NO matter how the country performs economically, one thing we should do with our money is to invest in real estate.
Real Estate and Housing Developers’ Association Malaysia former president Datuk Seri Michael Yam said one would never go wrong with investments in brick and mortar.
Yam, who has been through four recessions, used to think that the country would go down and the overall market would be negative after each recession. However, he was wrong about it.
“I thought everyone was going to be paupers living in the streets, yet somehow those negativities were diminished.
“There is a lot of fear out there today, whether it is about the Islamic State or commodity prices dropping. This has brought about the fear of whether to invest or not.
“You must have a vision. All of you must look at the long term. When I first started doing business, I had fear about the market declining after every recession.
“I’m still standing here after 40 years and I couldn’t believe that prices in Mont Kiara, Kuala Lumpur would hit more than RM1,000 per sq ft,” said Yam at the “Triterra Partnership Cup” friendly football match last month.
Yam is convinced that property is still a bedrock and solid investment instrument.
He urges the younger generation to buy if there is an opportunity.
“Please look at something which is endearing and enduring for your investment.”
Yam, the former managing director and chief executive officer of Sunrise Bhd (now UEM Sunrise), is currently joint chairman of Triterra Sdn Bhd.
Triterra is working on The Met Corporate Towers, a new premium grade corporate landmark building on a 1ha site within the KL Metropolis development by Naza TTDI Sdn Bhd in Jalan Duta, Kuala Lumpur.
The Met has a gross development value of about RM650 million.
Yam is bullish on its prospects, saying that the company had received an overwhelming response from potential buyers and had also engaged bankers.
Buyers are attracted to the overall development of KL Metropolis.
“The 30ha KL Metropolis is highly capable of creating critical mass where one component is able to strengthen the other.
“It is one of the locations where the Mass Rapid Transit 3 would have a station.
“I think that is a game changer, so you could have a dedicated destination where the integrated mixed development is sustainable on its own,” he added.