Submitted by: Property Editor
PETALING JAYA: “Now is the perfect time to buy Malaysian property” is what millionaire real estate guru Lu Kin Wong has been telling buyers since he started selling homes in 1998. He spoke over the weekend at his free ‘Get Rich Through Massive Real Estate Debt Seminar’ at the PJ Hilton. “Homes have always gone up in value every year if we ignore recessions or financial crisees. You need to rush out and buy now while homes are scarce. The hundreds of developers in Malaysia building identical 3 story bungalows, high-rise condos and link houses might stop one day and you will miss out.”
A buyer at the seminar told FMN “ I bought a 1 bedroom Bangsar bachelor pad off the plan in 1997 but by the time it was completed, I was married with 5 children. I guess we will let it out and keep living at my parent’s until our new place is ready.” He recently put a deposit on a retirement home in ‘Lavender Hills Phase 6. This “exclusive” 45,000 plot community development in Damansara Klang is forecast to be completed in 2038.
“To be really rich, Malaysians should own 10-15 properties.” Explained Lu Kin. “You will feel financially free and very prosperous so long as you can find reliable tenants and the bank doesn’t foreclose. It’s not so hard to pay off 10 mortgages. Just cut back like I have on non-essential items like food and tumour removal surgery. We forecast a coming trend that one-day buyers will want to pay higher prices for the properties you buy today when they are old and shabby. People might stop buying off the plan soon. It will be worth it someday.”
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