Over the last 2 years, there has been a lot of talk in the market about the setting up of Retirement Villages in Malaysia. While Malaysia is prime estate for such facilities, the industry is still at ground zero for many reasons.
1. The miscalculation of its real value by bunching it as a real estate game.
2. The wrong purchase / ownership model for the customer.
3. The lack of experienced expertise.
4. The lack of knowledge of market readiness.
5. The lack of honest passion.
While there may be more reasons to list, these are the top 5 areas to be sorted out before forging ahead in this industry. It is amazing that there are over 3,000 purpose-built RVs in Australia compared to zero at the moment in Malaysia.
Albert Einstein did say "... in the middle of difficulty, lies opportunities...". That does sums up the potentiality of the RV business in Malaysia. The following are the 'Retirement' development news I have in Malaysia.
THE GREEN LEAF (Selangor)
This project is still currently being promoted although the number of takers is lower than expected. It is situated at Sepang, nearby the GOLDEN PALM TREE ICONIC RESORT & SPA. Unit size, scale of project and locality may be the weaknesses here.
ISKANDAR (Johor)
As many as 10 different groups have been talking about setting up Retirement oriented projects here. From what I have gathered, most of these are planned towards property real estate investment and sold outright to buyers. The 'Lease' model works best for RVs.
MERU (Ipoh)
The only purpose-built RV I know of that is actively being developed is this project in Ipoh. The consultant has been adamant in making sure it will set a meaningful benchmark, thus the local architects have been changed for the 2nd time. I understand even the Australian consulting Architect has been changed just recently. No stones will be left unturned. Many developers are waiting for this RV to be launched before they make their final commitment to the business. Latest news is they have achieved official breakthrough with authorities on the nett land area for development. July may see the first glimpse of the new design. A portion of the RVs will be built first before being marketed.
More news to follow.
SERENDAH (Selangor)
Something big is being studied for this area with special attention towards Aged-Care. This project will be fully-funded by the owners and thus will be built before being marketed.
More news to follow.
PETALING JAYA (Selangor)
There is a dearth for such facility in PJ and KL but none that I know are in talks. I have personally met and discussed with various land owners (sizable ones) but none have seen the viability yet. A good size for an RV in the Klang Valley (with the high land costs) may be from 3 acres up and will be vertical in nature. I am sure the floodgates will open very soon on this. The customers are ready but the deveopers are not.
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| Modern example of an RV in Australia: Waterbrook Greenwich Resort by Marchese Partners Architects in Sydney, Australia. |
2. The wrong purchase / ownership model for the customer.
3. The lack of experienced expertise.
4. The lack of knowledge of market readiness.
5. The lack of honest passion.
While there may be more reasons to list, these are the top 5 areas to be sorted out before forging ahead in this industry. It is amazing that there are over 3,000 purpose-built RVs in Australia compared to zero at the moment in Malaysia.
Albert Einstein did say "... in the middle of difficulty, lies opportunities...". That does sums up the potentiality of the RV business in Malaysia. The following are the 'Retirement' development news I have in Malaysia.
THE GREEN LEAF (Selangor)
This project is still currently being promoted although the number of takers is lower than expected. It is situated at Sepang, nearby the GOLDEN PALM TREE ICONIC RESORT & SPA. Unit size, scale of project and locality may be the weaknesses here.
ISKANDAR (Johor)
As many as 10 different groups have been talking about setting up Retirement oriented projects here. From what I have gathered, most of these are planned towards property real estate investment and sold outright to buyers. The 'Lease' model works best for RVs.
MERU (Ipoh)
The only purpose-built RV I know of that is actively being developed is this project in Ipoh. The consultant has been adamant in making sure it will set a meaningful benchmark, thus the local architects have been changed for the 2nd time. I understand even the Australian consulting Architect has been changed just recently. No stones will be left unturned. Many developers are waiting for this RV to be launched before they make their final commitment to the business. Latest news is they have achieved official breakthrough with authorities on the nett land area for development. July may see the first glimpse of the new design. A portion of the RVs will be built first before being marketed.
More news to follow.
SERENDAH (Selangor)
Something big is being studied for this area with special attention towards Aged-Care. This project will be fully-funded by the owners and thus will be built before being marketed.
More news to follow.
PETALING JAYA (Selangor)
There is a dearth for such facility in PJ and KL but none that I know are in talks. I have personally met and discussed with various land owners (sizable ones) but none have seen the viability yet. A good size for an RV in the Klang Valley (with the high land costs) may be from 3 acres up and will be vertical in nature. I am sure the floodgates will open very soon on this. The customers are ready but the deveopers are not.
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