10 December 2014

New lifestyle in Ipoh

  10 December 2014

PETALING JAYA: Investment in high-rise residential units is viable in Ipoh as the expectations of Perakians have started to change.

Andaman Property management managing director Datuk Seri Dr Vincent Tiew said Perakians in the past had preferred landed properties.

“However, slowly but surely, the idea of living in high-rise developments has gained not only acceptance but is also becoming a choice preference,” he added

He said that the demand for high-rise units had picked up very well compared with a couple of years back.

“Excitement and opportunities of property investment are now shifting from the Klang Valley to Ipoh,” he explained during the recent StarProperty forum Why Invest in Ipoh? organised by StarProperty.my at Menara Star in Petaling Jaya.

“Many Perakians left home and family to work overseas and when they come back to Malaysia, lifestyle expectations have started to change. The last two to three years saw new high-rise projects coming up in the Ipoh town centre.”

He said the top concern of residents was always security. “More people are opting to live in guarded areas to ensure their safety, not only for couples but also people with children and the elderly,” he added.

He reiterated that investing in Ipoh followed the likes of other property investment, either for own stay, or capital appreciation and rental yield.

“High-rise residentials in Ipoh have caught up with the market, however, the SoHo (small office home office) will not be ready in the next five years. It will not be easy to lease out or have sub-sale transaction for this product in Ipoh.

At the forum, Andaman Property Management introduced the Upper East @ Tiger Lane, a high-end apartment project in Ipoh. With a gross development value (GDV) of RM330mil, Upper East @ Tiger Lane features a total of five blocks comprising 529 units. The company invested RM5mil in landscaping.

The units, ranging from 1,162 to 1,787 sq ft, are priced from RM400 to RM500 per sq ft.

Investing in Ipoh has become more apparent now with another attraction – Asia’s first Movie Animation Park Studio (Maps) in Perak. Slated to open in 2016, this park aims to attract 1.4 million visitors in its first year of operations.

Animation Theme Park Sdn Bhd CEO Darren McLean said during the forum that visitors will comprise 80% locals and 20% foreigners.

“The construction of Maps Perak has started at Perak Bandar Meru Raya, 11 km from Ipoh city. This park will feature six different zones forming an animation-based fantasy environment: Animation Square, Fantasy Forest, Live Action, Space Zone, DreamWorks and the Lakeside Zone.

The forum was moderated by Dr Tiew. Other featured speakers included Prof Joe Choo – president of Malaysian Institute of Geomancy and Mark Mahan, director principal of Site Concepts international.

~ By THE STAR

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