Top 10 tips on investing in Iskandar Malaysia

The future landscape of Iskandar Malaysia by 2025. Photo: Courtesy of Iskandar Waterfront Sdn Bhd.

Iskandar Malaysia will be a challenging market to maneuver from 2014 onwards. Here are ten tips to help you navigate your way post-Budget 2014.

By Khalil Adis

Iskandar Malaysia was mooted in 2005 by former Malaysian Prime Minister Abdullah Badawi and is now the favourite investment destination among Singaporeans. According to UEM Sunrise, Singaporeans accounted for around 74 per cent of property buyers in Nusajaya while Iskandar Regional Development Authority (IRDA) puts Singapore as the top foreign investor as of March 2013 at RM6.608 billion.

Following Prime Minister Najib Razak’s Budget 2014 announcements two weeks ago, foreigners will be affected by new regulations that will kick in effectively from 1 January 2014 and/or much later. The new measures include an increase in minimum sum from RM500,000 to RM1 million. Another significant change is the increase in the Real Property Gains Tax (RPGT) from 15 per cent in the first to third year and 10 per cent in the third to fifth to 30 per cent flat from the first to fifth year and 5 per cent from the fifth year onwards. Previously no RPGT was applicable for foreigners and companies after the fifth year.

Within the state of Johor, a new levy will also be implemented from a flat rate of RM10,000 to 4 to 5 per cent of a property price* from next year onwards. Bumiputras will also not be allowed to sell their property in the resale market to foreigners. With so many rules and regulations that foreigners need to be mindful of, here are ten investment tips to help you navigate your way to Iskandar Malaysia from 2014 onwards.

Tip one: Invest in shop lots

Capital City 21 in Tampoi, Johor Bahru. Photo: Courtesy of Capital City Property Sdn Bhd.

The supply for shop lot units in Johor is limited compared to residential properties. According to the Malaysian Ministry of Finance Valuation and Property Services Department (NAPIC), there is new supply of 6,048 and 3,601 commercial units in the first and second quarter of 2013 as well as 1,604 and 2589 completed units in the first and second quarter respectively. In terms of demand, shop offices are the most in demand among Malaysians according to iProperty.com’s second half of 2013 survey at 16 per cent compared to other commercial properties.

In comparison, the residential sector is looking at a bumper supply of 964,982 units (697,753 – existing stock, 113,583 – incoming supply, 153,582 – planned supply) in the second quarter of 2013. This means it will be challenging to rent out your property or to sell it in the resale market as this total supply is more than Kuala Lumpur’s 496, 238 units (425,199, existing stock, 48,543 – incoming supply, 22,496- planned supply). However, do bear in mind from 2015 onwards, government service tax (GST) applies for properties with commercial titles.

Tip two: Invest in Medini

Paradiso Nuova by Zhouyuan Iskandar located in Medini in Nusajaya, Johor. Photo: Courtesy of Zhuoyuan Iskandar Sdn Bhd.

Medini is now the latest foreign investors’ darling as this is the only place in Malaysia where foreigners can still purchase properties below RM1 million in 2014.

Designated at a free trade zone, the federal government has lifted restrictions for foreigners here to ensure Medini will be a buzzing district once the Rapid Transit System (RTS) network connects to the MRT line by 2018. The RTS station will be located just next to LEGOLAND Malaysia. Medini is also a prime area where Khazanah Nasional and Temasek Holdings are involved in two joint-venture projects – Afiniti Medini and Avira Wellness Centre.

Property developers in Medini say they are seeing interest among buyers in the area.

One such development is Paradiso Nuova by Zhuoyuan Iskandar where prices range from RM600,000 to RM1.5million.

“About 60 per cent of our units fall below the RM1 million mark,” said Liang Thow Ming, director of sales and marketing for Zhuoyuan Iskandar. “With the recent budget announcement, foreigners who are interested to invest in other parts of Malaysia and with a budget of below RM 1 million, will now be diverted to Medini creating a surge as you have mentioned. Projects in Medini like our Paradiso Nuova will benefit from this new measure.

Liang adds that around 60 per cent of their buyers are foreigners with Singaporeans forming the bulk.

There are also other incentives that you can apply if you are looking to live, work and play in Iskandar Malaysia. Called the ‘Medini Incentive Support Package’, foreign knowledge workers are exempted from RPGT when they dispose their land and properties in Medini until 2015 and 2020 respectively.

To qualify for the above scheme, you must have a Bachelor’s or Master’s degree with at least ten years of professional work experience in a qualifying activity or have a Ph. D. with at least five years of professional work experience in a qualifying activity.

Tip three: Take advantage of the ‘15 per cent tax rate scheme for knowledge workers in Iskandar Malaysia’

Kota Iskandar by night. You can apply for the incentives through Iskandar Regional Development Authority (IRDA) at its office in Danga Bay, Johor. Photo: Courtesy of IRDA.

If you intend to work long-term in Iskandar Malaysia, then take advantage of this additional incentive. First announced by Prime Minister Najib Razak during Budget 2010, this scheme is aimed at foreign knowledge workers and returning Malaysians to live, work and play in Iskandar Malaysia so as to spur the growth of this special economic zone. This scheme will allow you to enjoy a preferential flat rate of 15 per cent tax on your employment income.

In order to apply for this scheme, you must be working in the nine promoted sectors that IRDA has outlined. They include tourism, financial advisory & consulting, education, healthcare, creative industries, electrical & electronics, logistics, petrochemical & oleochemical and food & agro processing. You can apply via your employer.

Tip four: Go for landed terrace homes for capital gains

Landed homes in Horizon Hills in Nusajaya, Johor. Picture: Khalil Adis.

With Iskandar Malaysia poised to be the next top investment destination, landed terrace homes will be popular. If fact, they are the most in demand property among Malaysians. According to iProperty.com’s survey, 72 per cent of Malaysians prefer buying terrace homes. In addition, majority of them (35 per cent) have a budget of between RM350,000 to RM500,000.

The challenge from next year onwards is to find the sweet spot that are still within the budget of Malaysians since foreigners can only purchase properties above RM1 million. iProperty.com’s survey revealed that those with a budget above RM1 million is only 4 per cent. However, the survey is spread across Malaysia and does not reflect the ground reality in Iskandar Malaysia. In fact, terrace homes at Horizon Hills that was launched in 2008 at around RM288,000 are now commanding between RM860,000 to RM1.6 million in the resale market. The resale market in Horizon Hills is very active with most of the buyers comprising locals. There is good room for capital appreciation for landed terrace homes in Iskandar Malaysia but you must take long-term investment horizon.

Tip five: Condominiums are usually for rental returns

One Danga in Danga Bay. Photo: Courtesy of One Danga Sdn Bhd.

Malaysians perceive condominiums for rental returns as opposed to capital gains. Using Ujana as a benchmark, a three-bedroom there is currently transacting for RM4,000 in rent per month. With units there for a three-bedroom valued at around RM800,000, this translates to a rental return of 6 per cent. Majority of the tenants in Ujana are expatriates teaching at EduCity.

However, the condominium market in Iskandar Malaysia will be challenging. According to the NAPIC, the state of Johor is looking at a supply of 964,982 residential units (697,753 – existing stock, 113,583 – incoming supply, 153,582 – planned supply) in the second quarter of 2013. This means it will be challenging to rent out your units.

Tip six: Invest long-term

Take a long-term investment horizon to reap the full benefits of Iskandar Malaysia. Photo: Shutterstock.

Many Singaporeans have the perception that the way the property market works here is similar to Singapore’s. For example, many automatically assume they can easily rent out their properties after the project achieves its Certificate of Fitness (CF) upon completion. Well, this is not true as the catalytic industries that are currently being developed in Nusajaya are still in the early stages of development. They will need some time to take root to attract a substantial working population. Iskandar Malaysia’s population currently stands at around 1.4 million in a land area covering 2,217 sq km. This is not substantial enough to support the rental market. In comparison, Singapore’s entire population currently stands at around 5.2 million with a smaller land size of 714.3 sq km.

Another assumption is that flipping can be easily done. However, not all developers in Iskandar Malaysia allow a subsale transaction. Even if this can be done, there are other local considerations investors need to be aware of. They include whether the property type will appeal to locals, if it is within their budget and if banks can match the asking price. Having these assumptions based on Singapore’s property market are especially dangerous, especially for those looking to make a quick profit and do not have strong holding power.

Also, according to iProperty.com’s survey, Iskandar Malaysia is perceived by respondents in Malaysia as the next top investment destination, outside Selangor. This is followed by Georgetown, Penang and Nusajaya, Johor. This means, there is good potential for capital appreciation of your property, since this marks a significant shift in interest among Malaysians from Penang in its previous survey. In addition, by investing long-term, you do not have to pay the hefty RPGT rate that will kick in by 2014.

Tip seven: Look for bulk purchase deals

Bulk purchase deals for Meridin@Medini are still available for members subscribed in Khalil Adis’ Investors Club. Photo: Courtesy of Mah Sing Group.

Bulk purchase deals enable you to enjoy significant cost savings as opposed to buying as an individual. With an increase in the minimum sum from RM500,000 to RM1 million, every cost savings count.

Tip eight: Buy properties nearing completion

These terraced homes are completed. Recently, investors who followed me on my site visits were able to purchase this property at an affordable quantum price. Picture: Courtesy of Country View Berhad.

For those of you who are not familiar with Iskandar Malaysia and want some peace of mind, you may want to buy properties that are nearing completion. This will at least help alleviate concerns you may have on developers who do not have a strong track record but have the financial means to complete a project. However, do bear in mind that properties nearing completion will cost significantly higher that the initial launch price as the construction costs have been factored into it.

Tip nine: Invest in Johor Bahru Sentral

By end 2015, Sungei Segget that runs underneath Jalan Wong Ah Fook will be revealed once again. Photo: Courtesy of IRDA.

A rejuvenated and greener Johor Bahru looks set to rise by 2018 that will coincide with the opening of Tanjung Puteri MRT station that will connect to Singapore’s Thomson Line via Woodland North MRT station. The federal government has so far set aside RM1.8 billion for Johor Bahru’s rejuvenation that will include the opening of Sungei Segget (where Jalan Wong Ah Fook is located) in 2015, increase in the number of police posts and CCTVs, the opening of Angry Bird Theme Park in 2014 next to Menara Komtar as well as Hilton hotel and high-end residences (Suasana) during the same period. A new CBD zone after Menara Komtar is also in the pipeline, as outlined in IRDA’s new masterplan and zoning in the area that will include park connectors. The new Johor Bahru is modeled after tourism attractions in Venice and Amsterdam which the authorities hope will bring the river back to life once Sungei Segget’s rehabilitation project is completed.

Tip ten: Invest in Danga Bay

A new financial district and the largest direct investment by CapitaLand Malaysia in A2 Danga Island will rise by 2025 in Danga Bay. Photo: Khalil Adis.

DangaBay is undergoing massive transformation and will be a bustling metropolis come 2025 once the large-scale township development by CapitaLand Malaysia is ready. This joint-venture project by CapitaLand, Temasek Holdings and Iskandar Waterfron Sdn Bhd is CapitaLand largest investment by far in Malaysia valued at RM811 million. To be developed in phases over the next ten to twelve years, Danga Bay will soon be home to a premier waterfront residential community comprising high rise and landed together with marinas, shopping malls, F&B outlets and restaurants, serviced residences, offices and recreational facilities.

*the state levy has now been revised at 2 per cent of the property purchase price.

This article was first published by iProperty.com Malaysia with minor edits.

Medini – the new foreign investors’ darling

Paradiso Nuova by Zhouyuan Iskandar located in Medini in Nusajaya, Johor.

Free trade zone poised to be investors’ favourite destination after Budget 2014 is implemented

By Khalil Adis

With the new ruling on foreign property ownership announced last week by Malaysian Prime Minister Najib Razak, Medini has suddenly become the new foreign investors’ darling.

The pro-Malaysian budget that comes into effect from 1 January 2014 is a significant shift under the Najib administration that requires foreigners to purchase properties from RM1 million onwards.

Taking a cue from policies from opposition-held states such as those by the Democratic Action Party (DAP) in Penang, the increase in minimum sum is to ensure property prices remain affordable for Malaysians.

Previously, foreigners can only buy properties above RM500,000 except in Penang where the price caps are RM1 million and RM2 million for condominiums and landed properties respectively.

With Medini being the only place in Malaysia where there is no such price caps and quota for bumiputras, this has made this special economic zone an overnight goldmine.

Goldrush in Medini

Located in Nusajaya, Johor, Medini is a free trade zone that the federal government has lifted price restrictions and bumiputra quotas in order to spur growth of Iskandar Malaysia.

This Grade ‘A’ site is home to two government-to-government joint-venture projects sealed in 2010 in Singapore as part of the historic land swop deal – Afiniti Medini and Avira Wellness Centre both by Khazanah Nasional and Temasek Holdings.

Divided into three zones – lifestyle, business and living, Medini spans 908 hectares of prime land.

In the lifestyle zone, where LEGOLAND Malaysia is located at, popular condominium projects that have been well-received there include Afiniti Medini by Khazanah Nasional and Temasek Holdings, The Meridin by Mah Sing Group and Paradiso Nuova by Zhuoyuan Iskandar.

The lifestyle zone is also where the Rapid Transit System (RTS) network headquarter station will be located at.

By 2018, it will form a connection from Singapore’s Mass Rapid Transit (MRT) system via the Tuas West Extension.

Different schemes for different folks

Medini offers a glimmer of hope for foreign investors who want to live, work and play in Iskandar Malaysia.

If you are just looking to just buy a property, then Medini will offer you an exemption from the RM1 million price cap.

You can still get round the hefty Real Property Gains Tax (RPGT) by holding on to your property beyond the five year period.

This means taking a long-term investment horizon by not flipping your property during the construction period or in the resale market until the five year period is over.

You can calculate when the five year period will expire by looking at the date when your Sales & Purchase Agreement is signed.

However, do note that a 5 per cent tax will still apply for foreigners and companies after the sixth and subsequent years.

For foreign knowledge workers or returning Malaysians looking to live, work and play in Iskandar Malaysia, you can apply under the ’15 per cent tax rate scheme for knowledge workers in Iskandar Malaysia’.

First announced by Prime Minister Najib Razak in his Budget 2010, those applying under this scheme need to be working in the nine promoted sectors with plans to reside and live in Iskandar Malaysia.

The nine promoted sectors that Iskandar Regional Development Authority (IRDA) has outlined include tourism, financial advisory & consulting, education, healthcare, creative industries, electrical & electronics, logistics, petrochemical & oleochemical and food & agro processing.

You can apply via your employer so that you can enjoy a preferential flat rate of 15 per cent tax on your employment income.

Once approval is obtained, you are also eligible to apply and opt to purchase a duty free car for your own personal use.

Putrajaya has also made exemptions on Real Property Gain Tax (RPGT) for foreign knowledge workers or returning Malaysians.

Outlined by IRDA as the ‘Medini Incentive Support Package’, foreign knowledge workers are exempted from RPGT when they dispose their land and properties in Medini until 2015 and 2020 respectively.

To qualify for the above scheme, you must have a Bachelor’s or Master’s degree with at least ten years of professional work experience in a qualifying activity or has a Ph. D. with at least five years of professional work experience in a qualifying activity.

Iskandar Malaysia gains traction post Najib’s visit

(L to R) Managing Director of Iskandar Waterfront Sdn Bhd, Tan Sri Lim Kang Hoo; Menteri Besar of Johor, Y.A.B Dato’ Haji Abdul Ghani Othman; Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Abdul Razak; Prime Minister of Singapore, Mr. Lee Hsien Loong; Head of South East Asia, Temasek, Mr. David Heng; and President & Group CEO of CapitaLand Limited, Mr. Lim Ming Yan at the signing ceremony of Heads of Agreement between CapitaLand, Iskander Waterfront and Temasek at Danga Bay Convention Centre. The signing ceremony was witnessed by Prime Ministers of Singapore and Malaysia and Menteri Besar of Johor. Pictures: Courtesy of CapitaLand.

When Malaysian Prime Minister Datuk Seri Mohd Najib Tun Abdul Razak came to Singapore on an official visit in February this year, he more than just renewed bilateral relations with Prime Minister Lee Hsien Loong.

In fact, both countries achieved historic economic milestones with the announcement of the high-speed rail network from Singapore to Kuala Lumpur as well as the largest joint-venture project in Malaysia by Temasek Holdings, CapitaLand Malaysia Pte Ltd and Iskandar Waterfront Sdn Bhd.

The investment sum, at RM811 million or approximately S$324 million, is considered a feat as it marks CapitaLand’s first direct large scale township investment and development in Malaysia.

This has helped spur confidence and buying activities across the causeway in Iskandar Malaysia.

Kenanga Research, a research firm in Malaysia, said the warming bilateral ties and policies friendly to foreign investment have helped draw in investments.

“Developers with large exposure in Iskandar Malaysia have seen strong investor interest since December 2012. This follows news flow of rising foreign investments and the proposed JB-Singapore Rapid Transit System (RTS) by 2018, which would be positive for property prices,” its research cites.

CIMB Research also gave an upbeat assessment on Iskandar Malaysia where it states that UEM Land’s involvement and upper hand in choosing its joint venture partners in Nusajaya has allowed Iskandar to reach its tipping point in 2012 .

Agreeing, invited speakers at the recently concluded Asia Pacific Real Estate Convention & Expo (APRECE) organised by the Institute of Estate Agents (IEA) said the excellent bilateral ties is a win-win situation for both countries.

“The excellent bilateral relationship between the two Prime Ministers who are very keen to promote trade and investments in the two countries can only lead to economic prosperity,” said Kumar Tharmalingam, chief executive officer at Malaysia Property Inc (MPI).

Noting that Singapore offers Iskandar Malaysia direct access to the international market, Tharmalingam said this has helped Malaysia achieve record investments.

“Because our relationship with Singapore is so good, the Japanese and Chinese are thinking, if Singapore were to invest in Iskandar it must be good because Singapore does not make decisions lightly. Because of that, we have a flood of Chinese and Japanese investors in the country. In fact, it has never been in this volume before, not for the last ten years,” he said.

Mohamed Ismail of PropNex said Singaporeans are taking cues from the excellent bilateral relationship as a good time to invest.

“I think we are probably at our peak in terms of bilateral relationship and confidence with Temasek and Khazanah taking stakes across each other’s border and trying to develop projects for the betterment of both countries. This is where Singaporeans suddenly see a need, probably that they are losing out something. Coupled with the cooling measures, it has become restrictive for those buying their second properties. Those who believe in the fundamentals of property investment suddenly want to look at Iskandar as a possible option,” he said.

(L to R) President & Group CEO of CapitaLand Limited, Mr. Lim Ming Yan; Prime Minister of Singapore, Mr. Lee Hsien Loong; Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Abdul Razak; Managing Director of Iskandar Waterfront Sdn Bhd, Tan Sri Lim Kang Hoo; and Head of South East Asia, Temasek, Mr. David Heng tossing Yu Sheng at Danga Bay Convention Centre. Pictures: Courtesy of CapitaLand.

Burying the hatchet

While analysts note the current warming bilateral relations, this was never the case in previous years.

In fact, diplomatic relationships between both countries were often strained under the Lee Kuan Yew-Mahathir administrations leading to much discussions about possible MRT links to Johor Bahru in the 80s which never materialised.

On top of that, crime and safety issues in Johor Bahru as well as cases of errant developers who did not follow through on their projects, have greatly deterred investments.

As a result, both cities never had the opportunity to reach their full potential in terms of economic co-operation by leveraging on each other’s strength – Johor offers plenty of cheap labour, abundant land and natural resources while Singapore is an economic powerhouse.

In 2005, under the leadership of Abdullah Badawi, there was a change in direction from the Malaysian government when it mooted the idea of Iskandar Malaysia so as to enjoy the economic spillover from Singapore.

However, it was only in 2009, when Prime Minister Datuk Seri Mohd Najib Tun Abdul Razak took over that Iskandar Malaysia started to gain traction.

A joint-ministerial committee was formed by to look into enhancing connectivity by developing the Rapid Transit System (RTS).

Subsequently, the historic land swop deal was concluded leading to joint-venture projects between Temasek Holdings and Khazanah Nasional at One Marina and DUO in Singapore as well as Afiniti Medini in Nusajaya.

Following that, Singapore investments started to pour in, most notably from billionaire investor Peter Lim, CapitaLand, Raffles Education, Ascendas and UOB Kay Hian.

“If we focus on the residential sector, we have witnessed a frenzied pace of people flocking to Iskandar and this is because things are becoming a little bit more clearer although Iskandar has been talked about since year 2006. Today, when one goes across, it is like unbelievable infrastructure is being put in place, the highways and things like that. Many developments are already in different level of stages. These have given Singaporeans a level of confidence to see these are for real,” said Mohamed Ismail.

“I think Iskandar will be a new hinterland for Singapore. As the two governments progress to a more seamless exchange of people from both countries, it is only a matter of time that every Singaporean and every Malaysian living in Johor will have automatic pass card to go in and out of Singapore if you are working in the country. It means that access will be cheap. You don’t have to fill up a form anymore. That will happen because that is the only way businesses can grow,” said Tharmalingam.

(L to R) President & Group CEO of CapitaLand Limited, Mr. Lim Ming Yan; Prime Minister of Singapore, Mr. Lee Hsien Loong; Prime Minister of Malaysia, Datuk Seri Mohd Najib Tun Abdul Razak; Managing Director of Iskandar Waterfront Sdn Bhd, Tan Sri Lim Kang Hoo; and Menteri Besar of Johor, Y.A.B Dato’ Haji Abdul Ghani Othman viewing the A2 Island, Danga Bay architectural model. Pictures: Courtesy of CapitaLand.

A new waterfront city

With CapitaLand Malaysia’s largest committed investment in Malaysia, a new waterfront city is set to rise on A2 Island in Danga Bay.

Occupying 71.4 acres of net land, this premier waterfront residential community will comprise high rise and landed homes with a central waterfront hub with a marina, shopping mall, F&B outlets/restaurants, serviced residences, offices and recreational facilities.

“Given the close proximity and the strong bilateral ties between Malaysia and Singapore, and the increasing investor confidence in Iskandar Malaysia, CapitaLand finds this a compelling investment opportunity in a new upcoming development region. With the site’s strategic location – close to Johor Bahru city centre and accessible via the newly constructed Coastal Highway; with the Singapore-Malaysia Causeway to its east and just 29 kilometres away from Legoland and EduCity in the west, we are confident that the development will be attractive and well received by the market,” said Lim Ming Yan, president and group CEO of CapitaLand Limited.

The project with an estimated total gross floor area of 11 million square feet, is expected to be developed in phases over a period of ten to 12 years.

CapitaLand said its project is expected to generate a total gross development value of approximately RM8.1 billion (equivalent of S$3.2 billion).

Inherent risks

Despite the friendly relations and record investments pouring into Iskandar Malaysia, analysts say investors should go in with their eyes open.

One area of concern is price appreciation and if this is sustainable.

“I am not trying to pour cold water in an excitement that is taking place. We have witnessed condominium properties in Iskandar which was going for about RM400 to RM500 per sq ft five years ago. Today, they are launching at RM1,200 to RM1,300 in a similar area. The prices have gone up twofold. One of the key fundamental is all capital appreciation is a by product of rental yield. The rental can only continue to move up because of strong demand for rental,” said Mohamed Ismail.

He also adds there appears to be a demand supply mismatch.

“Though Iskandar Malaysia’s plan is very broad and macro in terms if what it wants to attain, in terms of businesses moving in, I am concerned with the industries growth and pace versus the industrial development supply. When there is a mismatch – that means industries take sometime to sink its root and grow. Only when industries and businesses grow, you will attract a pool of talent,” he said.

With this, Ismail said buyers need to be able to hold their properties for the long-term.

“A danger will take place, where you are forced to sell a property where there are not enough buyers, and the property prices that you bought will come down. The property that you had bought may become a liability and a nightmare,” he said.

Others said the price appreciation is only fair but there are options for those who have been priced out from the market.

“If you want to live in Iskandar, it is like you are living in Kuala Lumpur City Centre. You have to pay the RM1,000 per sq ft. However, you can very well live away in Shah Alam where it is only RM200 per sq ft. You cannot grow an area with a fantastic infrastructure with high quality design and features and still say I want it cheap. There are still alternatives,” said Tharmalingam.

Estate agents encouraged to broaden horizons

With the challenging property market in Singapore, coupled with excellent bilateral relations between Singapore and Malaysia, events like APRECE can only bode well for cross border investments.

“With the various cooling measures, even the consumers are a bit concerned about buying local properties. If there are other alternatives overseas, they will go for it,” said Jeff Foo, president of the IEA.

Foo said he hope real estate salesperson will enhance their knowledge and professionalism by expanding their horizon.

“Everybody is going global. We want to let real estate agents be exposed to other markets in the international arena. Don’t just focus on the local market but also other regional markets. APRECE will provide agents passport to the international arena,” said Foo.

This article was first published in Property Buyer