27-11-2023 (KUALA LUMPUR) Peter So Man-fung, the renowned Feng Shui master from Hong Kong celebrated for his shrewd real estate ventures, faced a setback in his Malaysian property investment. Despite holding a lavish 4,150 square feet rental property in Kuala Lumpur for 14 years, So experienced a modest 10% increase in its value upon selling, falling short of his expectations. Reflecting on the sale, he remarked, “At least I didn’t lose money.” However, netizens viewed So’s profitable sale as noteworthy, considering the challenges prevalent in the Malaysian property market, marked by more declines than gains. Nevertheless, So cautioned followers about investing in local properties, advising against new purchases in Kuala Lumpur due to their potential value depreciation.
What distinguishes So Man-fung is his exceptional foresight in the real estate market, surpassing even industry experts. In late 2018, he voiced concerns about exorbitant property prices and low rental yields in Hong Kong, predicting a decline. He advised potential buyers to refrain from risky investments and wait until 2024 to make a purchase. Those who heeded his advice managed to avoid the subsequent 20% drop in property prices over the last two years.
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Despite the passing years, So maintains his belief that the Hong Kong property market lacks worthwhile investment opportunities. He points out that even with the price decline, the current rental yields on modestly priced properties stand at a mere 3%. After factoring in property taxes, maintenance fees, and other expenses, the returns become virtually negligible. His latest recommendation is to consider purchasing properties in 2028, predicting an auspicious period for the real estate market from 2028 to 2033.
During an interview, So suggested that individuals with substantial cash reserves could consider investing in fixed deposits for interest returns. Additionally, unless there is a genuine need for personal accommodation, he advised diverting funds towards investments that retain value, such as fine art and luxury watches. So shared his own experience with an Audemars Piguet watch, doubling in value within a year.
So Man-fung garnered attention on Facebook by showcasing a video of his recently sold 4,150 square feet property in Kuala Lumpur, purchased 14 years ago. The video highlighted the unit’s intricate layout, featuring four bedrooms, walk-in closets, and separate “dry” and “wet” kitchens. While netizens admired the spacious worker’s quarters, So expressed discontent, noting that the view of Kuala Lumpur’s Petronas Twin Towers, once visible from the unit, had been obstructed by new high-rise buildings. Though the formal purchase and selling prices were undisclosed, estimates suggest a value of around HK$10 million. So also cautioned Hong Kong residents about purchasing new properties in Kuala Lumpur, hinting at a temporary halt to his investments in the area.
