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Agent of the Month: Joey Tan, Sales Team Manager, Alfranko Development Sdn Bhd
By Juwai, 08 July 2020
Alfranko Group of Companies is a European investment and development conglomerate with diversified interests and investments in Russia and now in Malaysia.
A subsidiary of the Sezar Group, Alfranko Group is dedicated to investing in exclusive and signature developments throughout greater Asia.
Within a very short time, it has managed to establish a reputable track record in property development, especially in Moscow. In Malaysia it is poised to become a major contender in the property sector with its flagship development – NOVA Ampang. The luxurious yet affordable condominium is targeted at young professionals and property investors, both locally and from overseas. NOVO Ampang is due for completion soon.
Based in Kuala Lumpur, Joey Tan, sales team manager of Alfranko Development Sdn Bhd, recently participated in Juwai’s Live seminar. We caught up with him to find out more about Alfranko’s plans in Asia.
Alfranko’s immediate plans in Asia
Even though Alfranko is a European company, we develop and market our properties overseas. We have been to Hong Kong before and we are planning to expand into China, in cities such as Shanghai, Beijing and Hang Zhou. We also targeting Vietnam.
Our project (NOVA Ampang) was launched in 2016 and we have advertised in China and Hong Kong before as most of our buyers are from overseas, especially from Hong Kong and China.
Chinese buyers’ response
It has been very positive, and we have had a lot of enquiries and transactions from China and Hong Kong.
What draws Chinese buyers to Malaysia?
The low cost of living in Malaysia, compared to China and Hong Kong, is a huge draw. Many Malaysian Chinese are also fluent in Cantonese and Mandarin which Chinese buyers find appealing. For foreigners, Malaysia is also an ideal place for retirement as well. It also has many first-class internationals schools, colleges and universities. Furthermore, the environment is good and very safe.
Most popular time for Chinese buyers to buy in Malaysia
Most of them come before Chinese New Year, followed by the third and fourth quarter of the year.
Most frequently asked questions from Chinese buyers
Education is one of their most popular queries. Some buyers would like to apply for the MM2H – Malaysia My Second Home – programme to secure education for their children as well as for retirement. Others are interested in investment opportunities in the country. They come to inspect properties here, looking for those with good returns. After the purchase, they normally hand it over to local agents to manage the property and would return to their home country.
Latest Chinese buyer trends in Malaysia
It depends mostly on the location. For example, buyers interested in properties in Kuala Lumpur City Centre are mostly looking to buy for investment purposes and get good returns. But some Chinese buyers may prefer Chinese neighbourhoods which are far away from the city centre.
Restrictions on foreign buyers
There are restrictions for foreign buyers in Malaysia. In Kuala Lumpur, they must buy a property worth a minimum of one million ringgit and above. In Selangor, it is two million and above. But this is does not seem like a deterrent for Chinese buyers. We still receive a lot of Chinese enquiries.
(Note: The Malaysian government has since reduced the minimum purchasing price of unsold existing condominium and apartment units in urban areas for foreign buyers to RMY600,000 and above.)
Advice for those who want to work with Chinese buyers
Do your homework. Chinese buyers are more likely to select Chinese agents over other nationalities because they can speak Chinese.
Why pick Juwai.com to help you with China buyers
This is the first time I attended the Juwai Live! seminar. We came across Juwai only a few months back after I had heard from other agents who said it specialises in Chinese cross-border buyers. As such, Juwai is still very new to me and we are still in the process of finding out ways to utilise Juwai’s services and how we can better work together.
What services do you provide to Chinese buyers?
We provide a lot of extra services. We pick them up from the airport and show them around the city to help them acquaint with the area. We also help them with financial services such as mortgages if required. However, most of our Chinese buyers normally buy by paying cash.