Number of property transactions dropped in 2012

April 19, 2013 By Leave a Comment

Market slowed in Penang, KL and Selangor but recorded double digit growths in Kelantan and Putrajaya.

Source: National Property Information Centre

After several years of growth, the number of transactions within the property market fell for the first time last year. This number fell from 430,403 transactions in 2011 to 427,520 transactions in 2012, a drop of 0.7%, as revealed at the recent launch of Property Market Report 2012 by the Ministry of Finance’s Valuation and Property Services Department.

Sub-sectors which suffered were the commercial sub-sector (which declined in number of transactions  by 5.9%), the agricultural sub-sector (-5%) and the industrial sub-sector (-4.7%).

Taking up the slack was growth in sales of development land which grew by 6.1% but less than in 2011 when it had grown by 14.8%. The residential sub-sector also grew but at 1.1%, compared to 18.9% in 2011.

In terms of states, the states with major property markets saw transactions drop in 2012. These included Penang (which declined about 21%), Perak (-8%), Johor (-7%), Kuala Lumpur (-3%) and Selangor (-2%).

States which have smaller property markets, in the meantime, flourished last year: Kelantan (increased by 50%), Putrajaya (27%), Pahang (15%) and Terengganu (12%). One of the factors to boost Kelantan’s property market was a bulk transfer of 2,603 units of vacant residential plots, which caused its residential sub-sector to nearly double.

While number of transactions has dropped, the value of transactions has increased from RM137.8bil in 2011 to RM142.8bil in 2012 (an increase of 3.6%).

In terms of value, the sub-sectors which increased the most due to prices of transactions being higher, were development land (increased by 16.6%), residential (increased 9.6%), industrial (4%) and commercial (0.6%).

While number of property transactions dropped in Selangor by 1.7%, the value of transactions in Selangor increased by 13.8%, indicating a significant increase in the prices of transactions.

Home sales increased in quantity by 1% but in value by nearly 10%

At the launch of Property Market Report 2012: Valuation and Property Services Department director Datuk Abd Hamid Abu Bakar, Treasury secretary general Datuk Sri Moh Irwan Serigar, National Property Information Centre director Khuzaimah Abdullah

The number of residential property transactions last year grew by 1.1% to nearly 273,000 transactions, totaling about RM68bil in sales.

This 1% growth came from increase in home sales in Kelantan, Pahang and Putrajaya, among others. The growth in these states were offset by drops in transactions in Penang (-24.2%), Perak (-9.1%), Johor (-7.2%), Sarawak (-2.6%), Kuala Lumpur (-1.3%) and Selangor (-0.5%).

The drop in Penang, for example, may have been attributed to a correction in the market. For example, home sales in Penang dropped by 24% last year, after it had already climbed by 68% in 2011.

While home sales in Selangor dropped slightly last year, the state still maintained the highest market share with 28% of the country’s home sales being in this state, followed by Perak (11%), Johor (11%), Kuala Lumpur (9%) and Penang (9%).

Even though the number of sales of homes in Malaysia increased only slightly at 1%, the value of sales increased by 9.6%. Compare this to the increase in value of sales for all sub-sectors at 3.6%, indicating that prices for homes have increased more than prices for other sub-sectors.

As such, even though six states recorded a drop in number of sales, nearly all reported an increase in the volume of sales, except for Penang and Perak.

Putrajaya in particular showed a marked value appreciation, with number of transactions having increased by 27% but value increasing by 78%!

And even for the biggest loser, Penang, even though number of transactions dropped by 24%, the value of these transactions dropped by only 8%, so prices were seen to have held somewhat.

In terms of pricing, the segment with the highest activity was the RM250,000 to RM500,000 segment, taking 18% of the market. Sales of homes priced above RM500K also increased from around 22,000 units in 2011 to around 26,500 units in 2012.

In terms of property types, terraced houses remained the most popular with about 36% of the market, while condos made up 15%. Many of these houses were located outside of the Kuala Lumpur and Selangor, however, given that 75% of of condo/apartment transactions were conducted in KL and Selangor.

In terms of developer units, the number of new launches increased from around 49,000 units in 2011, to around 57,000 units last year. Over 60% of these new launches were in KL, Selangor, Johor and Perak.

Take-ups from these launches were the best in KL (with 60% sales), Penang (56%) and Melaka (51%).

In terms of residential overhang, number of unsold developer homes dropped and Putrajaya and Labuan even recorded zero overhang. Among those units which remain unsold, 21% were condos/apartments, with nearly half of this number priced over RM1mil and located in Kuala Lumpur.

Source by: The Star

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RM300m Yaohan overhaul of The Mall as Sunway Putra Place

April 1, 2013 By Leave a Comment

PETALING JAYA: With renovations set to begin in May, Sunway Real Estate Investment Trust (Sunway REIT) aims to return the former Yaohan mall – one of Kuala Lumpur’s oldest shopping centres and during its prime, the city’s largest – to its heyday.

Now christened Sunway Putra Place (SPP), the REIT managers intend to set aside RM300mil in capital expenditure (capex) for a total overhaul of its retail complex, which will reopen in the first quarter of 2015 as an “urban lifestyle mall”.

According to Sunway REIT chief executive officer Datuk Jeffrey Ng, the revised building plans have been submitted to the authorities and the firm is hoping to get the go-ahead this month.

Although he was not able to disclose the proposed increases in net lettable area and gross floor area for the mall pending regulatory approval, Ng told StarBiz in an interview that the extensive refurbishments could more than double rental rates, with the goal being to work towards Sunway Pyramid’s average gross rental of RM12 per sq ft from RM5 currently.

“There will be an F&B frontage and entertainment. Day or night, the whole place will be abuzz with activity. This allows it to be a destination for our target market, which is the mid-to-upper income shopper.SPP is also projected to double its net property income contribution and increase its gross floor area by 90,000 sq ft post-refurbishment, according to Sunway REIT’s latest annual report.

“Putra World Trade Centre, which is nearby, can be a very busy place when there are events, and the Umno headquarters is another built-in customer base. We can leverage on this,” Ng said.

Within an immediate 2.5km radius, SPP has a catchment of 2,000 homes and 10,000 people. Neighbourhoods in the vicinity include Sentul, Segambut, Jalan Duta, Kenny Hills and Bukit Tunku.

“It was also surprising to us that we had exhibitors at Matrade staying at Sunway Putra Hotel. This was something we didn’t foresee, but the 2.5km radius captures a large market,” Ng added.

All tenancies for the mall, which counts Parkson and Cold Storage as anchor tenants, will be retired come the end of the month to make way for a new tenant mix.

“Our objective is to restore SPP to its glory days. It will be beyond recognition, with a whole new feel in terms of traffic circulation, customer walkthrough and retail layout,” Ng explained.

The shopping centre, launched in 1987 with much fanfare by then prime minister Tun Dr Mahathir Mohamad, was hard-fought.

After Sunway REIT bought it through a public auction in March 2011 for over RM500mil, several parties mounted legal actions against the company.

In April last year, the Court of Appeal dismissed all appeals by Metroplex Holdings Sdn Bhd, the previous owner of SPP, its holding company Metroplex Bhd, and Robert Ti and Kornelis Kurniadi, a bidder and his agent, who had challenged the validity of the auction.

Earlier estimates had tagged the renovation at RM200mil, with works originally scheduled to begin in the first quarter of this year and take 15-18 months. Under the revised plans, the development period has been extended to 22 months.

Ng noted also that the RM300mil is a ballpark figure as the works are in the process of being tendered out. Nonetheless, he believes the investment, which would be funded by debt, is not excessive.

“A substantial sum is going to the M&E (mechanical and electrical), which would be entirely new, and we are adding more space. The building is 25 years old. You have to bite the bullet and spend what you need to get the returns.”

At its current gearing of 32%, Sunway REIT has debt headroom of RM900mil before it touches the permissible 50% gearing level. But the management has said it would keep leverage at around 40%, which means it can gear up by a further RM500mil.

Besides the mall, Sunway REIT is also finalising the capex for SPP’s office and hotel components.

While the mall is to be closed during the renovation, the hotel and offices will continue to operate. Asset enhancements on the hotel and offices are slated for completion six to nine months later than the mall.

Following the refurbishment, Sunway REIT is hoping to improve the four-star hotel’s average daily rate to RM300-RM400 from less than RM200 currently.

Rentals for the office, meanwhile, are targeted to rise to between RM4 and RM4.50 per sq ft from RM3.

“We want to make the three assets compatible so they can create more synergies. Once we get the client base right, they (the mall, hotel and office) will naturally feed off each other,” Ng said.

It should be noted that Sunway REIT stands to lose some RM14mil annually in rental income from the closure of the mall.

However, the company does not expect to see any adverse impact on its distribution per unit over the next two years as Sunway Pyramid, its trophy asset, is due for a major rental reversion of 60% of its net lettable area in September, the first quarter of its financial year 2014.

 

Source by: The Star

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37 Malaysian companies to be honoured at 2013 Asia Pacific International Property Awards

March 28, 2013 By Leave a Comment

Previously known as the Bloomberg International Property Awards, this annual recognition of the best developments, architecture, interior design and real estate agency work by UK company International Property Media Ltd has this year teamed up with Virgin Atlantic and Samsung to present International Property Awards and International Hotel Awards 2013-2014. The competition is now in its 19th year.

Like last year, the awards dinner for the Asian Pacific regional round will be held in Kuala Lumpur on May 10. This year, it will be held in Shangri-La hotel, rather than last year’s JW Marriott.

The 2013 Asia Pacific Property & Hospitality Show will bring in winners from around the region, and also those who would like to network with them. Besides the awards ceremonies, there will also be a schedule of networking events, seminars and exhibitions which begins from May 9.

This year’s awards has seen 639 submissions in 43 categories (seven estate agency categories, 18 development, eight Interior Design and 10 Architecture) from 23 countries in the region, says a spokesperson for the awards. Countries participating in the competition for the first time are Mongolia, Bangladesh, and Tajikistan.

The organisers expect between 600 to 800 attendees at this year’s event, compared to last year’s 620.

Billing itself as one of the “most prestigious property awards shows”, it’s a strictly black tie event, and last year’s do featured several statuesque blonde models as ushers bringing a touch of glamour to the event.

Winners from the Asia Pacific awards, will come together with winners from the Arabia, Europe, Africa and the Americas regions to compete at the International Property Awards, usually held in London.

Source by: The Star

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DBKL must check slope safety

January 11, 2013 By Leave a Comment

WE have ushered in 2013 and Kuala Lumpur City Hall (DBKL) must intensify its efforts to improve the quality of life for all its residents by resolving issues and rising to the challenge of urban management.

The public expect a better living environment this year.

It was most unfortunate that DBKL started the year with the collapse of a retaining wall in Puncak Setia Wangsa following a landslide.

The issue has certainly brought the subject of slope safety to the forefront again and questions the maintenance system, regular safety inspections and risk assessment of all hillside development.

The collapse has also reminded us that any action which results in the degradation and destruction of our environment will have disastrous consequences.

For city folks, there are a number of issues which they want resolved.

Top on the list is the issue of public safety and ways to further reduce the crime through community policing, more police presence and greater DBKL involvement to implement the various measures and initiatives under the Safe City concept.

Other than strengthening city management, there is a need for DBKL to implement a strong maintenance culture.

This will help address the following problems:

 

  • Shoddy work and poor temporary road reinstatement by contractors of utility companies, including the MRT involved in road works which have caused road damage such as potholes
  • Clogged drains causing flash floods
  • Lack of streetlights in areas with high crime index
  • Lack of cleanliness in parts of the city
  • Overgrown tree branches obstructing road signage

When I served as a City Hall Advisory Board member for almost 16 years, I made it a point to emphasise to the city administrators the importance of ensuring a big budget for maintenance of all infrastructural and public facilities and to build a strong maintenance culture.

While I appreciate the fact that pipe and cabling work have to be done from time to time by the utility companies to provide services to their clients, what must not be overlooked is the responsibility of the contractors to ensure safety and health standards at their worksites in the interest of public safety and health.

TAN SRI LEE LAM THYE Kuala Lumpur

 

Source by: The Star

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Malaysia, hubbing the region

December 21, 2012 By Leave a Comment

MALAYSIA is a country that is moving fast. From a nation that was dependent on agriculture and primary commodities, it has today become an export-driven economy led by high technology, knowledge-based and capital-intensive industries.

Since the 1970s, Malaysia has attracted foreign direct investment from various multinationals and foreign companies. By the 1990s, Malaysia achieved newly-industrialised country status, with 30 per cent of exports consisting of manufacturing.

These companies have brought with them a myriad of expertise, talent and exposure to the Malaysian people. Aside from that it created a melting pot of culture – not only intrinsically from its own cultural mix, but moulding in foreign culture.

These companies have evolved from manufacturing, when they first arrived in Malaysia, to becoming a centre for services such as research and development to financial services and talent management among others.

Malaysia is an ideal investment destination – it has a great location, robust economy and business-friendly policies.

This is evident with Malaysia’s foreign direct investment (FDI) inflows in 2011 surging by 12.3 per cent to US$10.8 billion (RM32.94 billion) as multinational companies continue to choose Malaysia as their regional investment destination.

William Dillard famously quoted stating any business could be successful, as long as it was located in the right place.

Malaysia certainly has this location. It is located at the centre of Asia, right between the smallest and biggest markets – spanning Thailand to China and India.

It is a six to eight hours flight radius from Asia’s booming growth centres such as Bangalore, Dubai, Hong Kong, Seoul, Shanghai, Taipei and Tokyo. Apart from its strategic location, Malaysia is famed for having a robust and open economy.

According to the International Chamber of Commerce Open Market Index 2011, Malaysia is the third most open economy in Asia, after Hong Kong and Singapore.

Malaysia has continued to show strong trade performance despite the slow US economic recovery and eurozone debt uncertainties.

Allowing it to continue on its growth path is its well established trade relationship within Asia – providing inroads to Southeast Asia economies and its market of over 600 million people.

Malaysia’s attraction does not stop here, it has introduced more business-friendly policies that heighten its star capabilities.

In 2010, Malaysia embarked on its continued vision of becoming a high income nation by 2020.

To do this, it has positioned the Economic Transformation Programme (ETP) as a key pillar to driving change. Through this, the government is proactively encouraging private investment-led growth with the ETP creating many investment opportunities.

One of the ETP top priorities is to facilitate global companies’ efforts to make Malaysia their base. Key areas include oil, gas and energy, tourism, health services and others.

The government is also looking into enablers to achieve competitiveness such as the government’s facilitative role in business; public finance reform, human capital development, international standards and liberalisation, public service delivery and narrowing disparities. Recently, the country announced liberalisation of the financial and medical sectors among others.

Further to the country’s performance based on fact and figure, there are many examples of companies that have made Malaysia their home and connection to the region.

As of 2011, a total of 217 operational headquarters were approved, to be located in Malaysia, with investments worth US$758 million.

Among them are Hewlett-Packard Co that opened its HP Global Centre in Cyberjaya in 2010, carmaker Volvo recently chose to operate out of Malaysia and consolidated its Asean operations to a single location here. General Electric also combined its operations in Malaysia recently. Its oil & gas operations in Malaysia serve its customers in Asia Pacific region.

Malaysia has definitely proved the pudding in terms of its attractiveness as a magnet for foreign investment – from having a robust economy, strategic location and business-friendly policies. Not only does it have the factors, but it has successful examples of multinationals calling it home within the region.

Through policies such as the ETP, Malaysia hopes to sustain this momentum and encourage more such investments into the country.

Moving forward, the investment climate in 2013 is expected to be challenging due to the current global economic slowdown.

However, Malaysia continues to focus on its target of attracting US$10 billion FDI this year.

In spite of the global economic outlook, the country plans to take advantage of the slowdown .

In particular, Malaysia will continue to leverage on its poised economic environment and sound policies in place to attract investors.

Like the saying goes, when life gives you lemons (in this case – a strategic location, a robust economy and business-friendly policies), you make lemonade.

Especially when Malaysia’s transformation opens up opportunities with enhanced financial incentives and business-friendly policies.

 

Source by: Business Times

Picture by: livingmalaysiabillboard

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KL shares open higher, KLCI hits new high

April 3, 2012 By 1 Comment

Share prices on Bursa Malaysia opened on a positive note today on continued positive sentiment in the local bourse, dealers said.

The market rose 3.35 points to an all-time high of 1,607.13 at the opening before retreating slightly to 1,606.89 at 9.29 am.

HwangDBS Vickers Research expects the local bourse to extend its gains as global economic sentiment improved while investors mull the Economic Transformation Programme’s 2011 scorecard, released yesterday, which exceeded targets.

“The US indices was 0.4-0.9 per cent higher at the closing bell, driven by better-than-expected manufacturing data, as well as an 11-month high in the Chinese purchasing manufacturing index,” it said in a statement.

The Finance Index gained 40.28 points to 14,466.26, the Industrial Index rose 4.79 points to 2,897.64 but the Plantation Index slipped 9.68 points to 8,796.61.

The FBM Emas Index improved 24.11 points to 11,015.53, the FBM70 Index surged 40.021 points to 12,123.74 and the FBM ACE Index added 24.97 points to 4,579.92.

Advancers led decliners 207 to 83, 176 counters were unchanged, 1,047 untraded and 25 suspended. Turnover stood at 155.73 million shares worth RM100.53 million.

Of actives, Ingenuity Solutions and Metronic Global added half-a-sen each to 11 sen and 19 sen, respectively, while Naim Indah and Fast Track earned one sen each to 46.5 sen and 10 sen, respectively.

Heavyweights, Maybank rose three sen to RM8.97, Sime Darby and Petronas Chemicals increased one sen each to RM9.89 and RM6.73, respectively, while CIMB was flat at RM7.79. — Bernama

Source by: Business Times

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The Evolution of SOHO

March 28, 2012 By 1 Comment

SOHO refers to small office home office or single office home, it is beginning to mark its presence in cities around the world and its popularity has gained momentum in Malaysia. In this high-tech age, SOHO has evolved to be a modern day life-style for the fast-pace world. SOHO’s concept fits in nicely with the modern life-style of city folks as it can be used as an office space cum living with full facilities and services to its tenant. As such, the folks can operate their businesses more cost effectively and in the convenient and comfort of their home.

In the 60’s, SOHO trend began setting its foot in Manhattan. Back then, it is merely a ‘Cast Iron District’ not cater specifically for residential purposes. In those days, the Cast Iron District comprised mainly of warehouses and factories with cobblestone laying its streets occupied mostly by small businessmen, low-income labourers who were mostly illegal immigrants. These people worked and stayed at the same place to save cost. As such, it was then deemed illegal until the 80’s.

In the 80’s, due to rapid increase in population resulting in congestions and high cost of operation in the commercial area, the idea of decentralisation was then mooted to ease the situation. Presently, with the introduction of electronic devices that makes communication within finger-tips, many entrepreneurs, researchers and other professionals find it a convenient way to handle business dealing at home. This mode of operation actually minimise operational cost and increase efficiency and productivity.

Likewise, in Malaysia, since the trend of SOHO trend marked its spot around 4 to 5 years ago, the working behaviour and pattern among the Malaysian especially the young executives and businessmen had changed tremendously. With the SOHO life-style, they can now plan their time usage more effectively and efficiently. The flexible working hours and time saved on unnecessary travelling on the road and mingling among staffs and clients can be better used for their other purposes without compromising on result.

A SOHO life-style offers its tenants an effective, functional working and dwelling area without the pressure of a conventional work office. Being in the comfort of your “own home”, It offers the tenants easiness and peace of mind to concentrate on his or her everyday work.

Due to its tenants’ profile, developers usually choose a site to develop SOHO project where public transportation is near. There are several up and coming SOHO projects in Malaysia. Notably, the Centrio SOHO in Bangsar, Empire Subang SOHO in Subang Jaya, Empire Damansara SOHO in Damansara Perdana, PJ5 SOHO in Kelana Jaya, the Ascott SOHO in Old Klang Road and Parklane SOHO Duplex Suites in ss7 Kelana Jaya. The numerous project mentioned is a clear indication that the SOHO life-style is the “things to come” in Malaysia.

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Japan agency keen to fund projects in Malaysia

March 28, 2012 By 1 Comment

THE Japan International Cooperation Agency (Jica) is offering soft loans for several government-funded projects, such as the MY Rapid Transit (MRT) project.

Jica senior representative for Malaysia Khoyo Okubo said the agency is also interested to fund the development of the light rail transit (LRT) extension project and the high-speed train linking Kuala Lumpur and Singapore.

“If there are funding requests from the Malaysian government for some of these projects, we will consider it as we are bullish on the prospects here,” she said at a luncheon yesterday to introduce Jica Malaysia’s new chief representative, Kunihiko Sato.

Jica, which scrutinises funds under Japan’s official development assistance, has been providing soft loans to the Malaysian government in the last 40 years for projects in the construction, environment, education, healthcare and transportation sectors.

Among the projects were the Kuala Lumpur International Airport, the Port Klang power station, the Bintulu deepwater port, the Johor port, the Tenom Pangi hydroelectric, the Batang Ai hydroelectric, and the Seremban-Ayer Hitam expressway.

In March 2005, Jica had inked an agreement with the Malaysian government to provide soft loan of RM3.3 billion for the Pahang-Selangor raw water transfer project.

The amount is to build a 44.6km water transfer tunnel, an intake and pumping station, an 11.8km double pipeline and an earthfill dam. Japan’s Taisei Group and Shimizu are involved in the project.

Meanwhile, Sato said Jica would like to support Malaysia so that the country could achieve its development target.

Source by: Business Times

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KL stock trading likely to be rangebound

March 28, 2012 By Leave a Comment

It’s probably going to stay this way for a few good weeks or months before the general elections, says a dealer from a Malaysian brokerage firm.

THE stock market’s benchmark index is likely to trade rangebound this week, with a slight upward bias amid a lack of strong leads.

The FBM KLCI inched up steadily last week, gaining 0.9 per cent to close at 1,585.83 on Friday, outperforming regional and US markets which were on correction mode.

“We’ve come to a sort of rangebound trade for now and it’s probably going to stay this way for a few good weeks or months before the general elections (GE),” said a dealer from a local brokerage firm.

Foreign investors will not participate in the market in a big way until the GE is over and there is more certainty to its outcome, he added.

In the meantime, there are foreign short-term funds buying into some index-linked stocks.

Stocks that are deemed to benefit from the Economic Transformation Programme projects like Gamuda Bhd may be in focus as the government hands out more contracts ahead of the GE, analysts aid.

RHB Capital Bhd-OSK Holdings and SapuraCrest-Kencana Petroleum may also be in the spotlight on ongoing merger-related news.

“Due to the FBM KLCI improving technical readings, there could be one more upleg to retest 1,597 (historical high) if immediate resistance at March 7′s pivot high of 1,585 is violated. Otherwise, the market is expected to stay rangebound,” said Hong leong Investment Bank Research in a report last Friday.

It said that in the wake of volatile overseas markets and looming 13th GE, it prefers to focus on defensive stocks, solid net cash companies with potentials of merger and acquisitions or capital management, as well as high dividend yielders.

“Overall, investors should capitalise on further rallies to trim their shareholdings and stay nimble amid volatile external markets,” it said.

In the US, the Dow Jones Industrial Index Average had its worst week of the year, falling by 1.2 per cent to 13,080.73.

This week, investors will be watching out for more economic data coming out from the world’s largest economy such as fourth-quarter gross domestic product on Thursday.

Source by: Business Times

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