Myanmar buyers get second bite at Malaysian Paradiso
Myanmar investors are to get a second chance to invest in Malaysia’s luxury property market. Singapore-based KAE Alliance is selling another set of units at the Paradiso Nuova luxury condo in Medini city, said Ko Naung Ko Ko Latt, the company’s sales consultant.
The high-rise condo, on a 2.2-acre (0.88-hectare) plot, involves two 35-storey towers built by the Chinese Zhuoda property group and the Malaysia-based Medini Islanda company.
The development is located in Iskandar, Malaysia, on a purpose-built site near the border with Singapore.
“At K250 million, the units are cheaper than some Myanmar luxury condominiums. The Malaysian ringgit has fallen in value this year, so it’s a good time to invest in Malaysia’s property market,” said Ko Naung Ko Ko Latt.
Units from the first phase of Paradiso Nuovawere first offered for sale in Myanmar in January, said Ko Naung Ko Ko Latt.“We sold nine units in phase one, and hope to sell more in the second phase,” he said.
Ko Kyaw Min Zin, chief executive officer of KAE’s local subsidiary, told The Myanmar Times in January that he hoped to sell 20 apartments to Myanmar buyers at the start of the year. Myanmar buyers who do purchase property will be able to travel to Malaysia without a visa under a special promotion, known as Malaysia My Second Home (MM2H), said Ko Naung Ko Ko Latt.
MM2H is promoted by the Malaysian government and provides a 10-year social visit pass for foreigners who meet certain criteria.
The developers will also pay the state tax, 2 percent of the unit price, and service fee, 1pc of the unit price, for one year, he added. This one-year tax payment was available only to Myanmar citizens, he added.
Buyers have to pay 10pc of the unit price when they sign to purchase an apartment and the remainder before the scheduled completion date, he said.
The luxury units, which come with a 90-year guarantee, are due for completion in December 2017. They range in size from 696 square feet to 1475 sq ft.