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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 h Highlights knightfrank.com/researc Research, 2nd Half 2020 REAL ESTATE HIGHLIGH TS K U A L A L U M P U R H I G H E N D C O N D O M I N I U M M A R K E T Market Indications Rate (OPR) by 25-basis points to 1.75%on 7 J uly 2020, the fourth cut this year to Highlights Malaysia has been caught in the third wave stimulate economic growth due to the severe of COVID-19 infections since September impact of the COVID-19 pandemic. The 2020 and this has led to the re-imposition current level of OPR is the lowest since the Full stamp duty waiver for first-time of the conditional movement control order introduction of the policy tool in 2004. homebuyers, applicable for the (CMCO) in selected states and localities in sale and purchase agreements on the country including Kuala Lumpur and Supply &Demand purchases that are completed from 1 Selangor since 14 October 2020. Although January 2021 until 31 December 2025 the government has allowed most business As of 2H2020, the cumulative supply as provided under Budget 2021. operations to return to normalcy with of high-end condominiums / strict adherence to standard operating residences in KualaLumpurstood at 64,272 Five notable project completions procedures (SOPs), this phase of CMCO units and two new launches of high-end which sees a sharp resurgence in cases, is following the completion of five projects condominiums / residences during the slowing economic recovery. which are 8 Kia Peng (442 units), Tower 2 review period. @ Star Residences (482 units), Arte Mont’ The country’s economy improved to post Kiara (1,707 units), TWY Mont’ Kiara (484 More developers are embracing digital a much slower contraction of -2.7% in units) and Agile Mont’ Kiara (813 units). platforms to engage and network with 3Q2020 (2Q2020: -17.1%), largely supported Projects scheduled for completion by 1H2021 their potential buyers and investors by the gradual reopening of economic will collectively contribute some 4,408 units amid the pandemic. sectors after the initial phases of MCO to the existing high-end residential stock. in June and better external demand These schemes are 10 Stonor (364 units), conditions. Moving forward, however, The Manor (484units), Eaton Residence (632 Lesser activity in Kuala Lumpur’s high- weaker global growth amid the prolonged units), Lucentia Residences @ Bukit Bintang end condominium market generally with outbreak is expected to weigh down further City Centre (666 units), Tower A Yoo8 @ 8 buyers and investors waiting on the on the country’s economy. The central Conlay (564 units), The Colony @ Infinitum sidelines. bank has revised downwards its 2020 GDP (423 units), The Luxe @ Infinitum (300 growth forecast at between -3.5% and -5.5%. units), The Estate South Bangsar (328 units), The OPR was lowered for the fourth time Novo Ampang (421units) and One Kiara (226 in July this year to 1.75% to accelerate Headline inflation recorded a smaller units). the pace of economic recovery. contraction of -1.4% in 3Q2020 (2Q2020: -2.6%), primarily due to higher domestic The re-imposition of the CMCO continues retail fuel prices in line with the recovery to derail recovery of the property sector as Chronology of M ovement in global oil prices. For the whole year there is lesser visitation to sales galleries. Control Order (MCO) in Klang Valley of 2020, the country’s average headline This has led to more developers embracing inflation rate is expected to range between digital marketing strategies to boost the -1.5%and 0.5%. sales of their unsold inventories and newly Date 18 March 2020 launched products. Event Movement Control Order (MCO) Malaysia’s unemployment rate showed Date 4 May 2020 Event Conditional Movement Control signs of recovery to record at 4.7% in KSL Holdings Berhad has recently Order (CMCO) 3Q2020 (2Q2020: 5.1%) due to gradual introduced a full 360° view virtual Date 10 June 2020 improvements in labour market walkthrough reality tour for its newly Event Recovery Movement Control Order (RMCO) conditions, supported by positive rehiring completed Maple Residences. The platform Date 14 October 2020 – activity as demand conditions normalised. features video tours of the actual units, 14 January 2021 recreational floor, nearby points of interest Event Reinforcement of Conditional Movement Control Order (CMCO) On the lending front, Bank Negara etc. and allows 100% client-consultant- Malaysia reduced the Overnight Policy meetings via life video conferencing. 2 REAL ESTATE HIGHLIGH TS The review period also saw Lendlease (MFAM) known as MFBBCC Serviced Suites Sdn Bhd (JVCo), to purchase a 44-storey block Group together with joint-venture (JV) of serviced residences for RM242 million. The serviced residence block, which has yet to be partner, TRX City Sdn Bhd, holding a launched, is part of the BBCC Phase 2 development that will also include another digital launch for the second tower of TRX residential tower and two blocks of commercial buildings. It will offer 269 units sized from Residences. This follows the successful sale 532 sq ft to 1,188 sq ft in one to three-bedroom configurations. Upon its completion by end 2023, the JV of Tower A which saw all non-bumiputera company will manage and operate the property, including granting of tenancies of units. units fully taken up during its pre-sales period. Tower B offers 453 units sized from Completion of High End Condominiums / Residences, 2H2020 474 sq ft to 3,858 sq ft in one to three- bedroom layouts as well as three and Project Location Area Total Units four-bedroom duplex configurations. Both 8 Kia Peng Jalan Changkat Kia Peng KL City 442 Tower A and Tower B, which are being Residential Tower 2 Jalan Yap Kwan Seng KL City 482 developed on one of the three freehold @ Star Residence plots, have a total of 896 units and are Arte Mont' Kiara Jalan Sultan Haji Mont' Kiara / Sri Hartamas 1,707 @ KL Metropolis Ahmad Shah scheduled for completion by 2023. TWY Mont' Kiara Jalan Solaris Mont' Kiara / Sri Hartamas 484 Agile Mont' Kiara Jalan Duta Kiara Mont' Kiara / Sri Hartamas 813 Source: Knight Frank Research Notable Launches / Previews, 2H2020 Name of Development Tower B @ TRX Residences Allevia Type(1) SA C Developer LQ Residential 1 Sdn Bhd Allevia Sdn Bhd TRX Residences (a subsidiary of JV Between (a subsidiary of Lendlease and TRX City Sdn Bhd) UEM Sunrise Bhd) Source: trxresidences.my Area Tun Razak Exchange Mont’ Kiara 453 278 UEM Sunrise Group has also unveiled its Total Units latest residential project – Allevia. Located Unit Sizing 474 – 3,854 sq ft 1,703 – 2,634 sq ft (Min - Max) within the affluent neighbourhood of Gross Selling Price From circa RM2,046 per sq ft From circa RM907 per sq ft Mont’ Kiara, Allevia features two blocks of 43-storey condominiums on a 2.94-acre Source: Knight Frank Research freehold site. The carefully curated project Note: SA = Serviced Apartment; C = Condominium is designed to elevate living experience and offers privileged privacy with only Projection of Cumulative Supply(R) for four units per floor. Targeted at owner- High End-Condominiums / Residences, 2013 – 1H2021(f) occupiers, upgraders and investors, Allevia offers a total of 294 units with built-up KL City Ampang Hilir / U-Thant areas ranging from 1,703 sq ft to 2,634 sq ft Bangsar / Damansara Heights Mont’ Kiara / Sri Hartamas in three and four-bedroom configurations. 70,000 It is slated for completion by 1Q2025. Units) of 52,500 . Amid the sluggish property market o N conditions further impacted by travel bans otal T ( 35,000 and closure of international borders, the majority of developers have pushed back Supply 17,500 their project launches to 2021. omulative 0 Bukit Bintang City Centre Development C 2013 2014 2015 2016 2017 2018 2019 2020 1H2021(f) Sdn Bhd (BBCCD) has entered into a J V Source: Knight Frank Research agreement to form a J V company with Notes: (1) (f) = Forecast (2) The locality of Bangsar includes Bangsar, Bangsar South, KL Sentral and Mi d Valley / KL Ec o City. Mitsui Fudosan (Asia) Malaysia Sdn Bhd 3 REAL ESTATE HIGHLIGH TS Prices and Rentals In the leasing market, there was mixed performance for the selected localities Located within Tun Razak Exchange (TRX) - the country’s upcoming international under review. financial district, units at the newly launched Tower B @ TRX Residences are priced at circa RM2,046 per sq ft (gross). The partially furnished units will be designed to accommodate Travel ban and border closures fuel rental climate change whilst incorporating high resilience features through design and drop in selected schemes monitored technology. in KL City, Ampang Hilir /U-Thant and Bangsar as with few exceptions, In the locality of Mont’ Kiara, Allevia at Jalan Kiara 4 was launched at gross selling price foreigners are generally still barred from from RM1.54 million onwards or circa RM907 per sq ft. The partial furnished units will entering the country. integrate the living, dining areas and dry kitchen in an open-plan configuration. The asking rentals for the localities of During the second half of 2020, the average transacted prices of Kuala Lumpur’s high-end Damansara Heights and Mont' Kiara, residential market have generally softened. By localities, it was observed that the selected however, continued to hold steady. schemes monitored in KL City, Ampang Hilir / U-Thant, Bangsar and Mont’ Kiara have registered lower average transacted values (on per sq ft basis) when compared to 1H2020.
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