Properties in Malaysia are over-rated. People buy houses like they are going to live forever. 99 years leasehold, tak laku. They go for brand-names. In Penang, if the developer is one of the handful well-known ones, the properties will sell like hotcakes even if they build the properties on swampland, sewage grounds, graveyards etc. IJM lah, Sunway lah, sure sell.
I used to work in a large company with subsidiaries in properties development. We were the one who demolished the heritage building Metropole Hotel while the police were having their Christmas’s eve party some 8-10 years ago. And look what is going on with the place? It is still rotting. (We got off by paying a few thousand RM which was considered cheap.) Some gleaming hotel was supposed to be built but somehow, it failed to take off.
Therefore, I find it sad that our Penang Government in particular do not know how to appreciate old buildings. Since I no longer work there, I sometime do wish the State Governent will impose heavier penalties (like putting the CEO or someone higher in jail and castrate the person).
Old buildings are national treasures. I wish I am rich enough to buy one of those pre-war houses and restore them to its glory. Those old pre-war houses even have their own courtyard in the middle of the building. Excellent fengshui. And the number of rooms available can afford my atm to be like Ayah Pin.
I don’t know what I am ranting except that two of my neighbours in the SAME apartment block are drilling, knocking and messing up the whole blardy place because they are renovating their recently bought apartments. I hate it when someone renovates their apartment. The lifts are dirty, the corridor are messy and we have suspicious looking contractors hanging around. But we Malaysians seem to have nothing better to do than to pour in at least RM50-60K to renovate a place and then, all these monies will disappear in another round of knocking, drilling, etc.
Moral of the story – Do not spend too much on renovation. When you sell the place, you can’t cover the renovation costs. Take it from me, I si beh kiam siap and always profit whenever I sell properties.
Oh ya – Free promo for Simon. He has a blog call Property Malaysia. If you want tips on what to buy or how to withdraw EPF to buy that dream home, just go over there. But if you want to know how to make sure every properties your husband buy has your name on it, then come to me.