Five new residential projects launched in Kuala Lumpur in Q2

The projects yielded 3,699 units.

Two prime residential projects, Hemmon House and TRX Residences (Phase 1), were completed in Kuala Lumpur in the second quarter of 2024, adding a total of 986 units to the available stock, according to a JLL report.

Five projects—Skyline Embassy, Pavilion Square, Orion Residence, Times Square 2 and Aricia Residences—were launched during the quarter, with a combined total of 3,699 units.

Here’s more from JLL:

The interest rate of 3% remained unchanged in Q2 2024, and Bank Negara has not conducted a review since May 2023.

The demand for residential properties continued to demonstrate a positive trend, signalling stabilised market conditions. This was evident from the abundance of Prime and Luxury property launches that have taken place.

The revised MM2H programme is expected to gain popularity among expatriates

Taking into account the impact of inflation and the rising costs of visa schemes worldwide, the revamped MM2H programme in Malaysia focuses on attracting wealthy foreigners, despite the relaxed financial requirements.

Anticipation surrounds the revised MM2H programme in Malaysia, as individuals await its finalisation. The weak ringgit benefits foreign investors, increasing their purchasing power and asset investment value.

Outlook: New MM2H hopes to gain investor confidence by offering better incentives and benefits

The MM2H programme’s expansion targets both younger foreign investors and retirees, aiming to entice a broader range of applicants and stimulate overseas investments by incentivising tourists and investors to consider Malaysia as their destination.

A projected rise in living costs may lead to more renters. Investors should monitor market trends, adapt strategies and explore rental property opportunities. JLL foresees an increased demand for rentals, with potential for higher rent yields.

Note: Kuala Lumpur Residential refers to Kuala Lumpur's prime residential market.