Timber flooring has been in used in Malaysian homes since it became a more luxurious finishing compared to cement render flooring. The house that my parents grew up in certainly did not have them.
While the many refers to the material as homely and: or warm may be subjective, it is definitely not as cold in the literal sense, temperature wise. Even in the warms days (or everyday in Malaysia). It absorbs heat and the AC chills pretty well, and I guess that’s what makes them so popular in the bedrooms.
The characteristics, price and maintenance required is not too difficult to imagine, as with any timber related. And with technology and building materials advancement, Malaysians in particular has always been keen to explore more cost-efficient and durable ways of imitating the ‘feel’ that timber flooring creates. Here may be some of the result available alternatives that are common in Malaysia.
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[Disclaimer] I have not personally used this in our projects, just based on advice and info from suppliers.
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I think at the end of the day there is no best option or alternative. It really depends on what your personal and subjective preferences are. And I'm not trying to be on the fence. I too do have my own preference without discounting the benefits of the other options I choose to ignore.
Another way to look at it is your property type and condition, namely the type of existing flooring and decide from there if you want to work with it or remove it completely for your dream look for your home.