Jetsetters and trendsetters in their own right, these next generation developers travel the world in search of inspiration for their projects.
By Yvonne Yoong
The young next generation developers are a well-travelled lot. Having gone far and being exposed to various overseas lifestyle developments, they are infusing global trends, concepts and ideas into their developments to benefits the local real estate scene. In this exclusive interview, YES paper delves behind the scenes to gauge their future directions. Close on the heels of Visit Malaysia 2020 peeking upon the horizon, and buoyed by optimism despite an overall sluggish market sentiment, here’s how they are seizing the silver lining to turn the property market around.
Penang-born Mei Tan is a force by herself – being a next generation developer and serial entrepreneur of the island city with the highest tourist arrivals.
“George town is full of amazing colonial architecture and street art plus nature sites like the Penang Hill. Escape Park, Balik Pulau National Park and Batu Ferringhi Beach.” she gushes.
A jetsetter who has no qualms about travelling frequently out of the island a few times weekly, Tan, who derives inspiration for her projects mainly from travel, online and some association study tours was the furthest yet first to arrive at the day’s photoshoot at Kid Chan’s studio in Petaling Jaya.
Having launched Phase 1 of The Zen mixed-use development with Phase 2 and 3 and Quaywest residence comprising luxury condominiums slated for launch in 2020, she references Singapore for inspiration, being “the closest Southeast Asian island country similar to Penang culturally and more advanced in their designs and innovation”. On her travel bucket list are Southern Europe countries, South Africa and Egypt. Will Visit Malaysia Year 2020 have a positive bearing on properties?
Increasing demand from Hong Kong and China is where we could attract foreign investors or migrations to Malaysia. We have good standing with other Southeast Asian countries given our language and established economy and industries. The Malaysia My second Home (MM2H) programme will be the key in 2020 and following years while medical tourism is also a great boost.
Your property outlook in 2020?
I think 2020 will be better with new implementations to loosen requirements for buying property here. This should still be the best time to buy especially at the best locations. Pricing for mid-range properties and for certain areas might still attract higher range investors but this would be slow. The sizes of properties are growing smaller and the rise of green buildings and energy savings would be the next trend in the market.
What is the future trend for properties?
The future will shift towards serviced apartments with co-working and co-living concepts. There will also be high focus on energy savings/ green and smart buildings. Lastly, an increase in the aging population and the wellness condo/ retirement residence will be one of the future trends.