Demand for Residential Property Will Be Boosted by Local Buyers
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According to Saleha Yusoff, Executive Director and Regional Head of Research and Consulting at Nawawi Tie Leung Property Consultants Sdn Bhd, Malaysian residential property is expected to be boosted by local demand amidst new norms brought about by the COVID-19 pandemic, and products should be designed to meet local buyers' requirements and affordability level.
She told The Malaysian Reserve (TMR), “Developers need to offer units with more rooms (not necessarily larger size to keep the price at an affordable level) to ensure family members have their own private space to attend classes or meetings online.”
As more organisations adopted hybrid working models, she stated that office space requirements have decreased by 20% to 30%. Offering a floor plate of 15,000 to 20,000 square feet will be more appealing, she said, adding that there should also be the option to knock-off panel floors for the installation of a stairway in the event that the building has to expand and occupy two stories.
Saleha added, “Besides office, the COVID-19 pandemic has proven that we need to upgrade our healthcare system to an international standard and requirements.”
“We expect an international-standard healthcare and wellness centre as a must-have component in projects like Bandar Malaysia, for example, to gain the confidence of buyers/investors, especially the international market.”
Bandar Malaysia's master plan, she believes, should not only be adaptable, but also encourage economic and sustainable living, which could accommodate the new norm post-pandemic, such as flexibility in work and living arrangements enabled by splendid transportation infrastructure.