and Expo 2014 over the weekend at Suntec City, event organisers said. That was the highest number of deals out of the four events that STProperty, Singapore Press Holdings (SPH) online property portal, has run in 2014. The event targeted buyers who wanted to get in before a 6 per cent goods and services tax in April 2015 is expected to raise costs in Malaysia. STProperty also offered an RM8,888 rebate for the first five purchases. Singaporeans interest in Malaysian properties is not something new, especially with the continued strong showing of the Singaporean dollar against the Malaysian ringgit . . . Despite the current market slowdown, the property market is expected to rise in 2016-2017 so this promises a good amount of returns even for short-term investors, Siva Shanker, president of the Malaysian Institute of Estate Agents (MIEA), said in a statement. Malaysias property market is currently experiencing some softness, although Nixon Paul, the immediate past president of MIEA, said in November that prices in certain hot spots such as the upmarket Bangsar suburb in Kuala Lumpur have managed to hold up. In its latest Financial Stability Review, the Monetary Authority of Singapore noted that real estate agencies in Singapore have seen increased interest in overseas property purchases, although the overall growth of property loans, including domestic mortgages, has tempered. Adapted from: The Business Times, 1 Dec 2014
Posted on: Mon, 01 Dec 2014 07:05:49 +0000
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