Pa International Property Consultants (Kl) Sdn
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Issues: 02/2011 Month: Feb d Property News PA International Property Consultants is a registered real estate firm committed to providing a comprehensive range of property solutions to meet the needs of investors, occupiers and developers. The Research Division provides core real estate information to clients and internal departments in order to ensure accurate real estate decision-making. Our research team has completed market studies and research work for various ongoing development schemes within Klang Valley, providing comprehensive economic analysis, property market information, forecasts and consulting advice based on reliable sources. PA INTERNATIONAL We constantly strive to present the most up-to-date PROPERTY CONSULTANTS (KL) SDN market knowledge in order to ensure clients are well- Phone: 03BHD-7958 5933 armed with sufficient data to make the right property Fax: 03-7957 5933 decisions. Website: http://www.pa.com.my Email: [email protected] 1 Issues 2: 1-28 February 2011 GENERAL ECONOMIC & PROPERTY MARKET 1. January inflation rate seen higher that 2.2% (The Star, 23-Feb-2011) . Malaysia’s year-on-year inflation rate in January is expected to surpass December’s 2.2% increase due mainly to escalating food and fuel prices. The economist expects inflation to grow 2.5% in January with January CPI inflation expected to accelerate to 2.4% year-on-year from 2.2% in December. MARKET ECONOMICGENERAL & PROPERTY . The central bank had kept the overnight policy rate (OPR) unchanged at 2.75% in its first meeting of 2011. 2. Zeti confident of meeting growth target (The Star, 22-Feb-2011) . Malaysia’s economy is expected to expand 6% this year on measures to ensure private consumption and overall support for growth. Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the country would meet this year’s gross domestic product (GDP) growth target of between 5% and 6%. The GDP expanded 7.2% in 2010 following a 1.7% contraction in 2009. 3. Malaysia can repeat strong economic performance in 2011, says Najib (Bernama, 19-Feb-2011) . According to Prime Minister Datuk Seri Najib Tun Razak, the 7.2% economic growth registered by Malaysia in 2010 was the highest achievement over 10 years and was driven by the two stimulus packages, the recovery in manufacturing and services sectors, brisk exports and imports as well as the management of the country’s financial and banking system by Bank Negara. The government, which implemented a RM67 billion stimulus package two years ago to boost the economy severely affected by the global downturn, had earlier forecast the gross development product (GDP) to grow by more than 6.0% last year. The growth forecast for year 2011 is between 5.5% and 6.0%. 4. Robust growth for Malaysia (Business Times, 18-Feb-2011) . According to Prime Minister Datuk Seri Najib Tun Razak, the Malaysian economy grew by more than 6% in 2010 and the country could post moderate growth this year with a calm global environment. Growth was likely cushioned by services, especially wholesale and retail trade, while financial services benefited from the investment recovery, evident in business loan growth and capital market fund-raising activities. The outlook for 2011 however looks less optimistic to economists who are expecting a slower growth of 5.33%. Credit Suisse, however has placed Malaysia as one of the top five best performing economics in Asia ex- Japan from 2011. According to economist Wu Kun Lung, higher commodity prices for both palm oil and rubber meant more positive growth while the Economic Transformation Programme would also boost investments in the next couple of years. 1 2 Issues 2: 1-28 February 2011 5. Reduction for bumiputeras buying high-end properties under review (The Star, 8-Feb-2011) . Bumiputeras in Selangor many not be given the 5% discount for high-end properties as the state government feels that the rich do not need the reduction. State housing, building management squatters committee chairman Iskandar Abdul Samad said under the guidelines drafted those who could afford houses worth RM2.5 million and above were rich enough and did not need the discount, while there are Bumiputeras who are unable to own a house. Besides, the state government had proposed to Redha that the state would allow developers to sell bumiputera quota lots to non-bumiputeras in stages based on the progress of work at the development site. They have come up with a plan after discussions with Redha, allowing developers who have completed 50% of the work at site to sell 10% of the bumiputera lots. If work had progressed to 75% then 20% is allowed. MARKET ECONOMICGENERAL & PROPERTY . Developer who had completed the project and obtained the certificate of fitness (CF) then 50% of lots could be sold. For projects after a six-month completion period with CF, the developers could sell all the bumiputera units. All applications to release the bumiputera quota units would go through a special housing committee made up of the Selangor Housing and Real Estate Board (LPHS), Selangor Land and Minerals Department, land office and local council in the respective districted that is chaired by Iskandar. Iskandar added that before the bumiputera lots could be released, a clause in the guidelines required the developer to sell off the non-bumiputera units. Once the bumiputera quota units are released for sale to non-bumiputeras, the 7% the developers earn from each unit has to be channeled to a special housing fund that would be managed by the state, set up to help poor Malays to buy houses. Iskandar also said Selangor was strict with developers and would impose a 5% fine on top of the 7% for housing and 10% for commercial lots or factories, if developers were found to have sold the units to non- bumiputeras without the approval of the state. 2 3 Issues 2: 1-28 February 2011 LAND & BUILDING TRANSACTION 6. Development land sale in Kuang, Rawang (Bursa Malaysia, 17-Feb-2011) Location Kuang, Rawang, Vendor Engtex Platinum Sdn Bhd (formerly known as Centradell Sdn Bhd) susbidiary of Engstex Group Berhad Purchaser Gadang Properties Sdn Bhd Title details Held under Geran 44859 Lot 1885, Geran 44860 Lot 1886 and Geran 45235 Lot 1888 Land tenure Freehold & BUILD LAND Mukim/ District Mukim of Rawang, District of Gombak Description There are 3 pieces of lands strategically located in the area Kuang and are just a short drive from Bukit Rahman Putra- Sungai Buloh and Rawang. Land area 2,360,978 (54.20 acres) Price RM21,000,000 @ RM8.89 per sq ft Date of SPA 17/2/2011 ING TRANSACTIONS ING 7. Commercial building sale in Shah Alam (Bursa Malaysia, 17-Feb-2011) Location Komplex PKNS, Persiaran Tasik, 40505 Shah Alam. Vendor Perbandanan Kemajuan Negeri Selangor (PKNS) Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under HS(D) 22375, Lot No PT 2 Land tenure Leasehold 99 years (expiring on 12/1/2086) Mukim/ District Town of Shah Alam, District of Petaling Description Kompleks PKNS is a 4-storey retail/office complex with a basement car park. Occupancy rate for retail lots is 100% whilst office lots is 94% as at 1Q2010. Approximate building age is 30 years old. The existing monthly rental for retail space and office space is RM2.00-RM3.50 per sq ft and RM1.70 per sq ft respectively. Land area 325,545.60 sq ft Built-up Gross floor area: 821,033 sq ft Nett floor area : 502,958 sq ft Price RM93,800,000 Date of SPA 2/9/2010 (Revised selling price on 14/2/2011) 3 4 Issues 2: 1-28 February 2011 8. Commercial building sale in Shah Alam (Bursa Malaysia, 17-Feb-2011) Location SACC Mall, Jalan Perbandanan 14/9, Shah Alam. Vendor Perbandanan Kemajuan Negeri Selangor Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under HS(D)223854 Lot No PT 44 (formerly known as PT28 and PT29), Section 14 Land tenure Leasehold 99 years (expiring on 4/10/2104) Mukim/ District Town of Shah Alam, District of Petaling Description SACC Mall is a 5-storey retail complex with a basement level. Occupancy rate for retail lots is 96% as at 23 February 2010. Approximate building age is 5 years old. The existing monthly rental for anchor tenant and standard unit is RM0.70 per sq ft and RM2.00-RM20.34 per sq ft respectively. TRANSACTIONS & BUILDING LAND Land area 248,288.43 sq ft Built-up Gross floor area: 551,448 sq ft Nett floor area : 185,178 sq ft Price RM90,000,000 @ RM486.02 Date of SPA 2/9/2010 9. Commercial building sale in Petaling Jaya (Bursa Malaysia, 17-Feb-2011) Location Menara PKNS, No 17, Jalan Yong Shook Lin 46505 Petaling Jaya. Vendor Perbandanan Kemajuan Negeri Selangor Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under PN 54772, Lot No 201 Land tenure Leasehold 99 years (expiring on 17/7/2107) Mukim/ District Town of Petaling Jaya, District of Petaling Description Menara PKNS is a 20-storey purpose-built free standing office building (inclusive of 2 mezzanine floor) together with a basement car park. Occupancy rate for Menara PKNS is 95% as at 1Q2010. Approximate building age is 14 years old. The existing monthly rental within Menara PKNS is RM3.30- RM3.75 per sq ft for upper floor whilst RM3.75 per sq ft for mezzanine floor. Land area 73,141 Built-up Gross floor area: 627,678 sq ft Nett floor area : 244,316 sq ft Price 91,000,000 @ RM372.47 Date of SPA 2/9/2010 4 5 Issues 2: 1-28 February 2011 RESIDENTIAL PROPERTY IN KLANG VALLEY 10.