China-based China Communications Construction Group (CCCG) said the worst is most likely over for the high-end property segment and that a gradual return to normality is expected once the borders are reopened in 2022.
CCCG is a Fortune 500 company. The company is ranked 61st in the world with a revenue of US$106.8 billion.
CCCG and its partner WCT Holdings Bhd, through joint-venture (JV) company CORE Precious Development Sdn Bhd, are developing CORE Residence @ TRX which is a high-end freehold project worth RM1.4 billion in gross development value (GDV) at Tun Razak Exchange.
Director of CCCG Overseas Real Estate Pte Ltd Zhang Bao said: “The combination of mega infrastructure rollouts, reactivation of Malaysia My Second Home (MM2H) programme and reopening of borders in 2022 have generated excitement in the property market.
“Our online engagements with potential buyers from countries and regions such as Hong Kong, China and Singapore are ongoing, and they have expressed their desire to fly into KL to examine our project once they are allowed to.”
During the pandemic, CORE Precious took immediate measures to transform digitally and enable its international buyers to make the end-to-end purchasing process remotely. This includes the use of high-quality visuals, virtual reality technology and agent live streams. Its customers quickly embraced the efficiency and convenience of shopping for a new home online instead of in person.
“Although the impact of the pandemic was certainly felt, we still managed to generate significant sales thanks to the swift action of our team in shifting the bulk of its operations digitally. Interest in our project remained resilient due to its prime location in the international financial district of the country and attractive price per square feet. This provides the confidence and room for customers to enjoy some price appreciation post-pandemic,” he said.
When shopping for a new home, customers are also notably placing a higher emphasis on functionality and quality of life due to prolonged stays indoors in the foreseeable future.
“Customers are quickly realising the importance of their homes due to the pandemic situation, and as a result have shifted their preference towards living spaces that allow them to live, relax and work in comfort. This coincides with the value proposition of high-end residential condominiums which usually come fully equipped with premium facilities,” explained Zhang Bao.
For this reason, he said that CORE Precious has now shifted its marketing strategy to focus more on the local market while international borders remain closed. The company is seeking to capture the pent-up demand from Malaysian buyers who are looking for their own stay, upgrade or investment.
