It was reported that in Peninsular Malaysia alone, there are more than 150 abandoned property developments since 2006. This has left a lot of home-buyers in limbo as they will have to continue servicing the mortgage despite the development being abandoned. There are also countless cases of developers cutting corners and delivering inhabitable, sub-par properties.
Buying a property is in a way, similar to buying any consumer goods. One of the easiest ways to buy a good property would be identifying reputable brands. Of course, as you may already know, most of the time branded things come with a higher price tag. So, a savvier buyer would have taken their time to learn and understand the DNA’s and intricacies of the things they wanted to purchase so that they will always make an informed purchase that will give them the best value for their hard-earned money to spend on.
Having said that, in the context of buying a reasonably good property, one of the most important requirements is it has to be built by a reasonably good developer. What makes a property developer in Malaysia better than others then? Here are the defining qualities:
Upholding reputation precedes everything
Let’s be real. Most of us tend to fall for marketing gimmicks. Never ever let your decision be blinded by big discounts and complimentary offers. When things are too good to be true, it is better for you to consult with a professional real estate or property agent. Remember that it is about the quality of the project and not just about the monetary value.
Trustworthy developers usually insist that you visit their showrooms, have face to face discussions, as well as prepare a thorough plan and list out available options for you before deciding on your own time and pace. Never let anyone force you to make such an important buying decision on a whim.
It’s no longer just building a house or office
Gone were the days when the main focus of a property developer is to build good quality houses and offices. That’s not to say that such focus is wrong, in fact, it is one of the basic foundations of cementing (pun not intended) their names as a sought-after developer. Consumers’ needs and demands are getting more advanced and refined; better property developers truly understand what purchasers really want.
And that is building a sustainable community.
Other than building good quality houses & offices, good developers build various facilities & amenities that are focused on enriching the community that will live in. Facilities like gated and guarded environment, playgrounds, community centres and more are some of the common ones that consumers are looking for nowadays. High end facilities like eco-friendly features and smart home integrations usually are being built by bigger brand developers that could carry a higher premium for those who can afford it.
Legal License and PermitÂ
Based on a report by Property Guru, one important thing that all developers should have is the APDL License. The Advertising Permit and Developer License (APDL) is a legal requirement for all property developers when selling property. It is an official approval received from the local housing ministry to confirm that they have permission to advertise and sell the property that is being advertised.
When you see an advertisement for property development, the ADPL should form part of this message. It should include the validity period, project name, land tenure, completion date of the project, minimum and maximum price and the building plan number. If you don’t see an ADPL, alarm bells should be ringing. If a project developer is unable to provide all these important, yet basic requirements, then you probably should look for another alternative property developer as it is better to not waste your precious time on unrecognised and illegal developments.
One Last Thing…
Malaysia is considered as one of the better-regulated countries when it comes to real estate and property development, thanks to the respective associations and our government’s strict rules and policies in governing it. If you would like to be a savvier, more well-informed property buyer in Malaysia, it is highly recommended that you follow updates by the Real Estate and Housing Developers’ Association Malaysia, also known as REHDA.
REHDA is highly regarded by both the public and private sectors for its commitment to nation-building and betterment of life through sustainable property development. REHDA currently has more than 1,500 members, all of which are Malaysia’s property developers.
Be more aware of the players in the local property developer scene by keeping yourself abreast of the property industry news and the forms of governance. You won’t go wrong with that.Â
Related Article: What is Eazy To Own?
Mah Sing’s Eazy To Own campaign is now available for M Oscar, M Centura, M Vertica, M Luna, Southville Sensory, and Meridin East. More projects will be added in to be made available in this campaign in the near future.
Citations:
https://petalingstreet.org/2019/11/07/property-developer-in-malaysia/
https://www.propertyguru.com.my/property-guides/why-important-choose-top-developer-malaysia-15940
https://www.theedgemarkets.com/article/recognising-best-property-development
