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Malaysia Real Estate Highlights

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Malaysia Real Estate Highlights A comprehensive analysis of Malaysia's residential, retail, office and industrial markets Real Estate Highlights knightfrank.com/research Research, 1st Half 2020 REAL ESTATE HIGHLIGHTS KUALA LUMPUR HIGH END CONDOMINIUM MARKET Market Indications Highlights The COVID-19 pandemic is driving the global economy into recession and many countries, including Malaysia, are responding with stimulus packages to avoid a cascade of bankruptcies and emerging market debt defaults. The country’s dependency on oil revenue The recovery path of the property will further strain the government’s fiscal position amid declining oil prices. market since 2019, which was supported by the extended Home The country’s economy expanded 4.3% in 2019 (2018: 4.7%), the lowest growth since the Ownership Campaign (HOC), has global financial crisis in 2009. It weakened further to record at 0.7% in 1Q2020 (4Q2019: been thrown off by the onset of the 3.6%), reflecting the early impact of measures taken both globally and domestically to COVID-19 pandemic in 1Q2020. contain the spread of the novel coronavirus. Malaysia's economic growth for 2020, as measured by gross domestic product (GDP), is projected at between -2.0% and 0.5%. 6-month automatic loan moratorium to provide a short-term breather to The period of low headline inflation, recorded at 0.7% in 2019 (2018: 1.0%), mainly reflects borrowers impacted by the pandemic. the lapse in the impact from the Sales and Services Tax (SST) implementation. It continued to remain modest at 0.9% in 1Q2020 (4Q2019: 1.0%) due to lower fuel costs. The country’s The Central Bank has also lowered average headline inflation for 2020 is expected to turn negative due to lower global fuel the Overnight Policy Rate (OPR) thrice prices coupled with weaker domestic growth prospects and labour market conditions. in 1H2020 to 2.00% to cushion the economic impact on businesses and The labour market conditions remained stable in 2019 with the unemployment rate households. unchanged at previous year’s level of 3.3%. During 1Q2020, however, the unemployment rate increased to 3.5% (4Q2019: 3.2%), reflecting the negative impact of the nationwide Secondary market pricing weakens Movement Control Order (MCO) which saw most non-essential economic and business while rentals in most localities are activities literally slowed or grinding to a complete halt. For the whole year of 2020, the under pressure. unemployment rate is expected to peak and range from 3.5% to 5.5%, the highest since 1995. Reintroduction of the Home On the lending front, Bank Negara Malaysia cut the Overnight Policy Rate (OPR) by Ownership Campaign (HOC) with 50-basis point to 2.00% on 5 May 2020, its third revision this year in order to ease the stamp duty exemption on instrument impact of COVID-19 pandemic on businesses and households. Earlier on 20 March 2020, of transfer and loan agreement and the central bank had reduced the Statutory Reserve Requirement (SRR) from 3.00% to exemption of Real Property Gains 2.00% to shore up liquidity in the country’s banking system. Tax (RPGT) for up to 3 residential properties per individual are amongst initiatives announced under PENJANA Kuala Lumpur: Completion of High-End Condominiums / Residences, as the country restarts its economy. 1H2020 Developers are turning to digital platforms and social media to sell ProjectLocationAreaTotal Units Sky Suites Jalan P. Ramlee KL City 986 their products online and are offering more attractive incentives and deals. Source: Knight Frank Research 2 REAL ESTATE HIGHLIGHTS Supply and Demand Bintang. The Landmark @ KL City, on the former site of SJK(C) Imbi at Jalan The pandemic has taken a toll on Horley, features two blocks: the 72-storey most economic sectors and business North Tower and 71-storey South Tower, activities, including the construction offering a total of 1,338 units sized from and property sectors. As of 1H2020, 558 sq ft to 2,165 sq ft in single-key, dual- there was only one notable completion key and duplex configurations. Targeting of high-end condominium / residence a mix of foreign buyers, expatriates as project in Kuala Lumpur, namely Sky well as local buyers, the development is Suites (986 units), which brought its scheduled for completion in 2023. cumulative supply to circa 60,344 units. The nationwide MCO has halted most Andarama Sdn Bhd, a subsidiary of construction activities before its gradual Quill Group of Companies has also easing of restrictions, leading to the launched its serviced apartments – Quill scheduled completion of projects such Residences. The project, which sits on as Agile Mont’ Kiara (813 units), Arte a 7.09-acre site at Jalan Sultan Ismail, Mont’ Kiara (1,707 units) and TWY Mont’ forms part of the Quill City integrated Quill Residences Kiara (484 units), being pushed back to development that also include Quill City 2H2020. Mall and a 40-storey office tower. Slated Source: Quill Residences Official Website for completion by 2021, Quill Residences Another two projects, namely 8 offers 552 units with built-up areas 38 Bangsar is a mixed development Kia Peng (442 units) and Tower 2 @ ranging from 667 sq ft to 1,474 sq ft. project at Jalan Bangsar Utama 1. The Star Residences (482 units), are also leasehold project by UDA Holdings scheduled for completion by 2H2020. Meanwhile, upcoming project launches Berhad is planned for a 38-storey block in 2H2020 include Est8@ Seputeh, 38 of serviced apartments offering a total Collectively, these five projects will add Bangsar and Latitud8. of 278 units and complemented by three some 3,928 units to Kuala Lumpur’s retail lots on the ground floor. existing high-end residential stock. Northern based property developer, EUPE Corporation Berhad is planning to Latitut8 is a transit-oriented During the review period, two notable develop its third residential development development (TOD) atop the Dang projects in KL City had their preview / in Klang Valley known as Est8 in Wangi LRT station. Besides consisting launch, namely The Landmark @ KL City Seputeh. The project sits on a 3.22-acre of a lifestyle mall and business suites, and Quill Residences. leasehold land next to The Japan Club of the joint-venture project between Crest Kuala Lumpur, and will offer 744 units Builder Holdings Bhd (CBHB) and Debao Property Development Ltd held of serviced apartments, 17 units of two- Prasarana Malaysia Bhd, will also feature the preview of its residential project storey villas and 111 units of three-storey 418 units of serviced residences sized on a 2.07-acre freehold site in Bukit villas within the two blocks of 50-storey from 582 sq ft to 2,178 sq ft in simplex, buildings. dual-key and duplex configurations. Kuala Lumpur: Notable Launches / Previews, 1H2020 Name of No. of Unit Sizing Gross Selling (1) Developer Area Development Type Units (Min - Max) Price The Landmark SA Elite Starhill Sdn Bhd KL City 1,338 558 – 2,165 sq ft From circa @ KL City (Subsidiary of Debao RM2,000 per sq ft Property Development Ltd) Quill Residences SA Andarama Sdn Bhd KL City 552 667 – 1,474 sq ft From circa (Subsidiary of Quill Group RM1,500 per sq ft of Companies) Source: Knight Frank Research Note: SA = Serviced Apartment 3 REAL ESTATE HIGHLIGHTS Prices and Rentals Kuala Lumpur: Projection of Cumulative Supply for High-End Condominiums / Residences, 2013 to 2H2020(f) The newly launched / previewed projects in KL City, namely The Landmark @ KL City and Quill Residences are KL City Ampang Hilir / U-Thant Bangsar / Damansara Heights Mont’ Kiara / Sri Hartamas priced from circa RM2,000 per sq ft and RM1,500 per sq ft respectively. 70,000 60,000 Located in close proximity to Tun . of Units) 50,000 Razak Exchange (TRX) - the country’s international financial district, The otal No 40,000 Landmark will house the tallest 30,000 residential towers in the city. The fully 20,000 furnished units are priced from about 10,000 RM1.1 million onwards or circa RM2,000 omulative Supply (T C per sq ft (gross). 0 2013 2014 2015 2016 2017 2018 2019 1H2020 2H2020(f) Meanwhile, Quill Residences at Jalan Source: Knight Frank Research Notes: Sultan Ismail was launched at gross (1) (f) = Forecast (2) The locality of Bangsar includes Bangsar, Bangsar South, KL Sentral and Mid Valley / KL Eco City. pricing from RM1,500 per sq ft. The units come in studio to triplex configurations with a partial furnished or fully Kuala Lumpur: Average Transacted Prices of Selected Existing furnished package. High-End Condominiums / Serviced Apartments, 2H2019 and 1H2020(p) In the secondary market, the average Average Transacted Prices (RM per sq ft) transacted prices of high-end residential Locality Price Analysis 2H2019 1H2020(p) units in Kuala Lumpur were generally KL City 920 - 1,200 870 - 1,190 lower during the review period. As the Ampang Hilir / U-Thant 840 - 970 790 - 890 impact of COVID-19 pandemic continues Bangsar 890 - 1,120 850 - 1,090 to unfold, distressed owners may be Damansara Heights 850 - 990 850 - 940 willing to lower their prices to conclude Kenny Hills 610 - 720 610 - 690 sales. Mont' Kiara 670 - 810 630 - 800 OVERALL 790 - 980 740 - 970 The rental market appears to be weaker in KL City, Ampang Hilir / U-Thant and Source: JPPH / Knight Frank Research Notes: Damansara Heights. The average asking (1) (p) = Preliminary – Analysis based on preliminary data (2) The price analysis is calculated by weighted average approach based on recorded transactions of selected schemes rentals in these localities have declined due to lower occupational demand among expatriates and corporate Kuala Lumpur: Average Asking Rentals of Selected Existing High-End tenants.
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