KUALA LUMPUR. MALAYSIA - Media OutReach - May 3, 2017 - The number of Malaysian residents visiting New Zealand has increased by 54% in the last year, paving the way for increased investment into the nation's booming property market, according to real estate group CBRE.
A report released by government agency Statistics New Zealand shows in the 12 months until the end of January, 53,008 Malaysian residents arrived in New Zealand for a stay of less than 12 months. This represents an increase of 18,528 or 54% on the previous corresponding year. In the same period, the number of permanent and long term arrivals, staying for more than 12 months, increased by 20%.
"We're seeing that the increase of Malaysians into New Zealand is coinciding with an increasing appetite amongst investors there to capitalise on the increasing property values in Auckland and new projects," explains CBRE's National Director of Residential Projects in New Zealand Gavin Lloyd.
One of these projects is The Pacifica, at 178 meters high it's set to be New Zealand's tallest residential tower. It's being developed by Hengyi Pacific, a respected Australasian developer, and will sit in the heart of the Auckland CBD.
The 54-level tower with 295 apartments will offer its residents views over the Auckland skyline and its iconic harbour.
Interested buyers will have 34 different floor plans to choose from, among them one-bedroom, one-bedroom plus study, two-bedroom, three-bedroom and penthouse apartments.
Prices for apartments start at around NZD$657,000 (approx. 2.1 million Malaysian ringgit) and for luxurious, 3-bedroom, 2-bathroom Sky Homes, which sit between the 42nd and 49th floors, go up to about NZD$2.25 million (approx. 7 million Malaysian ringgit). Penthouses are also available with prices available upon enquiry.
Amenities include a lap pool, sauna, steam room, spa, gym, cinema, library, residents' lounge, and barbecue terrace. Twenty-four-hour valet parking will also be available.
"Apartment living is really on the rise in Auckland. There's a chronic shortage of housing and the city is starting to build up."
"Auckland needs 421,000 new homes built by 2040 and is currently falling well short of what's required," says Lloyd.
He adds that with Auckland's population forecast to increase from 1.6 to 2.6 million by 2030, he expects house prices to continue to rise.
"The historic long term growth trends for Auckland property show that, regardless of market cycles, property prices in Auckland double every 6 years. The level of security Auckland offers is driving interest in The Pacifica.
"On top of that, there's no stamp duty or land tax in New Zealand, the government here really welcomes overseas investment," says Lloyd.
The level of interest in Auckland apartments has prompted CBRE to hold an exhibition on The Pacifica for Malaysian investors at The Westin Kuala Lumpur, 199 Jalan Bukit Bintang, on Saturday 6th and Sunday 7th May from 11am-7pm.
Those interested in attending the event or learning more about The Pacifica are encouraged to contact CBRE l WTW's William Yuen on 016-337 6664 or at [email protected]