Retirement in Malaysia - how much RM a month for living?

[inlinesix]

8 hours ago, Throttle2 said:

Yes thats right. 

What we prized highly here are not attributes fought after by the malaysians in MY.

Luxurious condos are for foreigners only.

the only way to sell a luxury condo is to another foreigner becos malaysians wont buy them, they much prefer land.  

And guess what, when you buy a luxury condo in KL, you will find it very hard to sell becos, there will be a newer better one by the time you are looking to sell yours and no rich foreigner would want to pay top dollar to buy a second hand luxury condo when he can buy a new one for essentially the same price.

getting out of that market without a loss is the luckiest bet already

If you dig the archives on the propery thread, i explained it more than once and advised strongly against.  Had a friend who didnt listen and bought OneKLCC many years ago. But the developer is a friend so in a way he bought to give her face.  

Took more than 5 yrs to let go, at a loss. Unit left empty becos he didnt want to rent it and risk damage.  Never been used. Just pay maintenance fees every month.  

Good thing he is f**king rich.  In the end admit to me that he shouldnt have bought it.  Muayhahah

I always stay at my friend place in Desa Park City.  It is a 1,500 sq ft condo.  Most of his neighbour is local rather than expats.

Places like KLCC or Pavilion is kind of condo for foreigner to buy.

Local will buy Mont KIara and Sri Hartamas for rental.  These 2 places has high number of international School.

[Spidey10]

8 hours ago, Throttle2 said:

Yes thats right. 

What we prized highly here are not attributes fought after by the malaysians in MY.

Luxurious condos are for foreigners only.

the only way to sell a luxury condo is to another foreigner becos malaysians wont buy them, they much prefer land.  

And guess what, when you buy a luxury condo in KL, you will find it very hard to sell becos, there will be a newer better one by the time you are looking to sell yours and no rich foreigner would want to pay top dollar to buy a second hand luxury condo when he can buy a new one for essentially the same price.

getting out of that market without a loss is the luckiest bet already

If you dig the archives on the propery thread, i explained it more than once and advised strongly against.  Had a friend who didnt listen and bought OneKLCC many years ago. But the developer is a friend so in a way he bought to give her face.  

Took more than 5 yrs to let go, at a loss. Unit left empty becos he didnt want to rent it and risk damage.  Never been used. Just pay maintenance fees every month.  

Good thing he is f**king rich.  In the end admit to me that he shouldnt have bought it.  Muayhahah

 

makes sense for locals Malaysian to buy landed. There are plenty of land anyway. And I believe they are so used to staying landed like majority of us in HDB...

if i were to invest for retirement, i'll get a single storey lot with land surround it in PJ/Subang or Subang Jaya …..(hope i got the name right) area. Stayed in PJ for a week at a fren's place...convenient and a lot of amenities around...dun have to go far far....

but now i think is too late hor....the prices are crazy for a landed now...maybe 10-15 years ago still ok.

[NightWind]

9 hours ago, Throttle2 said:

Yes thats right. 

What we prized highly here are not attributes fought after by the malaysians in MY.

Luxurious condos are for foreigners only.

the only way to sell a luxury condo is to another foreigner becos malaysians wont buy them, they much prefer land.  

And guess what, when you buy a luxury condo in KL, you will find it very hard to sell becos, there will be a newer better one by the time you are looking to sell yours and no rich foreigner would want to pay top dollar to buy a second hand luxury condo when he can buy a new one for essentially the same price.

getting out of that market without a loss is the luckiest bet already

If you dig the archives on the propery thread, i explained it more than once and advised strongly against.  Had a friend who didnt listen and bought OneKLCC many years ago. But the developer is a friend so in a way he bought to give her face.  

Took more than 5 yrs to let go, at a loss. Unit left empty becos he didnt want to rent it and risk damage.  Never been used. Just pay maintenance fees every month.  

Good thing he is f**king rich.  In the end admit to me that he shouldnt have bought it.  Muayhahah

 

Most other countries restrict foreigners to only purchase of strata type condo properties. Landed properties n vilas r reserved only for citizens. The exception of coz is Singapore s PAP lets foreigners buy landed sentosa cove properties.

Fer me i dont wana go from a pigeonhole here in sg to a pigeonhole condo in Malaysia. M would really like a beach villa in Malaysia but i cant find any.

Thats why i m still viewing the beach villas in Koh Samui n Lombok etc. See eg   https://www.conradproperties.asia/properties/pool-villa-for-sale-in-koh-samui-beautiful-lamai

But i avoid the btos n view only completed villas ready for immediate handover n occupancy. 

Unfortunately Malaysia has no such offerings that r within my limited budget

Edited July 2, 2020 by NightWind

[Spidey10]

43 minutes ago, NightWind said:

Most other countries restrict foreigners to only purchase of strata type condo properties. Landed properties n vilas r reserved only for citizens. The exception of coz is Singapore s PAP lets foreigners buy landed sentosa cove properties.

Fer me i dont wana go from a pigeonhole here in sg to a pigeonhole condo in Malaysia. M would really like a beach villa in Malaysia but i cant find any.

Thats why i m still viewing the beach villas in Koh Samui n Lombok etc. See eg   https://www.conradproperties.asia/properties/pool-villa-for-sale-in-koh-samui-beautiful-lamai

But i avoid the btos n view only completed villas ready for immediate handover n occupancy. 

Unfortunately Malaysia has no such offerings that r within my limited budget

echo yr pigeonhole concept - i'll get a landed if $$ permits, but i don't mind no sea view...as long as got some land for me to plant a MSW tree...who knows 5 yrs down the road, i don't need to buy anymore MSW from the durian seller.

this is my ultimate dream...

[inlinesix]

2 minutes ago, Spidey10 said:

echo yr pigeonhole concept - i'll get a landed if $$ permits, but i don't mind no sea view...as long as got some land for me to plant a MSW tree...who knows 5 yrs down the road, i don't need to buy anymore MSW from the durian seller.

this is my ultimate dream...

You can't plant unless you have very big piece of land.

The root will destroy your house.

[Voodooman]

10 hours ago, Throttle2 said:

Yes thats right. 

What we prized highly here are not attributes fought after by the malaysians in MY.

Luxurious condos are for foreigners only.

the only way to sell a luxury condo is to another foreigner becos malaysians wont buy them, they much prefer land.  

And guess what, when you buy a luxury condo in KL, you will find it very hard to sell becos, there will be a newer better one by the time you are looking to sell yours and no rich foreigner would want to pay top dollar to buy a second hand luxury condo when he can buy a new one for essentially the same price.

getting out of that market without a loss is the luckiest bet already

If you dig the archives on the propery thread, i explained it more than once and advised strongly against.  Had a friend who didnt listen and bought OneKLCC many years ago. But the developer is a friend so in a way he bought to give her face.  

Took more than 5 yrs to let go, at a loss. Unit left empty becos he didnt want to rent it and risk damage.  Never been used. Just pay maintenance fees every month.  

Good thing he is f**king rich.  In the end admit to me that he shouldnt have bought it.  Muayhahah

 

Thanks for sharing your thoughts. Now it is clearer to me why you think it is better to rent.  The exit may not be as straight forward as in SG.

Agree to buy a condo in KL for own stay, better to ensure there is a strong tenant pool so that someone will be willing to take it off your hands one day, even if it is not for investment.

Thanks @Hubwee on the point that there is little  commercial buildings in that area. Valid point although i think a wider MRT network will likely bring more expats to the area.

I am also sensing that KL people, who used to be adverse to condo (prefer landed) are moving into them, especially the busy PMET class.  A few of my friends have moved from landed to prime condo in recent years. And last time, they think staying near train station is low class, now it is fought after.  So mindset is changing as well.

The main problem with KL condo market is still supply.... 

 

Edited July 2, 2020 by Voodooman

[NightWind]

5 minutes ago, Spidey10 said:

echo yr pigeonhole concept - i'll get a landed if $$ permits, but i don't mind no sea view...as long as got some land for me to plant a MSW tree...who knows 5 yrs down the road, i don't need to buy anymore MSW from the durian seller.

this is my ultimate dream...

Well if we both want a nice landed beach villa, reasonably priced, below SGD400k with pool n seaview, modern open concept, with floor to ceiling landscape glass wall facing sea, the only places r Koh Samui n Lombok.

I cant find any in Malaysia n i have been looking for afew years.

N in Thailand foreigners purchase the landed villas via a spv corporate vehicle.

[inlinesix]

Just now, NightWind said:

Well if we both want a nice landed beach villa, reasonably priced, below SGD400k with pool n seaview, modern open concept, with floor to ceiling landscape glass wall facing sea, the only places r Koh Samui n Lombok.

I cant find any in Malaysia n i have been looking for afew years.

N in Thailand foreigners purchase the landed villas via a spv corporate vehicle.

For Sea Front house, make sure you standby money to reno home every 3 years.

Sea breeze will corrode things fast hor.

[Throttle2]

5 minutes ago, Voodooman said:

Thanks for sharing your thoughts. Now it is clearer to me why you think it is better to rent.  The exit may not be as straight forward as in SG.

Agree to buy a condo in KL for own stay, better to ensure there is a strong tenant pool so that someone will be willing to take it off your hands one day, even if it is not for investment.

Thanks @Hubwee on the point that there is little  commercial buildings in that area. Valid point although i think an wider MRT network will likely bring more expats to the area.

I am also sensing that KL people, who used to be adverse to condo (prefer landed) are moving into them, especially the busy PMET class.  A few of my friends have moved from landed to prime condo in recent years. And last time, they think staying near train station is low class, now it is fought after.  So mindset is changing as well.

The main problem with KL condo market is still supply.... 

 

Forgot to mention. Capital control also an issue.

my friend send in USD to convert to RM. when he sold, recieved a weaker RM and converted at lousy rate. To top it off, it was very problematic to get the USD out due to capital control.

Good luck

[serenade]

I have this fear lurking in me about MY condos outside of KL. Can someone tell me whether is my fear unfounded ..... 

I have visited some nice condos in Penang and Kota Kinabalu. High rise, big built-in space, unblocked sea view, perched on a hill.  Very tempting as I have a thing about high floors.

My fear is .......... what if the lift breaks down? Or worse still, the lift jams with me inside. How long does it take for the technicians to come and free trapped person and repair the lift? I have seen in Malacca lift break down taking months to repair. And if the condo has only 2 lifts per floor, a break down taking long to repair can result in both lifts being out for days. I cannot imagine walking up 20 floors daily with groceries.

Are my fears real? 

[Throttle2]

3 minutes ago, serenade said:

I have this fear lurking in me about MY condos outside of KL. Can someone tell me whether is my fear unfounded ..... 

I have visited some nice condos in Penang and Kota Kinabalu. High rise, big built-in space, unblocked sea view, perched on a hill.  Very tempting as I have a thing about high floors.

My fear is .......... what if the lift breaks down? Or worse still, the lift jams with me inside. How long does it take for the technicians to come and free trapped person and repair the lift? I have seen in Malacca lift break down taking months to repair. And if the condo has only 2 lifts per floor, a break down taking long to repair can result in both lifts being out for days. I cannot imagine walking up 20 floors daily with groceries.

Are my fears real? 

Walking up and down still not crazy.

being stuck in the lift for 2 days should it breakdown, now that would be a lifetime ordeal

[Rickster]

25 minutes ago, serenade said:

I have this fear lurking in me about MY condos outside of KL. Can someone tell me whether is my fear unfounded ..... 

I have visited some nice condos in Penang and Kota Kinabalu. High rise, big built-in space, unblocked sea view, perched on a hill.  Very tempting as I have a thing about high floors.

My fear is .......... what if the lift breaks down? Or worse still, the lift jams with me inside. How long does it take for the technicians to come and free trapped person and repair the lift? I have seen in Malacca lift break down taking months to repair. And if the condo has only 2 lifts per floor, a break down taking long to repair can result in both lifts being out for days. I cannot imagine walking up 20 floors daily with groceries.

Are my fears real? 

Your fears are not unfounded. In MY, one of the very common thing to happen is the deterioration of condo's physical condition. Upkeep is always and issue for the vast majority of condos. 

In the event of a need for rescue when stuck in lifts? Don't expect too much. If you want a condo as a holiday home, my recommendation would be to use air B&B, like that you don't have to end up a slave to do cleaning and maintenance of your condo every time you visit...plus, you'll get sick of it (and the surrounding place) after awhile once the novelty wears off. Just ask your friends or MCFers who stays in condos. 

For investment? I'd recommend those gated landed community over condos. Security is a big plus for locals and also, like us, they generally prefer landed.

[Lala81]

28 minutes ago, serenade said:

I have this fear lurking in me about MY condos outside of KL. Can someone tell me whether is my fear unfounded ..... 

I have visited some nice condos in Penang and Kota Kinabalu. High rise, big built-in space, unblocked sea view, perched on a hill.  Very tempting as I have a thing about high floors.

My fear is .......... what if the lift breaks down? Or worse still, the lift jams with me inside. How long does it take for the technicians to come and free trapped person and repair the lift? I have seen in Malacca lift break down taking months to repair. And if the condo has only 2 lifts per floor, a break down taking long to repair can result in both lifts being out for days. I cannot imagine walking up 20 floors daily with groceries.

Are my fears real? 

Quite possible. 

I was in melbourne condo/apartments in CBD. The place is very nice. Got 3 lifts servicing 40 floors. 
1 is broken down, awaiting parts to be brought in. Their ETA was ~1 month. And given the date of notice, it had already been broken down for about 3 weeks already.

Funny thing was during one of the days, another lift was closed for servicing out of the 3. So 1 lift servicing 40 floors.

 

[Meanmachine]

I hear when senior citizens retired, most moved away from city to villages greenery and resort feels, with half an hour drive for grocery and night out.

Condo more for investment returns, I don't think the yields is comparable to their GDP digit

[Throttle2]

3 minutes ago, Meanmachine said:

I hear when senior citizens retired, most moved away from city to villages greenery and resort feels, with half an hour drive for grocery and night out.

Condo more for investment returns, I don't think the yields is comparable to their GDP digit

Yes when i was in my twenties, lived in heart of city and every holiday go to different cities. And want to work in fast paced cities

now lao liao, want to be further away, hate the noise and people.

[Voodooman]

59 minutes ago, Meanmachine said:

I hear when senior citizens retired, most moved away from city to villages greenery and resort feels, with half an hour drive for grocery and night out.

Haha... I am the opposite, after I retire, I don't want to do gardening, to cut grass and clean house. I want to read, surf net, eat good food, exercise/ hike, la kopi with friends and most of all, travel. 

And there will come a day where I will no longer be as mobile and driving may not be fun anymore as can't see very well. So connectivity and access to facilities will be important.

Maybe i should just buy a HDB and retire in SG. Will have lots of old people to hang out with at kopithiam or void deck.  Lol...

Edited July 2, 2020 by Voodooman

[NightWind]

2 hours ago, inlinesix said:

For Sea Front house, make sure you standby money to reno home every 3 years.

Sea breeze will corrode things fast hor.

Tks bro. I wont buy Beach front, only sea view as global warming will flood beach front villas in afew yrs

[Acewin]

16 minutes ago, NightWind said:

Tks bro. I wont buy Beach front, only sea view as global warming will flood beach front villas in afew yrs

Good foresight.