Although the seventh exhibition we have attended in Malaysia this year, this was the first time we have ever exhibited at the Setia City Convention Centre and our position within the venue proved to be extremely advantageous, with our corner stand drawing the immediate attention of investors as they passed through the venue’s doors.
Exhibiting selected products from our Thailand portfolio, including Laguna Beach Resort II- a condominium complex located in Jomtien Beach and The Maldives- a seven-building resort development also located in the tourist hotspot of Jomtien - we found that these products stood out to investors as a result of their unique location and their selling point, as credible alternatives to the Malaysian domestic market, which dominated the rest of the exhibition.
This high interest was compounded by a number of factors currently affecting the local market, including; the continuing depreciation of the Malaysian Ringgit, which dropped by 2.1% in the month of November, and the fact that foreign and local investors who purchase a second property in Malaysia have to hold the property for a minimum of five years to avoid capital gains tax.
These factors ensured that interest in our products soared, with our team taking a total of 43 enquiries and completing 1 sale at the event, with a number of other serious enquiries from the show currently being followed up by the team.
The success we have experienced in Malaysia throughout the year perfectly exemplified by the results at this iProperty event, is set to be further boosted by a new property law which comes into effect in January 2014. This law is set to double the price entry level from foreign investors desiring to invest in the local market from 500,000 Ringgits to 1M Ringgits, which will only boost our position as an exhibitor showcasing alternative investments to the local market throughout at future exhibitions.
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