“What’s in a name? that which we call a rose― William Shakespeare, Romeo and Juliet
By any other name would smell as sweet.”
Earlier this month, it was reported that buyers of a 1Malaysia Housing Programme (PR1MA) high-rise housing project in Ipoh had voiced their grievances about the building being renamed.
Originally marketed as PR1MA Fair Park when launched in 2018, it was recently renamed Pangsapuri PR1MA Kepayang, and the property buyers are dissatisfied with the decision. To make things worse, a nearby flat has a similar-sounding name, Pangsapuri Seri Kepayang. One of the unit owners pointed out that a prestigious or desirable name is among the factor when buying a property, as the property may be perceived as more valuable by potential buyers or renters.
So, the question here is, does the name of a property project affect its market value?
The short answer is yes. The value of a property depends on many factors, such as location, size, quality, amenities, and market demand. Therefore, it is not possible to make a blanket statement that one type of high-rise property (flats, apartments, or condominiums) will always have a higher value than the others. However, there are some general differences between these types of residential properties that may influence their perceived value in certain markets. Here are some key characteristics of each type of property:
- Flats: Flats (pangsapuri) are typically small, self-contained units that are part of a larger building or complex. They may be rented or owned, and may or may not come with amenities such as a gym or pool. Flats are often associated with urban living and may be more affordable than apartments or condominiums.
- Apartments: Apartments are similar to flats but may be larger and more luxurious. They are typically rented rather than owned, and may come with a wide range of amenities such as a concierge, fitness center, and pool. Apartments are often found in larger, multi-unit buildings and may be more common in urban areas.
- Condominiums: Condominiums, or “condos,” are units that are owned rather than rented. They may be similar in size and quality to apartments, but tend to be more upscale and may offer more amenities. Condominiums are often found in high-rise buildings or gated communities and may be popular among buyers who want the convenience of owning a home without the maintenance responsibilities of a single-family house.
In Malaysia, pangsapuri or flats are often associated with lower-income housing and may be perceived as having a lower social status compared to other types of residential properties such as condominiums. Conversely, condominiums are often associated with luxury living and high social status. The negative perception of flats and the positive perception of condominiums in Malaysia may be due to a combination of factors including government subsidies, location, amenities, and quality finishes.
Back to the main topic; a catchy and memorable name can help to generate interest and curiosity among potential buyers, while a dull or unappealing name may fail to attract attention and reduce the perceived value of the project. A well-chosen name can also create positive associations and convey a sense of prestige or exclusivity, which can be a powerful marketing tool. For example, a project with a name that evokes luxury or elegance, such as “The Grand Residences” or “Sunway Serene” may command higher prices than a similar project with a less impressive name.
In addition to the name itself, other factors such as branding, marketing, and reputation can also influence the market value of a property project. Ultimately, the success of a property project depends on a range of factors, including its location, quality, amenities, and price, but a strong name can certainly help to make a positive first impression and attract potential buyers.
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