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Real Estate Highlights Kuala Lumpur - Penang - Johor Bahru • 1St Half 2008

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Real Estate Highlights Kuala Lumpur - Penang - Johor Bahru • 1St Half 2008 Research Real Estate Highlights Kuala Lumpur - Penang - Johor Bahru • 1st Half 2008 Contents Kuala Lumpur Hotel • Condominium Market 2 • Office Market 5 • Retail Market 8 • Hotel Market 10 Penang Property Market 12 Retail Johor Bahru Property Market 14 Residential Office Executive Summary Kuala Lumpur • The high end condominium market stabilised in the first half of 2008 in terms of take up, capital values and rentals. • Rentals and occupancies of prime offices continued to rise due to the current tight supply of good quality office buildings. • Several retail centres located at fringes of KL City are undergoing refurbishment works to remain competitive. • The performance of the hotel industry had been resilient attributed to high tourist arrivals and receipts, which led to the increase in average room rates and occupancies. Penang • Most of the high end condominium projects which are nearing completion have been sold, with prices being revised upwards. • The retail industry performed well with higher tourist arrivals in Penang. • The asking rentals of newly completed offices with better IT facilities are ranging from RM2.50 to RM3.50 per sq ft per month. Johor • The high end residential market is gaining momentum with the positive development of Iskandar Malaysia. • Prime retail centres continued to enjoy growth in rentals and occupancies. • Office sector remains healthy at an average occupancy of 70%. 2 Real Estate Highlights - Kuala Lumpur | Penang | Johor Bahru • 1st Half 2008 Knight Frank Figure 1 Projection of Cumulative Supply Kuala Lumpur High End Condominium Market for High End Condominium (2008 - 2010) Market Indications 30,000 The high end condominium market generally stabilised during the first six months of the year with one 25,000 notable new project, The Regent Residences (across Twin Towers), recording prices in excess of RM2,500 per sq ft. In addition, the market also saw the entry of Sunway Vivaldi in Mont’ Kiara, setting a new 20,000 benchmark in the Mont’ Kiara locality (with average pricing of RM850 to RM900 per sq ft). 15,000 Supply & Demand Number of Units 10,000 There were several new completions in the KL City during the first half of the year, adding some 680 new units to the existing high end condominium supply. The newly completed projects include 2 Hampshire, 5,000 The Meritz, Cendana on Sultan Ismail, Menara Bintang Goldhill, Park Seven and Taragon Puteri YKS. In the Ampang Hilir/U-Thant locality, two projects were completed, namely Mutiara Upper East and The 0 Residences Katana. 20082009 2010 Bangsar/Damansara Heights Ampang Hilir/U-Thant There was no new completion in both the Damansara Heights and Bangsar localities whilst several Mont' Kiara KL City completions were noted in Mont’ Kiara which include Kiaraville, Hijauan Kiara, Mont’ Kiara Banyan, Source: KF Research I-Zen@Kiara I and Kiaramas Ayuria. These completions added approximately 1,900 high end condominium units and brought the total cumulative supply figure to 13,170 for the supply located at the fringes of KL City. Demand for selected high end condominiums remained firm in the first half of 2008. Gaya Bangsar, developed by UDA Holdings Berhad, was launched in early 2008 and was fully sold within a month from launch whilst Panorama, a project located along Persiaran Hampshire in the city, achieved 85% sales rate within 2 months of launch. Table 1: High End Condominium Projects Launched in 1H2008 Total Project Location Area Unit Developer Regalia @ Jalan Jalan Sultan Ismail KL City 1,033 Mayland View Sdn Bhd Sultan Ismail The Oval Jalan Binjai KL City 140 Oval Residences Sdn Bhd Panorama Persiaran Hampshire KL City 223 Promatik Emas Sdn Bhd The Regent Jalan Ampang KL City 115 KL Landmarks Sdn Bhd Residences* Swiss Garden Jalan Galloway, KL City 436 Superville Sdn Bhd Artist Impression of Panorama Residences Off Jalan Pudu 51 Gurney* Jalan Perumahan KL City 68 Zahari Holdings Sdn Bhd Gurney/Jalan Gurney 9 Madge Jalan Madge U-Thant 23 Rodem Sdn Bhd Damai 206 Jalan Damai, Off U-Thant 18 Metroworld Residences Jalan Ampang Sdn Bhd Suasana Bangsar Jalan Kaloi Bangsar 191 United Malayan Land Bhd Gaya Bangsar Jalan Maarof Bangsar 285 UDA Holdings Bhd Kiara 9 Jalan Kiara 3 Mont’ Kiara 192 Kina-Bijak Sdn Bhd Sunway Vivaldi Jalan 19/70A Mont’ Kiara 228 Sunway City Bhd Mont’ Kiara * to be officially launched in second half of the year knightfrank.com Knight Frank Real Estate Highlights - Kuala Lumpur | Penang | Johor Bahru • 1st Half 2008 3 The new launches were well received by the market and gained strong foreign interest attributed to their competitive pricing in the Asian region and their unique concepts. For instance, 51 Gurney, located at Jalan Perumahan Gurney, has attracted considerable foreign interest with its unique selling point of car lift system that allows residents to park their cars within their premises. This had led to its good sales performance of more than 35% within the first two weeks of launch. The Regent Residences, with benchmark pricing at an average of RM2,600 per sq ft, has been receiving good response from foreign interests, since its pre-sales in April 2008. More completions are expected for the second half of the year with a total estimated 1,520 units in KL City and 182 units in its fringe areas. Some of the notable completions by end of this year will include The Binjai, Artist Impression of 51 Gurney K Residence and The Avare in KL City whilst Kiara 1888 in Mont’ Kiara is scheduled for completion in the second half of 2008. The possible new launches in the second half of 2008 are listed in Table 2 below. It is estimated that some 3,000 units may be launched in the city area whilst some 80 units will be launched at the Ampang Hilir/U-Thant locality. Figure 2 Average Sales Status for High End Condominium Table 2: Possible High End Condominium Projects to be Launched in 2H2008 90 Total 80 Project Location Area Unit Developer 70 Millennium Residence Jalan Bukit Bintang KL City 132 CDL Hotels (Malaysia) Sdn Bhd 60 The Binjai Jalan Binjai KL City 171 Layar Intan Sdn Bhd 50 Platinum Residences Jalan Binjai KL City 123 TTDI Development Sdn Bhd 40 Acadia Residensi Jalan Tun Razak KL City 429 IMC Parkville (KL) Sales Status (%) Sdn Bhd 30 Setia Sky Residences Jalan Tun Razak/ KL City 844 SP Setia Bhd 20 Jalan Raja Muda Abdul Aziz Shah 10 St. Mary Residency Jalan Tengah KL City 657 Mergexcel Property 0 Development Sdn Bhd KL City Mont’ Bangsar/ Ampang Kiara Damansara Hilir/ Verticas Residency Jalan Ceylon KL City 423 Wing Tai Asia Heights U-Thant Unnamed Persiaran Raja KL City 310 UM Land Source: KF Research Chulan Amarin Wickham Jalan Wickham Ampang Hilir 21 Amarin Wickham Sdn Bhd Unnamed Jalan Penggawa Ampang Hilir 56 SsangYong Residences (M) Sdn Bhd Artist Impression of The Regent Residences 4 Real Estate Highlights - Kuala Lumpur | Penang | Johor Bahru • 1st Half 2008 Knight Frank Figure 3 Prices & Rentals Average Selling Price for High End Condominium 1,200 The prices of existing high end condominiums in KL City and its fringe areas were stable in the first half of 2008. Popular residential addresses such as Mont’ Kiara saw asking prices increased to RM650 and RM700 per sq ft compared with the RM400 to RM600 per sq ft mark recorded one year ago. The higher prices in 1,000 Mont’ Kiara were seen in projects such as Kiaraville, Hijauan Kiara and Mont’ Kiara Banyan. In Bangsar, asking prices have also increased to a high of RM950 per sq ft following the completions of Palmyra and 800 The Loft Bangsar. Based on our market observation, the asking prices of newly completed high end condominiums are significantly higher than the older high end condominiums. 600 There was an en-bloc transaction during the first half of 2008 i.e. Sunway City Bhd sold Block B (80 units) of 400 its Sunway Palazzio units to Radiant Splendour Sdn Bhd, a Middle Eastern fund, for RM220 million, analysed Average Selling Price (RM psf) Average to RM750 per sq ft. 200 Rentals remained stable in the first half of the year, with slight increments in certain localities due to the 0 completions of better quality condominiums. In KL City, the asking rentals of the soon to be completed KL City Ampang Bangsar/ Mont’ Hilir/ Damansara Kiara U-Thant Heights projects i.e. K Residence and The Avare are expected to range from RM6.00 to RM8.00 per sq ft per month. Source: KF Research Table 3: Asking Prices and Rentals of Existing High End Condominiums Locality Asking Gross Rent Asking Selling Price (RM psf/month) (RM psf) “Rentals remained stable KL City 4.50 - 7.50 700 - 1,400 in the first half of the Ampang Hilir/U-Thant 3.50 - 5.50 500 - 1,000 Damansara Heights 3.90 - 4.80 500 - 700 year, with slight Kenny Hills 3.50 - 4.50 500 - 800 increments in certain Bangsar 3.00 - 5.00 450 - 900 localities due to the Mont’ Kiara 2.80 - 4.50 400 - 700 completions of better quality condominiums” Outlook Market sentiments for high end condominium in the second half of the year are expected to be more cautious and some of the projects scheduled for launch may be deferred. The completion of new projects is expected to lead to a competitive rental market, both in the city and fringe areas. The competitive high end condominium market is also driving developers to greater level of product innovation and marketing strategies. knightfrank.com Knight Frank Real Estate Highlights - Kuala Lumpur | Penang | Johor Bahru • 1st Half 2008 5 Figure 4 Occupancy and Rental Trends Kuala Lumpur Office Market (2000 - 1H2008) 88 6.00 Market Indications 86 5.00 The office market started on a strong note with prime office rentals in KL City charging ahead by 84 approximately between 15% and 20% in the first half of 2008, attributed to tight supply of prime office 82 4.00 space, particularly within the KLCC development and its immediate fringes.
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