KL real estate a story waiting to be discovered, says Rehda KL
KUALA LUMPUR: The quality and standard of new property developments in the city, rivalling some of the region’s best, is a story waiting to be discovered, said N K Tong.
The newly-elected 2010-12 chairman of Real Estate and Housing Developers’ Association (Rehda) Kuala Lumpur Branch said the city’s real estate seemed to have benefitted from the recent global economic meltdown.
Kuala Lumpur, he told theedgeproperty.com, remains one of the most affordable world-class cities in South East Asia and greater Asia.
Malaysia’s economy, said Tong, must be seen in the context of the global economic environment; while the world is on an uncertain recovery, there are pockets of opportunities everywhere.
“As a result of the meltdown in European and US economies, more emphasis is being placed on Asian and emerging economies.
“Investors globally are looking for safe-haven investments, and are also concerned about inflation against a back drop of quantitative easing or liquidity pump priming by governments throughout the world.”
On the two rounds of interest rate increases recently, Tong said borrowing costs are still very low and, more significantly, the move by Bank Negara also signalled confidence in a strengthening economy.
Tong was elected the new chairman of Rehda KL for 2010-12 during the branch’s annual general meeting on May 15, 2010, succeeding Datuk Micheal Yam.
On his mission for Rehda KL, Tong, the group managing director of Bukit Kiara Properties Sdn Bhd, said they hoped to broaden their collaborative and cooperative efforts with Kuala Lumpur City Hall for the betterment of the Kuala Lumpur folks and Rehda’s members.
He also sees a need for the constant upgrading and development of Kuala Lumpur into a world-class city.