MELAKA: HISTORY MOVING FORWARD?

p34Boasting good tourism appeal, strategic location, affordable property prices, as well as various iconic upcoming developments, will the historic city of Malacca rise as the next property hotspot in the country? Words by Isabelle Pinto

The Historic State of Melaka has always been well known for its historical and heritage buildings. With its capital Malacca City being listed as a UNESCO World Heritage Site since July 2008, millions of tourists have been flocking to the area to admire its well preserved age-old architecture. Combine this with a rich cultural heritage of various ethnicities as well as famous food and restaurants, Malacca is indeed a force to be reckoned with in our country’s tourism industry.

Rapid development of the state has also caused its property market to grow over the years. Previously a rather subdued area with very few tall buildings and mostly old buildings, the state’s landscape now features various modern commercial properties such as office blocks, shop-offices, shopping complexes and industrial lots with many new development projects in progress.

Residential properties include landed ones such as terraced houses, semi-detached houses and bungalows with apartments and condominiums also becoming increasingly popular. Moreover, there are also a number of international schools and good hospitals in the area, making it a good place to live in.

p34bBesides Malacca’s good tourism appeal, another reason why the state makes a good investment location is due to its relatively cheap land prices which are not overly inflated. Current property prices remain very attractive, showing a lot of potential for growth in the area. Compared to Kuala Lumpur, property prices are cheaper here with a 3-bedroom condominium starting from RM400,000. Commercial units are also priced affordably despite prices inching upwards for the past few years.

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