Properties in large cities, especially Kuala Lumpur cost a bomb and it is projected to further skyrocket over the years.
According to National Geographic, half of the global population currently lives in cities.
However, by 2050 two-thirds of the world's people are expected to live in urban areas.
They will be attracted to bigger homes outside large cities, where the properties are much cheaper and there is the potential of great value appreciation.
Further, with the ongoing pandemic posing various challenges for most industries, people are spending more time at home and transforming their homes into office spaces.
With the realisation of the importance of a spacious and comfortable home coupled with the rapidly increasing value appreciation of property in large cities, people are looking at getting bigger and cheaper homes on the outskirts of Kuala Lumpur.
One of the developments homebuyers are considering now is the residential project in IJM Land Bhd's Seremban 2 called Rimbun Jasmine.
Rimbun Jasmine was fully taken-up within three hours of its private preview in September and among the key selling points are the pricing and built-up of the homes.
In 2016, it was reported that the average house price in Kuala Lumpur was RM749,305. But in Rimbun Jasmine buyers are able to get a spacious double-storey link house with four-bedrooms and three-bathrooms from RM542,800 (non-Bumi units).
Data and statistics collected during the private preview of Rimbun Jasmine showed that 68 per cent of the buyers were the locals from Negeri Sembilan, 12 per cent from Selangor, eight per cent from Kuala Lumpur, four per cent from Melaka, and three per cent from Johor.
The remaining states in Malaysia accounted for five per cent of the total sales achieved during the private preview.
"In comparison to similar properties offered in the city centre, we believe that Rimbun Jasmine has the edge when it comes to the pricing, surrounding land space, and serene environment that is high in demand nowadays. It is evident, when more than 30 per cent of the homebuyers are from foreign states, that the market is seeping into suburban areas with bigger homes at lower prices," said Datuk Hoo Kim See, senior general manager (central region) of IJM Land.
Moreover, the spacious layout makes for sufficient space that can be compartmentalised for different daily activities of play, work, and study, making Rimbun Jasmine a great value for money, he said in a statement.
Established in 1995, Seremban 2 is a 1,520 hectare (ha) freehold self-contained township offering modern amenities and convenience of a city while maintaining the grace and serenity of a country atmosphere.
After 25 years, Seremban 2 has emerged as one of the most progressive and successful developments in Negeri Sembilan with a good mix of residential, commercial, and light industrial development.
With 70 per cent of the development completed, Seremban 2 is home to more than 62,000 residents.
Hoo said as the flagship township of IJM Land, Seremban 2 plays a huge role in the shift as the thriving township in Negeri Sembilan leverages on abundant, vast green spaces, offering a peaceful and relaxing lifestyle that can help residents to wind down while enjoying the benefits of nature.
The 18ha park space that extends across the township and 12ha sports complex also encourages healthy and balanced living for residents that is hard to attain from bustling city life.
"Properties in the city fetch a hefty price tag mainly due to being close to basic infrastructure and amenities. However, the self-sustaining Seremban 2 township has set a benchmark for the standard of living in Negeri Sembilan with residents having quick access to a multitude of commercial and retail services such as AEON Mall, Mydin Mall, Tesco, Palm Mall and NSK Trade City within a 5km distance," Hoo said.
Hoo said although the property market in Seremban pales in comparison to the rapid growth that large cities are experiencing, future developments in the area show promising growth in property value.
As part of the 'Greater Kuala Lumpur Conurbation', the Malaysian Vision Valley (MVV) development project, touted as the country's new economic corridor will cover a large swath of land in Negeri Sembilan, including Seremban.
"Although properties in the city centre are still considered as a better investment with the rapid increase of property value and better rental yield, we are confident that Seremban is positioned well as a future major economic hub that will contribute to the growth of the property market in the area exponentially," Hoo said.
Hoo said IJM Land aims to launch Rimbun Kiara, comprising sizable two-storey link homes, and Rimbun Aman, consisting of single-storey link homes with affordable prices and easy-own-schemes in the first quarter of next year.