Selangor state is the most prosperous and developed of the 13 states in Malaysia. It has the largest economy in Malaysia in terms of gross domestic product (GDP), with RM 239.968 billion (roughly US$55.5 billion) in 2015, comprising 22.6% of the country’s GDP. It has good infrastructure in terms of highways and transport, and has the largest population in Malaysia, a high standard of living and the lowest poverty rate in the country.
Selangor, being the immediate neighbour to the capital city Kuala Lumpur is comprehensively linked to the rest of Malaysia by air, road and rail connections. Most of the major highways and public transport systems that run through the Malaysian peninsular, serve Selangor. Needless to say, if you own a place and stay in Selangor, you will be very easily connected to not only the economic capital Kuala Lumpur, but to the whole of Malaysia and the world (by air).
So what about considering to purchase your new home in Selangor? Below are 3 things you need to know about the growth and prospects, particularly if you are looking at investing or purchasing a high-rise residential property like a condominium in Selangor:
#1 – Selangor Will Constantly Grow And Develop
It makes a lot of sense as to why many Malaysians from the other states would migrate, relocate or choose to stay in a condo or house in the busy state of Selangor, as job opportunities abundantly offered by many international and local companies in the commerce, industry, services as well as the agriculture industry. Among the industrial cities in Selangor are Subang Jaya, Bangi, Shah Alam, Klang, Kajang, Rawang, Selayang, Ampang and Petaling Jaya.
Selangor state has one of the best public amenities and facilities available in Malaysia, for example in regards to superior quality medical care, comprehensive transportation connections, world-class educational institutions options with the best array for retail and shopping.
#2 – Increasing Demand For Condominium Living
As Selangor is an attractively developed place with good infrastructure, the property market is huge and promises an equally attractive return on investments. According to Property Advisor, Kajang-Semenyih and Klang (Bandar Bukit Raja) were the top two most transacted areas in Selangor state. A diverse array of residential properties is up for sale in this state, and there is a huge growth of high-rise properties like apartments and condominiums, which are outpacing landed properties.
In 2019, Greater KL’s residential property market saw an increase, with more transactions recorded than in 2018. Both the volume and value of residential property transactions were higher in the first nine months of 2019 than in the same period of 2018, according to data from the National Property Information Centre.
During tougher economic times due to the pandemic that happened in early 2020, many home-buyers are considering high-rise residences. Opting for condominium-living compared to landed properties is a smarter choice for singles, young couples or a small family who have to consider economic factors, as they are able to be located centrally and close to larger economic and industrial town centres.
#3 – Initiatives, Offers Galore For New Condominium Buyers
There have been increased take-up rates across Selangor, driven by the government’s revamped initiative Home Ownership Campaign (HOC). Also, to provide assistance to individuals facing financial constraints as a result of the Covid-19 pandemic, Bank Negara has announced a much-needed six-month loan repayment moratorium. Rebates, discounts, the omission of legal fees and instrument of the transfer fee, are also being offered by developers to boost sales, making such initiatives an important consideration for buyers amid a wide choice of new condo and project launches in Selangor.
Apart from the HOC, other alternative housing strategies available to prospective buyers include Rent-To-Own (RTO), micro-housing and co-ownership. Buyers are open to the concept of compact living spaces, communal living elements and jointly purchasing properties. This will help address the affordability concerns especially for a new home and condo buyers.
Are you looking for a new condominium for sale in Selangor? Have a look at what Mah Sing has to offer in the state. For more information, please visit https://www.mahsing.com.my/properties
Related Article: Reasons Why Getting a New Condominium or Landed House in Selangor
Citations:
https://en.wikipedia.org/wiki/Selangor
https://www.propertyguru.com.my/selangor
https://www.propertyguru.com.my/property-news/2019/12/184857/malaysia-property-market-outlook-2020
