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Ipoh: A new haven

Ipoh is slowly emerging as a thriving property market for buyers seeking tranquil resort style living at affordable prices.

by Audrey Wong

Mention the name Ipoh and a few things immediately come to mind: good food, limestone cliffs and a tranquil town setting. However, these factors just barely scratch the surface of everything Ipoh has to offer.

The capital city of the northern state of Perak, Ipoh began as a tin mining outpost in the Kinta Valley in the late 19th century and subsequently grew into a thriving mining town in the decades that followed.

Today, Ipoh remains popular for entirely different reasons, particularly for its local cuisine and as an emerging property hotspot.

A middle point

Located in the heart of Kinta Valley approximately 200 km north of Kuala Lumpur and 130 km south of Penang, Ipoh is a convenient stopover and a meeting point for those travelling between the two major cities along the west coast of Peninsular Malaysia. Its proximity to Cameron Highlands also makes it a common gateway to the popular hill resort.

Ipoh offers ease of accessibility and is served by the North-South Expressway and the old interstate Route 1, a trunk road that connects Ipoh with neighbouring towns such as Gopeng, Kampar and Tanjung Malim. Apart from an intercity bus terminal and a railway station offering the Electric Train Service (ETS) between Ipoh and KualaLumpur, the newly refurbished Sultan Azlan Shah Airport (IPH) also offers daily departures to Kuala Lumpur and Singapore, among others. Low but escalating prices A laid-back lifestyle coupled with lower cost of living have made Ipoh a highly desirable spot for retirement or for setting up a second home. The city is integrated with first-world healthcare and modern infrastructure that ensure its residents enjoy high quality of living without the hustle and bustle of overcrowded cities.

In 2014, Ipoh was listed as one of the nine most affordable places to retire in the world by an international survey. The findings are hardly surprising as the combination of stress-free living and relatively lower property prices (in comparison to Kuala Lumpur and Penang) have attracted a steady inflow of foreigners who seek to live comfortably on a budget.

About 70 percent of Ipoh's 700,000 population are ethnic Chinese and many of the friendly locals speak English, making it easy for foreigners to assimilate in the local culture. On top of that, Malaysia's lenient immigration policies and the government-driven Malaysia My Second Home (MM2H) programme are designed to make living in the country (permanently or short term) as easy as possible for foreigners. The programme offers a ten-year renewable visa and various other privileges. To qualify, non-Malaysians must meet a set of requirements such as a minimum monthly income, minimum liquid assets and a fixed deposit.

Purchasing property is not a pre-requisite for the MM2H programme, but those under the programme get to enjoy an easy entry into Ipoh's real estate market with a relatively low minimum price threshold of RM350,000. Here, landed terrace houses go for RM400,000 onwards a sharp contrast with the same type of property going for RM1 million in Penang and RM800,000 in Greater Kuala Lumpur.

However, those who have set their sights on prestigious addresses and sought-after neighbourhoods in Ipoh may have to fork out a little bit more. Demand remains high for residential properties at Thompson Road, Tiger Lane and Jalan Golf Club, while prices of homes in Canning Garden and Ipoh Garden have escalated as much as 50 percent. For more affordable options, investors can opt to look farther from central Ipoh. For instance, Bandar Meru Raya is gaining momentum as one of the rising townships in Ipoh and is poised to grow as a future hotspot with the impending RM450 million development of the Movie Animation Park Studios (MAPS) nearby.

According to the WTW Property Market Report 2015, demand for landed residential properties in Ipoh was high in 2014. It states, Double-storey terraced houses in Ipoh priced averagely at RM267,000 per unit have appreciated approximately 11 percent in 2014 compared to 2013. Yields for terraced houses in Ipoh remained stable at three to four percent. Double-storey semi-detached houses which were transacted at average prices of RM466,000 per unit in 2013 have surged by five percent to RM489,000 per unit in 2014. The report added that the landed residential sector in Ipoh is expected to remain stable and competitive in 2015, whereas high-rise residential developments, especially condominiums, have started to pick up in 2014 with new developments launched at RM500 psf.

In recent years, the local property market has also received a boost from the shift in Ipoh's business landscape. The return of many of the younger generation to Ipoh to modernise family businesses or set-up new ones have created job opportunities and sparked the enhancement of infrastructure within the city, which in turn has driven up property prices. To remain competitive in the burgeoning market, developers are turning to fresh product concepts. Some capitalise on Ipoh's natural surroundings to offer an integrated resort living concept, while others have started to roll out SOHO (small-office-home-office) and SOVO (small-office-virtual-office) suites in the city.

While property prices in Ipoh have escalated in recent years in response to a robust market, they are still relatively low compared to Kuala Lumpur or Penang. This, combined with smooth connectivity, easy accessibility, a relaxing lifestyle and comparatively lower costs of living, contribute to Ipoh's rising popularity as the next best hotspot for living or investing.

Ipoh
Ipoh

INTERNATIONAL HIGHLIGHT

NEW PROJECT

Ipoh project
Ipoh project

Upper East Tiger Lane, Ipoh

Type: Condominium

Developer: Curah Bahagia Sdn Bhd

Tenure: Freehold

Facilities: Swimming pool, wading pool, BBQ pits, yoga deck, tennis courts, squash courts, sauna room, party lawn, pavilion, car park complex, multi-tier security

Nearby Key Amenities: AEON Shopping Centre, KPJ Medical Centre, Pantai Medical Centre, Ipoh Turf Club, Royal Perak Golf Club and Ipoh town

Nearest Transport: Five minutes to the Sultan Azlan Shah Airport

Indicative Price: TBA

The Upper East condominium development is nestled on 7.8 acres of prime freehold land at Tiger Lane, an affluent residential enclave.

Developed by Curah Bahagia Sdn Bhd, this high-rise project is unlike any other in its vicinity, and boasts an array of lifestyle facilities. They include the largest private swimming pool in Ipoh, tennis and squash courts, a pavilion with amphitheatre seating, and aspectacular RM5 million landscape with water features.

Upper East comprises 529 units, with a mix of simplex, duplex and dual-key layouts ranging from 1,162 sq ft to 1,787 sq ft.

Upper East is within proximity to a broad range of amenities, such as shopping centres, entertainment hotspots, hotels, medical facilities, and established educational institutions.

The PropertyGuru News & Views

This article was first published in the print version The PropertyGuru News & Views. Download PDF of full print issues or read more stories now!

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