Kota Kinabalu

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Luxury Properties

Sections

Types of Luxury Properties

  1. Condos and Apartments:

    • High-rise condominiums with modern amenities, often featuring stunning views of the South China Sea or Mount Kinabalu.
    • Facilities may include swimming pools, gyms, and 24-hour security.

  2. Villas and Bungalows:

    • Standalone homes with private gardens, often located in gated communities.
    • These properties typically offer more space and privacy.

  3. Landed Properties:

    • Luxury homes on larger plots of land, often featuring unique architectural designs and high-end finishes.

  4. Resort-style Properties:

    • Properties located within or near luxury resorts, offering access to exclusive amenities such as golf courses, spas, and private beaches.

Price Ranges

  • Condos and Apartments: Prices can range from MYR 500,000 to MYR 3 million, depending on size, location, and amenities.
  • Villas and Bungalows: Prices typically range from MYR 1 million to MYR 5 million or more, depending on the size and luxury level.
  • Landed Properties: These can start from MYR 1.5 million and can go up to MYR 10 million or more for prime locations.
  • Rental Prices: Luxury condos can be rented for MYR 2,500 to MYR 10,000 per month, while villas may range from MYR 4,000 to MYR 15,000 per month.

Purchasing or Rental Procedures

Purchasing:

  1. Engage a Real Estate Agent: Itโ€™s advisable to work with a local agent who understands the luxury market.
  2. Property Search: Identify properties that meet your criteria.
  3. Offer and Negotiation: Make an offer through your agent; negotiations may follow.
  4. Sales and Purchase Agreement (SPA): Once an offer is accepted, a SPA is drafted and signed.
  5. Deposit: A deposit (usually 10% of the purchase price) is paid.
  6. Legal Process: Engage a lawyer to handle the transfer of ownership and ensure all legal requirements are met.
  7. Completion: Final payment is made, and ownership is transferred.

Renting:

  1. Property Search: Use online platforms or engage a real estate agent.
  2. Viewing: Schedule viewings of shortlisted properties.
  3. Rental Agreement: Once you select a property, a rental agreement is drafted.
  4. Deposit: Typically, a security deposit (one to two monthsโ€™ rent) is required.
  5. Payment: Rent is usually paid monthly or quarterly in advance.

Legal and Cultural Considerations

  • Foreign Ownership: Foreigners can purchase property in Malaysia, but there are minimum price thresholds (usually MYR 1 million for residential properties).
  • Leasehold vs. Freehold: Most properties are leasehold (typically 99 years), but freehold properties are available and preferred for long-term investment.
  • Cultural Sensitivity: Understanding local customs and practices is important. For example, itโ€™s customary to remove shoes when entering homes.

Best Areas for Luxury Properties

  1. Likas Bay: Known for its stunning sea views and proximity to the city center, this area features high-end condos and villas.
  2. Tanjung Aru: A popular area with luxury beachfront properties and resorts, ideal for those seeking a coastal lifestyle.
  3. Kota Kinabalu City Center: Offers a mix of luxury apartments and penthouses with easy access to shopping, dining, and entertainment.
  4. Putatan: A growing area with upscale developments, providing a quieter suburban feel while still being close to the city.

Amenities and Proximity to Key Locations

  • Amenities: Luxury properties often come with amenities such as swimming pools, fitness centers, concierge services, and security systems.
  • Proximity: Many luxury properties are located near key attractions such as:
    • Tunku Abdul Rahman Marine Park: Ideal for water sports and island hopping.
    • Kinabalu National Park: A UNESCO World Heritage site, perfect for nature lovers.
    • Shopping Malls: Such as Suria Sabah and Imago Shopping Mall, offering a range of retail and dining options.

Conclusion

Kota Kinabalu offers a diverse range of luxury properties that cater to various preferences and lifestyles. Whether you are looking to purchase or rent, understanding the local market, legal requirements, and cultural nuances will help you make informed decisions. Engaging with local real estate professionals can further ease the process and enhance your experience in this beautiful city.