Apart from the building’s designs, many can probably guess a property’s value just by the name alone. However, just because the name of the residential area sounds luxurious, it doesn’t necessarily mean that and some people have learned that the hard way.
But what happens to said property when the prestigious name suddenly changes to something more common? Property buyers of this building in Ipoh were understandably upset when they learnt of their property name change.
It was recently reported that property buyers in Kepayang, Ipoh were unhappy with a sudden change of name of their 1Malaysia Housing Programme (PR1MA) high-rise housing building. The building that was originally known as PR1MA Fair Park has been renamed Pangsapuri PR1MA Kepayang.
How does the new name affect the value of the property? Property buyer Calvin Chai told The Rakyat Post that a prestigious name is one of the many factors why many would choose to buy a home in the area, so changing a glamorous name such as ‘PR1MA Fair Park’ to something common like ‘Pangsapuri PR1MA’ will surely make potential buyers and renters reconsider their options.
It was also reported that there’s already another residential building with a similar name which is Pangsapuri Seri Kepayang. Now that would definitely confuse future buyers. “We were made to understand that the name change is at the directive of local authorities. We hope the authorities would reinstate the previous name as it would impact the property’s value in the long run,” said the Ipoh man.
The property buyer then told the local news outlet that the residence will try to appeal to Local Government Development Minister Nga Kor Ming, who is also the Kepayang state assemblyman. PR1MA is a housing program launched by the government to provide affordable homes to eligible Malaysians.
What do think of the name change? Will it really affect the high-rise housing?
Source: TheRakyatPost
