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CHALLENGING TIMES for PENANG PROPERTY MARKET Market Research Report 2016 for Internal Circulation Only

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CHALLENGING TIMES for PENANG PROPERTY MARKET Market Research Report 2016 for Internal Circulation Only CHALLENGING TIMES FOR PENANG PROPERTY MARKET Market Research Report 2016 For internal circulation only Malaysia’s Key Economic Indicator Penang’s Key Economic Indicator Malaysia’s economy recorded at 4.7 % in the Penang’s economy registered at 4.9% as of H1 third quarter of 2015 (Q2 2015 : 4.9%). The 2015 (H2 2014 : 7.9%) and is expected to grow by quarter-on-quarter adjusted Gross Domestic 5 plus per cent by the end of 2015. Product (GDP) increased 0.7% from 1.1% in the Being an export-oriented economy, Penang’s preceding quarter. For the three quarters of export sector is expected to improve with the 2015, GDP posted a growth of 5.1% with a val- recovery of the US economy and the weaker ring- ue of RM853 Billion. git. The private sector continues to be the key driv- er of growth for the third quarter of 2015 with However, on an overall basis, all economic sec- private investment growing by 5.5% (2Q 2015: tors are anticipated to register a slower growth. 3.9%) driven mainly by capital spending in the Services sector will surpass manufacturing sector manufacturing & services sector. marginally by less than 1% by this year end. The construction sector may experience a negative Inflation, as measured by the Consumer Price growth of a miniscule of 0.2% which will not have Index, increased to 3% in the third quarter of any adverse impact on the real estate industry. 2015 (2Q 2015 : 2.2%) reflecting the higher in- Unemployment rate stood at 1.2% as at Q3 2015 flation in food and non-alcoholic beverages. (Q4 2015 : 1.6%). The job market is still stable The transport category also contributed to the with new job openings of 13,199 as at H1 2015. higher inflation following higher domestic fuel prices. Penang’s tourism sector is on an upward trend due to the increase in the number of internation- On the supply side, growth was led by both the al tourists arrival. The total number of interna- construction and manufacturing sectors. Ser- tional arrivals at Penang International Airport vices sector registered lower growth due to the grew by 7% annually. The influx of international moderation of household spending and slower tourists arrival is mainly due to the various festi- vals held in Penang such as George Town Festival, capital market activity. Food Festival and many more. Labour market conditions remain stable with unemployment rate recorded at 3.2% (2Q The largest number of tourists growth comes from China and is expected to expand with the 2015 : 3.1%). promotion of group visa exemption for the Chi- Malaysia’s stricter lending guidelines and slow- nese from 1 October 2015 to 31 March 2016. ing economy led to higher household debts of Planning for the future, the RM27 billion Public 87.9% as of last year, the highest in Southeast Transport Master Plan project in Penang which Asia. Source : Department of Statistic, Malaysia involves developing a comprehensive public transport system will further boost Penang’s tourism with the move towards a “metropolitan” city. Copyright reserved @ Henry Butcher Malaysia Penang 1 CHALLENGING TIMES FOR PENANG PROPERTY MARKET Market Research Report 2016. For internal circulation only PENANG IN BRIEF Penang has many great things to offer, from street food to exotic heritage. Places of attrac- tions include beaches, hills, mysterious temples, museums and arts. A unique event not-to-be-missed is the annual George Town festival, a month long celebration of arts, music, culture, heritage and community. This festival transforms the city into a global stage, showcasing world class performances from international and local artists. Mobility around Penang had further improved Penang has the oldest and longest established with the introduction of hop-on-hop-off buses and port in Malaysia and serves as a gateway for the Central Area Transit (CAT) free shuttle buses. shippers in the northern states of Malaysia as Another to be launched EZhopper vans will be an- well as in the southern provinces of Thailand. It other option for tourists to tour the George Town is a place for the cruise ships and yachts to berth, heritage site. Bicycles are also popular now for thus making it a strategic advantage in tourism. tourists and locals to move around Penang. Trishaw, a traditional two-wheeled transportation gives much delight of having a slow and relaxing experience of enjoying and exploring the inner city of George Town. Penang is also a food paradise for locals and for- eigners. From street food to international cuisine, Penang offers great varieties of food with origins of chinese, malay, indian, thai and arabian influ- ence. With all the uniqueness about Penang, once again in October 2015, Lonely Planet named George Town, Penang as one of the Top 10 Cities in the Recently, Quantum of the Sea, the world’s se- World to Travel in 2016. This is the latest amongst cond largest cruise ship, measuring 348m had the many accolades awarded to Penang in the re- berthed at Port Swettenham. Port Swettenham cent years. will be further expanded to another 200m to handle even larger vessel. Copyright reserved @ Henry Butcher Malaysia Penang 2 CHALLENGING TIMES FOR PENANG PROPERTY MARKET Market Research Report 2016. For internal circulation only Penang Property Market The residential sub-sector remained the most ac- tive at 49% of the total value of property transac- The total value for the H1 2015 saw a drop from tions as at H1 2015. This figure increased slightly 6,417 million compared to 8,656 million in H1 from 43% in H1 2014. In terms of volume, there is 2014 while the volume of transactions registered only a slight drop of 1% from 70% in H1 2014 com- lower at 11,200 in H1 2015 compared to 12,522 in pared to 69% in H1 2015. H1 2014. Both value and volume decreased about 26% and 10% respectively. This trend is expected The commercial sub-sector recorded at 20% of the to remain for the rest of the year. total value in H1 2015, a drop from 25% compared to the corresponding period last year. There was Despite the slowing down of the property market, an increase of 11% in total volume as against 9% it is still expected to stay resilient mainly due to as at H1 2014. Other sub-sectors such as agricul- the demand from Penangites working abroad who tural, industrial and development showed margin- are either purchasing homes for their families or al difference. planning to return and settle down back in their hometown. The weaker ringgit has attracted Pe- Graph 1 Comparison of Value of property nangites working abroad and foreign buyers to transactions for H1 2014 and H1 2015 consider purchasing properties in Penang. Chart 1 Total Value of property transactions Chart 2 Total volume of property transactions Source : HB Research/JPPH Source : HB Research/JPPH Copyright reserved @ Henry Butcher Malaysia Penang 3 CHALLENGING TIMES FOR PENANG PROPERTY MARKET Market Research Report 2016. For internal circulation only Graph 2 Comparison of Volume of property Penang Residential Market transactions for H1 2014 and H1 2015 H1 2015 saw a drop of both volume and value for the residential market with 7,743 units transacted compared to 8,808 units as at H1 2014. In terms of value, H1 2015 recorded at 3.142 million compared to 3.768 million in H1 2014. Volume comparison in units from 2013 to H1 2013 2014 H1 2015 17,700 18,410 7,743 Value comparison in million from 2013 to H1 2015 2013 2014 H1 2015 7,093 7,579 3,142 Penang property prices are generally still sta- ble depending on the type and location of the property. The most popular are terrace houses which had proven to be the best type of prop- erty investment with compound annual Source : HB Research/JPPH growth Chart 3 Volume and Value for Residential Sub-sector Copyright reserved @ Henry Butcher Malaysia Penang 4 CHALLENGING TIMES FOR PENANG PROPERTY MARKET Market Research Report 2016. For internal circulation only rate (CAGR) of almost 13% at prime locations Net household income gap has also been in- creased so that more applicants will be eligible while semi-detached and bungalows recorded for affordable housing. The net household in- between 1% to 13%. This CAGR differs with loca- come ceiling increased from RM6,000 to tion. RM8,000, from RM8,000 to RM10,000 and from RM10,000 to RM12,000 applicable for affordable There will be more landed homes built at the housing priced at RM200,000, RM300,000 and South-West District with future supply of almost RM400,000 respectively. Those with net house- to 4,000 units while about 1,200 units will be hold income of RM6,000 will be eligible for units built in the North-East District. priced at RM150,000. Generally apartments and condominiums per- form better than landed homes with CAGR rec- Category Income Household Gap orded between 6% to 12% across the board. RM42,000 RM2,500 A total of 15,000 units will be built with future RM72,500 RM3,500 supply of about 5,100 units in the North-East District while South-West District will see new RM150,000 RM6,000 supply of about 8,900 units. RM200,000 RM8,000 Despite that Penang’s property market showed RM300,000 RM10,000 a slow-down in 2015, nevertheless most inves- tors are still optimistic that the demand for RM400,000 RM12,000 property will remain constant. Other criteria / restrictions for affordable hous- ing: Affordable Housing Must be a registered voter in Penang The RM499 million Tri Pinnacle by Aspen Group Can only buy one unit is the first project to be approved by the State Must hold it for five years from the date of Government for its 30% of the total units to be Sale & Purchase Agreement.
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