KUALA LUMPUR (Dec 21): 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.
Director of CCCG Overseas Real Estate Pte Ltd Zhang Bao said mega infrastructure rollouts, reactivation of the Malaysia My Second Home (MM2H) programme and reopening of borders have generated excitement in the property market.
"However, it will take some time to reach pre-pandemic levels of activity," he said in a statement on Tuesday (Dec 21).
"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 Kuala Lumpur to examine our project once they are allowed to,” he added.
On the company's development, he said its CORE Residence @ TRX (Tun Razak Exchange) project still managed to generate significant sales, thanks to the swift action of its team in shifting the bulk of the 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.
CORE Residence @ TRX is a high-end freehold project worth RM1.4 billion in gross development value (GDV) developed by CCCG and its partner WCT Holdings Bhd, through a joint-venture company, CORE Precious Development Sdn Bhd.
Zhang said due to the pandemic, customers are quickly realising the importance of owning a house.
The Covid-19 outbreak has also shifted their preference towards living spaces that allow them to live, relax and work in comfort.
“The property industry has observed a burst of recovery in market activity and transaction price when the movement control order was lifted.
‘’Potential local buyers and investors who have solid financial footing and an appetite for higher-priced properties may be enticed to purchase our products now to take advantage of the stamp duty exemption as well as the current low interest-rate environment,” he noted.
The Fortune 500 company said the CORE Residence @ TRX project is on track for its expected completion in 2023.
CCCG is ranked 61st in the world with a revenue of US$106.8 billion. - TheEdgeMarkets