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Hong Kong property buyers fall in love with Malaysia’s Penang and stars like Aaron Kwok agree
- Cheaper prices, regular flights and lower cost of living prove hard to resist
- Recent survey showed Hong Kong has lost its preferred status among the world’s expats
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Hong Kong house buyers are looking around the Malaysian state of Penang, attracted by lower prices, regular flights and cheaper cost of living. And they’re not alone: several Hong Kong celebrities have already made the move.
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“Hong Kong people buying properties in Penang is not something new. But the number has definitely accelerated now,” said Michael Geh, president of International Real Estate Federation (FIABCI) Malaysia. “For the past five years, there had been quite a number of retired bankers and semi-retired professionals who came and stayed in Penang.”
These Hong Kong residents, he added, could opt for properties priced between 1 million and 2.5 million Malaysian ringgit (US$240,000 to US$600,000).
Geh said Penang had always been popular for Hongkongers as it is just a two-and-a-half-hour flight away.
“There are daily flights from Penang to Hong Kong and vice versa,” he said. “They can even plan for a one-day trip if they want, as it is very convenient to travel between both places.”
Earlier this week, a survey showed Hong Kong has lost its preferred status among the world’s expats due to soaring flat prices, the high cost of living and long working hours, even before the ongoing anti-government protests began. The survey by InterNations ranked Taipei as the best city for expats, followed by Kuala Lumpur and Ho Chi Minh City.
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Toh Chin Leong, the president of the Real Estate and Housing Developers Association (Rehda) Penang, said “unbeatable” property prices were drawing Hongkongers.
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