The Malaysian government is actively trying to improve the environment for expatriate looking to invest in the country, the upshot is that its capital city, Kuala Lumpur has become the regional headquarters of many of the world’s major corporations and its landmark Petronas Twin Towers at Kuala Lumpur City Center (KLCC) are the centre piece that kicked of Malaysia’s construction boom.

With rapid urbanization underway throughout the city, districts such as Mont Kiara and the Central Business District close to KLCC are becoming highly sought after property locations with the international affluent expat community and Malaysian city executives seeking up market serviced residences close to international schools and attractive shopping plazas.

Driving through this global village, Mont Kiara appears to be condominium central with upmarket residences popping up on every corner and the success of project brands such as I-Zen, developed by the enclave’s second largest developer Ireka, whose first condo project Kiara 1 condominium launched two years ago is about 85% sold and completed in April of this year. Kiara 1’s initial average prices were RM380 to RM400 psf but its balanced units were now priced around RM500 psf.

Property prices in KLCC and Mont’Kiara have been reported to be stable achieving good capital appreciation and prices are likely to continue to rise given the increase in land price. In addition, average occupancy is about 90% and rents remain stable ensuring investors enjoy attractive rental yields averaging 8-10 per cent, with the better properties fetching as high as 15 per cent.

The high-end and niche market is expected to continue flourishing with the outlook for these property developers looking bullish, enjoying the benefits of a recent Government ruling relaxing the rules on foreigners owning residential properties. Kuala Lumpur is just the start of things to come.