KUALA LUMPUR – Fansons Berhad, a leading e-retail giant has recently announced its new venture into the property market.
Speaking to MalaysiaXpress, its Chief Executive Officer Datuk Asa Fan said Fansons has invested in high-rise condominiums developed by Basic Developments Sdn Bhd in the capital city of Malaysia targeting foreign markets.
“We have invested in 50 units of high-rise condominiums amounting to approximately RM 30 million. All the units are above 100 square metres and fully furnished.
“Our target is to attract foreign buyers and we are targeting people from Thailand to invest in the property market in Malaysia,” Asa said adding that this will be an enhancement to the property industry here.
Adding on further, Asa said credit facilities will also be given to qualified foreigners if they seek end financing.
“We can also provide flexible end financing for them if they require.
“Like for example, in Thailand, they have to pay in full when purchasing properties, unlike Malaysia where there are a lot of financial institutions that can provide property loans,” Asa said.
Asa is confident that this is the right time to invest in Malaysia’s property Market due to the ringgit’s high exchange rate.
Fanson’s have been growing aggressively lately. On 19 August this year, it inked a Memorandum of Understanding (MoU) for a business expansion worth USD 20 million with YY Circle, a leading job matching platform in Malaysia, with its job finder application.
Both companies have agreed to an international expansion starting with Cambodia.
Property market in Malaysia
The property market in Malaysia for 2023 has been quite dynamic.
The focus of the residential property market this year continues to be on landed residential properties, apartments priced under RM500,000 in popular locations, smaller-sized units which will bring down the absolute price of the unit, and niche high-end projects in good locations.
The Malaysian property market was able to stage a quick recovery from the pandemic-induced slowdown in 2020.
The volume of transactions climbed 34.6 per cent compared to the corresponding period in 2021 whilst the value of the transactions went up by 34.8 per cent. — MalaysiaXpress