When buying a new house in Malaysia, there are several options at hand, which can be divided into landed and high-rise. However, too many options can often cause confusion.
These days, high-rise properties hold a strong demand among Malaysians due to their number of facilities at a considerably cheaper entry price. You get to own a space in a luxurious building with amenities such as a swimming pool, spa, gym, cafe and 24/7 security.
High-rise properties also serve as a great investment point as it has lucrative rental yields. In fact, to serve public demand, Malaysia launched new properties in the third quarter of 2020.
From the image above, we can see that the high-rise properties are almost neck to neck with landed properties but considering their accommodation capacity, they have the power to hold more people than landed houses.
This suggests that high-rise properties are currently quite popular in Malaysia.
However, confusion can occur when deciding what type of high-rise property to buy. There are seven different types of high-rise properties, each with its own unique offering.
Flats
Flats are the most basic type of high-rise properties that do not come with added amenities, such as guarded gates.
As the units are built with more practicality in mind, they come in a low-cost building structure with plain interiors so that they are affordable for low income and middle-income earners.
A lot of people occupy these economical buildings, and the area is often of high density despite being small. However, you will most likely enjoy a sense of community and neighbourliness with so many people living in close proximity.
Apartments
Apartments come with more space to live in compared to flats. They are standard high-rise buildings suitable for middle-income earners consisting of basic amenities such as a pool or a gym and multilevel parking.
The main difference between an apartment from a flat is that it has a management body that facilitates the upkeep of the building. They are also comparatively less dense than flats.
Cost-wise, apartments are costlier than flats as they include maintenance fees and sinking funds to keep the project in good condition.
Condominiums
If you have a bit more to spend, then you should definitely go for condominiums as they are posh high-rise buildings with individual unit ownerships.
They come with a bigger space, fancier interiors and more facilities such as a terrace garden, cafe houses, a gym and a pool. These luxurious high-rise properties are built with trendier materials to hold a moderate density of people in a nice living space.
Serviced apartments
Serviced apartments are very much like condominiums but are often part of an integrated or mixed development. Their interiors are built more lavishly with fully furnished units because they often serve as alternatives to hotels.
Hence, the land title of a serviced apartment is considered commercial rather than residential. The taxes and utility bills are also higher as they are mostly built for commercial investment in mind. As a result, the cost of living in a serviced apartment is higher.
Studio apartments
Studio apartments are basically one big room without any separate walls for your living room, kitchen, or bedroom area.
If you are looking for a nice bachelor pad, then a studio apartment is for you. It is similar to an upgraded version of a dorm room where you have your own toilet and privacy and can live peacefully without any interference.
The cost of a studio often varies depending on the location and space. Some condos or apartments often branch out with several units of studio apartments.
If you choose a studio apartment that is a part of a lavish condo, it may be more expensive than the ones in a simple apartment building.
SOHO
The name SOHO itself comes from “small office/home office”. SOHO is another form of mixed development that features both commercial and residential properties and thus the price range is similar to that of a condo or serviced apartment.
Sometimes, there is also a different entrance for the office area to give space to the residents at home.
In this new normal of working from home, this high-rise type is growing in popularity as it is suitable for freelancers, the gig economy, small businesses or anyone working from home.
Duplex and penthouses
Duplexes are two floors combined into a large spacious house, while penthouses are magnificently built apartments on the topmost floor of a high-rise building giving you an excellent bird’s eye view.
These types of high-rise properties are more suitable for high-income earners with a growing family. The price of such a space will often be higher since they offer a premium quality of living compared to the others.
This article was contributed by PropertyAdvisor.my, Malaysia’s most comprehensive source of property data, property analytics and insights.