Basic study about property are one of the most basic preparation you need to get right before you visit properties with real estate agents. Below are the list of the more common types of properties that are available in Malaysia.
The 4 Key Market Segment
New developments that are purchased directly from property developers upon viewing the plan and/or show units.
There is a ‘build-then-sell’ properties, where developers complete construction before selling units.
Normally, the developer will have an event to promote it.
Existing properties that are purchased from a seller who is not a developer.
These units are usually occupied by owners and/or renters, or are vacant.
These property units can be search on newspaper or through brokers.
Existing properties that are available at a below-market prices.
Sold on ‘as-is-where-is’ basis. No guarantee is given on Vacant Possession and titles.
These property units may need some procedure before you can bid for it.
Properties that are mainly used for business purposes such as malls, offices, and so on.
Normally, for those who wish to start their own business will looking for this type of property unit.
The 3 Major Property Types
Land status can be checked at the Land Office or the State Land Registrar. For example:
- Freehold land
- Leasehold land
- Malay reserve land
These days, commercial buildings often combine functions e.g. retail on the lower floors and offices on the upper floors. For example:
- Retail lots / stores
- Shopping centres
- Shop offices
- Shop houses
- SOHO / SOFO / SOVO
- Commercial buildings
- Factories and warehouses
Solely used for residential purposes, not for business or office purposes. For example:
- Serviced apartments
- Condominiums (Studio, standard, penthouse, duplex)
- Terrace houses (single or double storey)
- Semi-detached houses
With these information above, now we know more about the common types of properties that are available in Malaysia.