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3. Datuk Chris Boyd Trends on Commercial Properties in Key Cities in 2017 What are possible solutions? May 2018 Greater KL Office Market Office Sector Greater KL Office Supply vs Absorption Absorption New Supply 7.0 6.2m sf 6.0 5.5m sf 5.5m sf 5.0 1 High supply, 4.8m sf 4.0 4.1m sf low take-up 3.9m sf 3.8m sf 3.6m sf 3.6m sf 3.3m sf OVERSUPPLY 3.1m sf 3.0 2.9m sf NLA (million sq sq ft)(million NLA 2.5m sf 2.0 1.9m sf 1.9m sf 1.9m sf 1.9m sf 1.4m sf 1.0 0.0 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e Source: Savills Research & Consultancy Office Sector Gross asking rents in Greater KL 10.00 Prime offices in KL City Golden Triangle 9.00 CBD KL Suburban 8.25 8.00 Selangor 7.00 Declining 6.64 2 6.00 Rental 5.64 5.00 4.82 4.75 4.00 RM per sq ft permonth ft sqRM / 3.00 2.00 1.00 0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Savills Research & Consultancy SOLUTION Review of MSC incentives • Launched in 1998, MSC Malaysia (formerly Multimedia Super Corridor) is a dedicated corridor, stretching from the Petronas Twin Towers to Kuala Lumpur International Airport, and encompassing Cyberjaya, the “technology core”, and Putrajaya, the administrative capital of Malaysia. • MSC Malaysia Status is awarded to both local and foreign companies that develop or use multimedia technologies to produce or enhance their products and services, and for process development. • Companies under MSC Malaysia Status enjoy a host of privileges that entail world class services and infrastructure as well as financial incentives: - MSC Malaysia 10 Point Bill of Guarantees (BoG) - Financial Incentives - Cutting edge communication infrastructure - Comprehensive regulatory framework of intellectual property protection and cyberlaws - Non-financial incentives - Support provided by MDEC as a one-stop agency 5 SOLUTION TRX incentives Developer(s) Tenants • Incentives offered to TRX Marquee Status companies: − Industrial building allowances on the purchase or construction of property in TRX for use in their business • Given to developer(s) who meet stringent (of providing financial services) at 10% per annum. development criteria that will include a strong green ethos and sustainability: TRX − Accelerated capital allowances of 100% over 2 years on INCENTIVES prescribed renovation costs − 70% tax exemption on income from the sale − Deduction for prescribed relocation costs in relation to or rental of properties in TRX for a period of 5 setting up or moving into TRX assessment years, cutting the effective tax rate from 25% to 7.5%. − Additional 50% tax deduction on rental expenses of TRX premises for 10 years. − Stamp duty exemptions on the rental/purchase of a TRX building as well as related property loan & services agreements 6 SOLUTION Decent specifications 7 Office Sector 3 Overly Decentralised Region Existing Supply Existing supply KL City 46.1 mil sf (38%) Future supply (UC) KL Sub 37.1 mil sf (31%) Note: Bubble/Square size Outer KL 37.5 mil sf (31%) corresponds to building size Source: Savills Research & Consultancy SOLUTION Feasibility study before construction 9 Office Sector Emergence >10 centres 4 co-working space >100 centres >10 centres SOLUTION Embrace the trend 11 Greater KL Retail Market Retail Sector Existing Mall Diluted Neighbourhood (<250,000 sq ft) 5 Neighbourhood (250,000 – 499,999 sq ft) market share Regional (500,000 – 999,999 sq ft) Megamall (>1,000,000 sq ft) Cumulative Retail Supply in Greater KL 70.0 60.2 62.0 56.5 60.0 53.9 48.3 49.0 50.0 46.1 42.3 39.2 40.5 40.0 30.0 20.0 Retail Space (mil sqft) (mil Space Retail 10.0 0.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Savills Research & Consultancy SOLUTION Stop overbuilding 14 Retail Sector Average Revenue CAGR of REIT Malls 8.0% 7.2% 7.0% 6.8% 6.0% 6.0% 5.2% Key malls 5.0% 5.0% 6 dominate and 4.0% outperform, 3.7% 3.0% 2.8% after long 2.0% gestation period 1.0% 0.6% 0.0% Suria KLCC Pavilion KL Sunway The Gardens Mid Valley The Mines The Curve Subang Pyramid Mall Megamall Shopping Fair (2010-2016) Parade (2011-2017) (2010-2016) Megamalls (2010-2017) Regional & Neighborhood Malls Source: Savills Research & Consultancy SOLUTION Open for non-retail uses 16 Retail Sector Trade Mix of New Malls (based on number of brands) IT / Telecommunications / Household Others F&B emerges 10% 9% Food & 7 Beverage as key trade 34% Healthy & in malls Beauty 15% Fashion 32% Source: Savills Research & Consultancy SOLUTION Boutique food retail park creates USP for developments 18 Johor Bahru and Penang Office & Retail Market Johor Bahru Market Cumulative Supply of Privately Owned Purpose Built Office 12.00 9.8 9.8 10.00 9.0 Quite a few ft 8.00 sq 6.2 6.5 5.8 8 major retail mall 6.00 5.5 5.5 5.5 5.5 5.5 5.5 5.4 5.4 Millions Millions completions 4.00 2.00 0.00 Major office completions: Major retail completions: 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e 2018e 2017 • Almas Office Suites • Paradigm Mall JB Cumulative Supply of Retail Space (Mall & Hypermarket) • D'Pristine Office Tower • IKEA Tebrau 25.00 • Medini 9 • AEON Mall Bandar Dato 21.1 21.1 20.0 • Medini 10 Onn 20.00 • Volt Corporate Park ft 16.2 • Menara JLand 2018e • Mid Valley Southkey sq 15.00 12.8 12.8 13.5 11.5 2019e Megamall 10.6 10.9 10.9 9.1 9.7 • Bank Rakyat Johor • Capital 21 Millions 10.00 Tower 6.8 • MPJB Tower 2019e 5.00 • Ikano Tebrau Shopping Centre 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e Source: Savills Research & Consultancy Penang Market Cumulative Supply of Privately Owned Purpose Built Office 10.00 8.00 Limited 6.00 9 4.00 supply sq Millions ft 2.00 9.4 9.1 9.4 9.4 9.4 9.0 9.1 9.2 9.5 8.8 8.8 8.8 8.8 8.8 0.00 growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e Cumulative Supply of Retail Space (Mall & Hypermarket) Major retail completions: 14.00 PENANG ISLAND 12.4 12.8 2019e 11.6 11.9 12.0 12.00 SEBERANG PERAI 11.2 • IKEA Batu Kawan 10.4 TOTAL 9.9 9.1 2020e 10.00 8.6 8.9 8.1 4.3 3.7 3.8 4.3 3.7 7.5 7.5 3.3 2.9 • Penang Times Square 8.00 2.4 2.4 (Phase 3 & Phase 4) 2.4 2.4 2.3 1.9 6.00 1.9 4.00 Millions sq sq Millions ft 2.00 5.6 5.6 5.8 6.2 6.5 6.7 7.5 7.5 7.8 7.8 8.1 8.1 8.1 8.5 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e Source: NAPIC, Savills Research & Consultancy .
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