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PROPERTY INSIGHTS Malaysia Quarter 2, 2013

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PROPERTY INSIGHTS Malaysia Quarter 2, 2013 PROPERTY INSIGHTS Malaysia Quarter 2, 2013 Greater market certainties after Election Market Overview The Malaysian economy registered a slower growth Figure 1 Prime office rental index of 4.1% year-on-year (y-o-y) in Q1 2013, compared with (Q1 2011=100) the 4.9% and 6.5% achieved in Q1 2012 and Q4 2012 120 respectively. Nonetheless, the economy is expected to 100 be on track to achieve 2013’s GDP forecast of 5-6%. 80 The overall office market was stable (Figure 1). Both vacancy and rental rates remained unchanged 60 with continued substantial supply in the pipeline. The 40 2 3 4 9 0 1 5 6 7 8 4 1 1 1 0 1 1 0 0 0 0 0 4 4 4 4 4 4 4 4 4 4 anticipated oversupply sentiment does not appear to 4 Q Q Q Q Q Q Q Q Q Q Q affect the market as activities remained resilient and Source: DTZ Research active, supported by stable rental and capital values. Retail sales remained buoyant with continued local and international interest for investments in the sector. The high-end residential market resumed activities with several new launches during the quarter despite Bank Negara contemplating measures to curb speculation and lending. Trends & updatesUpdates Economic Overview Economy is on track despite the weaker external Positive employment changes environment The unemployment rate recorded a slight decrease The Malaysian economy registered a slower of 0.3 percentage-point from the last quarter to 3.0% growth of 4.1% y-o-y in Q1 2013, a lower growth in Q1 2013. This is the same as that in Q1 2012 and job than the 4.9% and 6.5% in Q1 2012 and Q4 2012 prospects remain positive. respectively (Figure 2). Nonetheless, the economy Overnight Policy Rate (OPR) remained unchanged is expected to be on track to achieve GDP growth of The OPR remained unchanged for the second year 5-6% for the year. at 3% since its last downward revision by 25 basis points in May 2011. This is to mitigate the impact of the The economic outlook is anticipated to be global economic and financial uncertainties that may domestically-driven for the rest of 2013 given be harmful to the nation’s economic growth. lethargic exports. During Q1 2013, domestic demand remained robust, recording an uptrend of 8.2% Now that the General Election is over, companies are compared with 7.8% in Q4 2012. starting to proceed with major investments, which may have been temporarily held back by political Private consumption recorded a strong growth uncertainties. of 7.5% in Q1 2013, surpassing the growth of 6.2% in Q4 2012, buoyed by sustained income growth and favourable labour market conditions - driven and Figure 2 GDP growth (y -o-y) and unemployment rate supported by the government cash transfers to low- 8% and middle-income households, and implementation of the minimum wage policy. 6% 4% Public consumption showed a moderate growth 2% of 0.1% in Q1 2013 compared to 1.2% in Q4 2012 0% 3 2 2 2 2 1 1 amid lower spending on supplies and services. 1 1 1 1 1 1 1 1 1 1 3 4 1 2 3 4 1 11 2 Q Q Q Q Q Q Q As such, Bank Negara Malaysia forecasted the Q Q GDP growth (y-o-y) Unemployment rate country’s economic growth to be sustained mainly Source: Bank Negara Malaysia, Department of Statistics Malaysia, DTZ Research by private investment under the various on- going infrastructure projects of the Economic Transformation Plan. Residential Insignificant new supply during the quarter piece of land which it bought at a record RM7,209 Q2 saw the only completion of Seri Ampang per sq ft in 2010. Indicated to be priced around Hilir, a luxurious condominium development in the RM2,000 per sq ft, the residential units are expected city centre, with only 40 units. This is insignificant to be launched by end of 2013. Meanwhile, The Mews compared to 1,442 units of new supply in the previous Serviced Residences, which are located off Jalan Yap quarter. Kwan Seng and comprises 256 units are expected to be priced at above RM1,500 per sq ft. Another 2,704 units of condominiums are expected to enter the market by year end, with More launches expected throughout 2013 a majority 92% or 2,478 units located in the city More scheduled launches are expected over the centre (Figure 3). second half of the year as developers are eager to launch previously delayed projects. This is despite High-end condominium market resumed activities Bank Negara reviewing curbs on overall household The overall average price of high-end lending to cool the property market as well as reduce condominiums in Kuala Lumpur increased by 4.3% financial risk to the banking sector. q-o-q in Q2 to RM707 per sq ft from RM678 per sq ft in Q1. On the other hand, average rents remained relatively stable at RM3.57 per sq ft per month in Q2, Figure 3 Future supply of high end condominium in Kuala Lumpur a minor drop from RM3.60 per sq ft per month in the previous quarter (Figure 4). 7,000 6,000 After the General Election in May, the market 5,000 resumed activities whereby several new launches 4,000 were witnessed during the quarter. 3,000 2,000 The residential towers at Trillion on Jalan Tun 1,000 Razak, was recently launched at prices ranging from 0 RM965 to RM1,390 per sq ft. The tower comprises 2013 2014 2015 2016 Post 2016 168 units ranging in size from 963 to 6,274 sq ft. City centre Outside city centre Source: DTZ Research Verve Suites KL South was soft-launched by Bukit Kiara Properties Sdn Bhd. This developer is also the developer of another project called Verve Suites in Figure 4 Mon’t Kiara which was very well received. Rental and price indices of high end condominiums in Kuala Lumpur Mah Sing and SP Setia both launched the final (Q1 2011=100) block of their projects, i.e. M City and Setia Sky 120 Residences respectively. 110 100 Other developments that are planned to be 90 launched later this year include the yet-to-be-named 80 mixed development at Bukit Bintang by Urusharta 70 3 2 2 2 2 1 13 1 1 1 1 1 11 11 1 Cemerlang (KL) Sdn Bhd, the developer of Pavilion 1 2 1 2 3 4 2 3 4 Q Q Q Q Q Q Q Q Q KL and The Mews Serviced Residences by Eastern & Capital value Rent Oriental Berhad, at Jalan Yap Kwan Seng. Source: DTZ Research Urusharta Cemerlang has started construction of the 50-storey block comprising 39 floors of residential units and 10 floors of retail space on a Retail Cautious spending despite rising consumer Sunway Putra Place (507,000 sq ft NLA) for a major confidence refurbishment. The mall will be rebranded and is Malaysia’s Consumer Confidence Index rose to expected to re-open in Q1 2015. 122.9 points in Q2 from 118.7 points in the previous There was no new major completion in the quarter. The increase was driven by stable income, quarter. Only one mall, Cheras Sentral, another better employment and financial outlook as well revived mall which was formerly known as Plaza as low inflation. Despite the upbeat attitude, Phoenix, will be added to the Kuala Lumpur retail consumers remain cautious in spending. stock in 2013 (Figure 5 and Table 1). Anticipating sustainable growth Notwithstanding, according to Retail Group Figure 5 Retail new supply (NLA) in Kuala Lumpur, sq ft (million) Malaysia (RGM), Malaysia’s retail industry registered 3 a higher retail sales growth of 7.5% in Q1 2013, surpassing the forecast of 5.9% and also the growth 2 of 4.7% in Q4 2012. Among the growth contributors are various cash and voucher hand-outs given by the 1 government since early 2013 which had benefited 0 about 12 million eligible Malaysians. 8 9 2 3 4 5 6 200 200 2010 2011 201 201 201 201 201 The growth remains stable in Q2 at an estimated Completed Supply New Supply Source: DTZ Research 7.7%. Retail sales are anticipated to expand by 6% in Q3, spurred by sales during Ramadan and Hari Raya. For Q4, retail sales growth is projected at Table 1 Selected upcoming retail malls in Klang Valley 5.8%, boosted by the school holidays, year-end- Est area East year of sales and festivals. Name of development (NLA, sq ft) Completion Anticipating a stronger sales performance Cheras Sentral, Kuala Lumpur 500,000 2013 throughout the year, RGM has revised upward its IOI City Mall, Putrajaya 1,300 ,000 2014 2013 retail sales forecast to 6.4% from 6%. Nu Sentral, KL Sentral 680,000 2014 Retail remained buoyant Atria Shopping Mall, Petaling jaya 450,000 2014 The retail sector remained resilient with a 91.7% Gateway at KLIA2, Sepang 350,000 2014 occupancy rate, a marginal quarter-on-quarter Sunway Velocity, Kuala Lumpur 800,000 2015 (q-o-q) improvement of 0.3 percentage-point which Quill City Mall, Kuala Lumpur 770,000 2016 was driven by strong domestic demand. Central Plaza@i-City, Shah Alam 1,500,000 2017 In Q2, the retail stock in Kuala Lumpur temporarily Source: DTZ Research declined to 23 million sq ft with the closure of Investors’ interest remained strong on developing a parcel within KLCC comprising a The interest in the retail industry from foreign luxury hotel, 64-storey office tower, 6-storey retail and local investors remained high.
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