InternationalInternational PropertyProperty 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

Contents

FOREWORD JOHOR BAHRU BATU PAHAT PENANG ISLAND SEBERANG PERAI PERAK SUNGAI PETANI LANGKAWI KULIM TERENGGANU KELANTAN KOTA KINABALU LAHAD DATU SANDAKAN TAWAU LABUAN KUCHING SIBU PROFESSIONAL SERVICES MIRI WTW NETWORK BINTULU BRANCHES WTW BOVIS ASSOCIATED OFFICES

C H Williams Talhar & Wong BRUNEI PROFESSIONAL STAFF InternationalInternational FOREWORD PropertyProperty 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

aiting for Godot would best W describe the local property market as it presently lies. Happenings contrived to move the market are virtually ephemeral in nature and in outcome. They tend to just paper over apparent cracks in the walls. There is a danger of the latent cracks spreading and becoming more and more difficult to make good. Mohd Talhar Abdul Rahman Chairman C H Williams Talhar & Wong

Manifestation of the causes of the state ○○○○○○○○○○○○○○○○○○○○○○○○ being occupied and therefore rendering them of the market have been expressed in our economic would be the very first step. own PMR over the last six years, and in most other written materials on the subject ; In the longer term, measures overbuilding, mismatch of supply and recommended are likely to involve the demand, and over-competition in the industry. reformulation of the way in which public and What is direly needed is a deeper insight into private partnerships can work in concert; in the underlying reasons behind these the manner in which the high risk element apparent overbuilding and mismatch. The inherent in real estate development is Federal Government Special Committee accepted by all concerned; that the looking into this may well have identified the determinant factor in managing that risk is the many fundamental issues that require utility of the developed units, not the resolving. NAPREC has initiated a series of transaction – the occupation of the units , not research papers to help ease the industry out the saleability. of this quagmire. These will hopefully identify the many underlying reasons and may Because of the heterogeneous nature of sufficiently enable the formulation of land- ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ real estate development, it would be more use policies, and the administrative beneficial to look at development planning as mechanism to deal with those reasons. a regional exercise rather than along parochial lines. Developability and suitability of use are In the interim, there is a need to deal with not defined by set boundaries of lots, Mukims, empty, vacant and unoccupied buildings. Districts or even States. Demographic studies Empty, vacant and unoccupied buildings do based on regional and impact areas beyond not invite buying prospects. The longer these such set boundaries would more accurately stay empty the more off-putting they become, determine catchment areas for development and the faster the rate of obsolescence to the schemes. Land-use planning effected through premises, and to the neighbourhood. Not only regional land policy considerations can achieve does this debilitate the physical aspect of an better optimisation of land resources. area, unoccupied buildings undermine the Reformulation of our land policy will need to confidence of the investment community at enable this to be achieved. large. This situation cannot be solved without concerted and coordinated effort. The While we look for bogeymen to blame, heterogeneity of real estate development is white knights to succour us, we will continue such that there is no short cuts and standard Waiting for Godot. Let us not just work out the treatment. Taking detailed inventory of such figures, let us all figure out how we, in the C H Williams Talhar & Wong buildings and assessing the likelihood of their industry, can work it out together. InternationalInternational KUALA LUMPUR PropertyProperty 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

hilst the residential and hotel sectors provided some cheer to the 2002 WKuala Lumpur property market scene, other sub-sectors remained considerably inactive largely due to the oversupply situation and the present economic climate. Both the office and retail markets face similar problems with the surplus expected to take some time to clear.

Wisma Time Bangunan CIMB Wisma Equity

OFFICE ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Kuala Lumpur remains as the major Take-up rate for 2002 has improved commercial and financial hub in , tremendously by 132,800 square metres to providing 84% of the Klang Valley office space. 175,500 square metres. 56% of the total take- up is for buildings within the KLCA. In the Kuala Lumpur Central Area (KLCA), three new buildings with a cumulative supply Average gross rentals for prime buildings of 95,410 square metres entered the market in KLCA and DBD maintained at RM48.00 to namely, TH Perdana (35,670 square metres), RM54.00 per square metre and RM34.50 to Maju Junction (33,440 square metres) and RM37.70 per square metre respectively. Selbourne City (26,300 square metres), bringing the total supply to 4.7 million square Three major office transactions took place metres of office space. However, this in 2002; Wisma Time along Jalan Tun Razak additional stock has not adversely affected the was transacted at RM3,900 per square metre occupancy rate as a large portion of the new in October 2002, Bangunan CIMB on Jalan space was immediately taken-up by Semantan was sold in May 2002 for RM4,400 government offices and other business per square metre and Wisma Equity together establishments upgrading from lower grade with two adjoining vacant lots at Jalan Ampang C H Williams Talhar & Wong buildings.The general occupancy rate has went for a total consideration of RM45 million Sdn Bhd improved slightly from 73.3% to 75.5%. KLCA in June 2002. and the Damansara Business District (DBD) #3228, Menara Tun Razak recorded better occupancy rates at 83.7% and In 2003, three buildings are expected to Jalan Raja Laut 85.2% respectively. Occupancy rates amongst be completed providing another 75,760 square office buildings in secondary locations in the metres. These are Menara Marinara, Yayasan

P O Box 12157 ○○○○○○○ 50768 Kuala Lumpur Kuala Lumpur Metropolitan (KLM) area Tun Razak and a yet unnamed building Tel : 03 – 2693 8888 however remained low at around 50%. developed by Percon at Jalan Raja Laut. Fax : 03 – 2693 6565 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Future supply of retail

space is estimated at

364,200 square metres Maju Junction completed in by the end of 2003 2002 from Berjaya Times

Square, Vision City, RETAIL SHOPHOUSES

Maju Junction, located at the junction of Most owners of shophouses within the Galaxy Shopping Jalan Tuanku Abdul Rahman and Jalan Sultan prime shopping strips in Kuala Lumpur such Ismail, was completed in the second quarter as Jalan Tuanku Abdul Rahman, Bangsar Baru 2002 adding 27,400 square metres of retail (Telawi), Desa Hartamas, Brickfields and Jalan Centre, Two space to the existing 2.18 million square Ipoh continue to hold on to their properties. metres retail space in Klang Valley. One of the few transactions include adjoining units together with a corner unit at Bangsar and Pantai (Tower D). The overall occupancy rate remained was sold at RM14 million to a financial stable at 86%. Centres which are well located institution. and well managed continue to achieve near ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ zero vacancies. These include KLCC Suria, Rentals of ground floor shops are as follows: Sungai Wang Plaza, MidValley Megamall and 1 Utama. These centres are also able to Lrocation Ground Floo command good rentals and in fact some Rental per month revised their rent upwards with increases of Jalan Tuanku Abdul RM20,000-25,000 between 20% to 30%. The occupancy rates of Rahman (prime) retail centres in the outskirts of Kuala Lumpur area is 82%. M0asjid India RM20,000-25,00 B0angsar Baru (Telawi) RM8,000-12,00 Prime ground floor rentals range from D0esa Hartamas RM5,000-6,00 RM215 to RM380 per square metre per month. B0rickfields RM3,000-5,00 Future supply is estimated at 364,200 J0alan Ipoh RM3,000-4,00 square metres by end of 2003 from , Vision City, Galaxy Shopping Centre, 1 Utama Two and Pantai (Tower D). As Shophouses / offices in secondary for 1 Utama Two, Giant Hypermarket has been locations continued to experience high reported to be the the anchor tenant. vacancy rates.

The development of the Bukit Bintang RESIDENTIAL Girls School (BBGS) site into KL Pavillion will also add some retail space in Klang Valley, The residential sector was active in 2002. and this is in addition to the expansion of The ready demand is aided by the stamp duty C H Williams Talhar & Wong Sdn Bhd MidValley MegaMall and . waiver in the first half of the year and easier, available home financing at low interest rates. A major transaction in 2002 is that of an #3228, Menara Tun Razak anchor space within the Starhill Shopping High end properties in selected locations Jalan Raja Laut Centre that was transacted for a total were in good demand and developers have P O Box 12157 consideration of RM77 million or at RM5,230 responded to this particular subsector by offering 50768 Kuala Lumpur per square metre. Tel : 03 – 2693 8888 Fax : 03 – 2693 6565 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

innovative features in their developments such HOSPITALITY & LEISURE as Desa Parkcity parkhomes, Valencia, Bangsar There is little activity Hill, Tijani and others. The year 2002 saw the completion of renovation works at the Shangri-La Kuala Prices of bungalows in prime residential Lumpur in April, the opening of Prince Hotel in this sector of the locations in Bangsar, Damansara Heights and and Residences in July and the launch of 255 Kenny Hills have generally recovered to pre- rooms of the Marriott Hotel. crisis levels while in other locations, prices Subsequent to its purchase by a new owner, market. Demand for have generally remained at 2001 level. the Mandarin Pacific Hotel (previously known as Mandarin Hotel) was opened in June 2002. Terraced houses continued to be popular. Renovation work is underway at the Mutiara industrial premises Secondary market for 2-storey terraced Hotel Kuala Lumpur (formerly the KL Hilton). command the following prices: Its tentative reopening is set for April 2003. Construction work is ongoing at the KL Sentral stayed weak with Leocation Price Rang development housing two hotels, Hilton KL Sentral and Le Meridien. Also under B0angsar RM450,000 - RM620,00 construction are the Westin along Jalan Bukit many buildings T0aman Tun Dr Ismail RM420,000 - RM580,00 Bintang, and the Putrajaya Shangri-La . T0aman Midah Cheras RM280,000 - RM320,00 S0ri Hartamas RM550,000-RM700,00 Another hotel which has been renamed is remaining unoccupied Hotel Fairlane; now called the Coronade Kuala Lumpur. Demand for apartments and despite the low rental condominiums have consolidated with prices Occupancy rates in the first three quarters remaining stable as follows: of 2002 were high despite the setback experienced last year. This could be attributed levels. Leocation Price Rang to the number of international events held in (per square metre) Kuala Lumpur during the year. Among these were the Petronas Malaysian Grand Prix 2002, M0ont' Kiara RM2,500 - RM4,50 the World Amateur Inter-Team Golf B0angsar RM2,500 - RM4,00 Championship, 1st G-15 Task Force Meeting, Strongest Man & Women in the World T0aman Tun Dr Ismail RM2,600 - RM3,30 Competition, KL International Towerthon, 21st V0ista Komanwel RM1,500 - RM2,00 Pan Pacific Real Estate Congress, Multimedia Asia 2002. This could be an indication of

○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ improvement in travellers’ confidence leading INDUSTRIAL to a better than expected start to the year.

There is little activity in this sector of the Generally, the occupancy rate for 3-5 star market. Demand for industrial premises hotels in Kuala Lumpur averaged at 68%. The stayed weak with many buildings remaining average occupancy for 5-star hotels in KL unoccupied despite the low rental levels. worked out at 70%. The room rate averaged Prices of vacant industrial land are as follows: out at RM204 per night.

Leocation Price Rang per square metres B0ukit Jalil RM 430 - RM 48 B0atu Caves RM 430 - RM 54 K5epong RM 430 - RM 64 C H Williams Talhar & Wong Sdn Bhd S5egambut RM 430 - RM 64

#3228, Menara Tun Razak Jalan Raja Laut The situation is expected to persist P O Box 12157 throughout 2003. 50768 Kuala Lumpur Tel : 03 – 2693 8888 Fax : 03 – 2693 6565 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

2003 MARKET OUTLOOK The weaker retail trading results have also not deterred owners of prime The residential sector which has been retail centres from increasing their The office sector is the pillar of the property market since rents in 2002. the 1997 crisis is expected to continue to be the market’s mainstay in 2003. The office sector is unlikely to show any unlikely to show any With apparent new-found confidence marked improvement in 2003 with the among developers there could be level of business uncertainty that still possible overbuilding. Developers exists. Rental levels are expected to marked improvement offering innovative features in their remain at current as only a few office developments could still achieve good buildings are expected to be completed sales as buyers looking to upgrade are by year end. in 2003 with the level still in the market. The hospitality sector would benefit Generally, the competition amongst from the RM1.009 billion which has of business uncertainty retail centres is anticipated to intensify been allocated for the tourism industry with the projected supply of under the 8th Malaysia Plan and as part approximately 362,300 square metres of the government’s stimulus package that still exists. in the pipeline. Shopping centres in to increase its allocation for tourism traditional commercial locations are industry. With the active support by facing stronger competition from the Government and its agencies, growth of hypermarkets in the country. tourism is expected to become a very Despite this apparent challenge, important foreign exchange earner for established shopping centers have the country, boosting not only the indicated a contraction of average performance of it’s the hotel sector but vacancy rates over the past four years. the retail sector as well ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar & Wong Sdn Bhd

#3228, Menara Tun Razak Jalan Raja Laut P O Box 12157 50768 Kuala Lumpur Tel : 03 – 2693 8888 Fax : 03 – 2693 6565 E-mail: [email protected] InternationalInternational SELANGOR PropertyProperty 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

Aerial Photo of Sunway

here is not much improvement in demand for commercial and industrial Tproperties in Selangor except properties in prime locations. The residential sector remained active and out performed the commercial and industrial sectors. This could be attributed to the extension of stamp fees waived for Sale and Purchase Agreements and loan agreements of sales from developer until 30th June 2002 and the attractive mortgage packages offered by financial institutions and Insurance Companies.

Prices for residential properties have remained stable or increased whilst for the commercial and industrial sectors, they have remained stable or eased. Occupancy rates for prime and well-managed shopping complexes have improved but rentals remained stable. Office rentals remained stable and occupancy rates have improved. Demand for industrial properties remained subdued.

The first property backed asset securitisation in Malaysia was made by Sunway City Berhad on 22nd October 2002. The sale of RM892 million of properties and shares was made to a special purpose vehicle ABS Real Estate Berhad. C H Williams Talhar & Wong Sdn Bhd The assets to be securitised are Sunway College, Sunway Lagoon Resort Hotel, Menara Sunway, Sunway Hotel Penang, Sunway Hotel Seberang Jaya, plant and equipment in the Sunway Lagoon Theme Park and redeemable preference shares in Sunway Pyramid. 15.03 15th Floor, Menara MPPJ New Town Centre The sale consideration for Sunway College, Sunway Lagoon Resort Hotel and 46200 Petaling Jaya Menara Sunway, all of which are located in Bandar Sunway were at RM135 million, Tel : 03 – 7956 9211 RM340 million and RM125 million respectively. Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

locations for office suites in Petaling Jaya has indicated a price range of RM2,368.14 per square metre to RM2,583.43 per square metre. Transactions of

Menara Sunway Sdn Bhd, an associated company of Sunway City Berhad had on 16th purpose-built office May 2002 entered into a conditional Sale and Purchase Agreement with ABS Real Estate Berhad for the disposal of Menara Sunway at a suites are not sale consideration of RM125 million. Menara Sunway Shah Alam encouraging in year transacted for RM125 The supply of purpose built office premises million in in Shah Alam in year 2002 is approximately 2002. Transactions of June 2002 221,900 square metres, remaining unchanged compared to year 2001. Phileo Damansara, one Rental and occupancy rates of selected purpose built office buildings in Shah Alam are as follows:- of the primary locations OFFICE

Bhuilding Rental per square metre per mont Occupancy Petaling Jaya/Subang Jaya inclusive of service charges Rate 22001 200 for office suites in Menara R0M23.70-RM26.90 R%M21.53-RM26.9 85 The existing stock of purpose-built office MBSA premises as at year 2002 stands at Plaza R0M19.37-RM23.76 R%M23.68-RM26.9 80 Petaling Jaya has approximately 748,000 square metres Masalam Menara R3M29.10-RM32.30 R%M30.1 70 remaining unchanged compared to year Maritim 2001. Some prime office buildings like Wisma ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ indicated a price range UEP and Wisma Subang Jaya command an occupancy rate of 100%. Klang of RM2,368.14 per Rentals of purpose built office space is A new purpose built office tower, Intan encouraging when compared to 2001. Rental Millenium Square was completed in year 2002 and occupancy rates of selected purpose built with a net lettable area of 13,585 square square metre to prime office buildings in Petaling Jaya/Subang metres. The supply of office premises in Klang Jaya as at year 2002 are as follows:- in year 2002 is 35,500 square metres. RM2,583.43 per Bhuilding Rental per square metre per mont Occupancy A new shopoffice development known as inclusive of service charges Rate Menara Klang was launched recently and the 22001 200 five storey strata shopoffices are for sale from M0enara CSM R7M26.90-30.2 R%M37.6 90 square metre. M4enara MPPJ R4M30.1 R%M30.1 94 RM1,211 per square metre. W0isma UEP R3M26.91-RM37.7 R%M30.14-RM39.8 100 Wisma R7M25.80-RM30.10 R%M26.90-RM37.6 100 Generally, rental rates of purpose built Subang Jaya office premises in Klang remained stable in Menara R0M26.90-RM30.20 R%M32.3 96 Sunway year 2002. Current rental rates of purpose built office premises in Klang Town range from RM14.53 per square metre to Current rental rates for office suites in RM25.83 per square metre per month Phileo Damansara I range from RM12.38 to inclusive of service charges. The occupancy RM19.37 per square metre per month (fully rate for purpose built office premises is fitted) inclusive of service charges. Service better in North Klang when compared with C H Williams Talhar & Wong charge is RM2.15 per square metre per month South Klang. Sdn Bhd

Transactions of purpose-built office suites are not encouraging in year 2002. Transactions 15.03 15th Floor, Menara MPPJ of Phileo Damansara, one of the primary New Town Centre 46200 Petaling Jaya Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

RETAIL Petaling Jaya/Subang Jaya

Hypermarkets are still The take up rate for the retail sector Shooping complexes in Petaling Jaya/ appears to have improved in 2002. The Subang Jaya recorded a high occupancy rate existing popular shopping centres have in excess of 90% for the established centres. popular as they managed to secure occupancy rates in excess of 90%. Rentals appear to remain stable The existing supply of retail space despite a slight overall increase in occupancy remains unchanged when compared with provide a full range of rates. This can be attributed to the lingering 2001 at approximately 356,534 square oversupply situation. metres as no new shopping complexes were completed. merchandise and due Hypermarkets are still popular as they provide a full range of merchandise and Rental rates of retail space in selected due to bulk purchasing, cost savings are shopping complexes are as follows:- to bulk purchasing, perceived to filter down to purchasers. However in March F1loor Level Monthly Rental 200 Monthly Rental 2002 2002, the Cabinet has ordered (per square metre (per square metre cost savings are Selangor to stop new inclusive service charge) inclusive service charge) applications for hypermarkets. L7ower Ground R7M64.58 to RM129.1 RM53.82 to RM129.1 However, the government also G7round R3M43.05 to RM247.5 RM43.05 to RM645.8 perceived to filter wants hypermarkets and F0irst R0M26.91 to RM177.6 RM21.52 to RM177.6 supermarkets operating in the country to help develop the down to purchasers. retail industry by marketing locally-made Shah Alam products and franchising their business. The existing supply of retail space remains However in March With the government efforts in unchanged when compared with 2001 at promoting our tourism industry and the approximately 59,104 square metres as no new travel restrictions imposed by the United shopping centres were completed. 2002, the Cabinet States and Canada on visitors from the Middle Eastern F1loor Level Monthly Rental 200 Monthly Rental 2002 countries have drawn (per square metre (per square metre has ordered Selangor international visitors inclusive service charge) inclusive service charge) especially from the Middle L5ower Ground R8M10.76 to RM75.3 RM43.05 to RM64.5 East to visit our country. This G9round R5M43.05 to RM150.6 RM59.20 to RM193.7 to stop new is further enhanced by the F4irst ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ R1M21.52 to RM107.6 RM32.29 to RM86.1 Mega Sale Carnival organized by the Ministry of Tourism. applications for The promotions organised by the Rental rates of retail space in selected government and the increasing number of shopping complexes are as follows:- visitors have improved the retail industry. hypermarkets. Klang The operators of existing malls and shopping complexes have introduced new The existing supply of retail space remains concepts/ innovations/anchor tenants to fill unchanged when compared with 2001 at vacant retail space and this has succeeded in approximately 138,684 square metres. The retail some shopping centres. activity in Klang will be further boosted with the opening of Tesco and Giant hypermarket in Lion Sdn Bhd, a wholly Bandar Bukit Tinggi. owned subsidiary company of Chocolate Products (Malaysia) Berhad had on 21 October Rental rates of retail space in selected 2002 accepted the Letter of Offer from Onyee shopping complexes are as follows:- C H Williams Talhar & Wong Holdings Sdn Bhd for the Sdn Bhd proposed disposal of Subang F1loor Level Monthly Rental 200 Monthly Rental 2002 Parade for a cash consideration (per square metre (per square metre inclusive service charge) inclusive service charge) of RM223.41 million. L7ower Ground R7M64.58 to RM129.1 RM75.35 to RM129.1 15.03 15th Floor, Menara MPPJ G5round R5M37.67 to RM193.7 RM38.75 to RM193.7 New Town Centre 46200 Petaling Jaya F4irst R4M35.52 to RM107.6 RM26.90 to RM107.6 Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

SHOPHOUSES/SHOP OFFICES Bandar Puteri Klang, developed by IOI Properties Bhd is offering for sale double Despite the present economic slowdown, storey shophouses with a land area of Despite the present demand and prices for modern shophouses 143.06 square metres at prices starting from and shopoffices in prime established locations RM359,800. remained stable. economic slowdown, Completed four storey shopoffices located Petaling Jaya at 2nd mile, Jalan Meru, Klang developed by Perbadanan Kemajuan Negeri Selangor are demand and prices for Prices have not changed from year 2001. being offered for sale at prices starting from Supply for choice shophouses within the RM684,000 per unit. established sub-urban localities such as modern shophouses Damansara Utama, SS 2, Section 14, SS 15, Recorded transactions of shophouses/ Subang Jaya and USJ 10, UEP-Subang Jaya shopoffices within selected areas are as follows:- is limited, hence, the demand and shopoffices in remains relatively strong. Lfocation Type o Value Property 22001 200 Aman Suria Damansara prime established which is located adjacent to Petaling Jaya Tropicana and Bandar Utama has SyS 2 Doouble store RM650,000 t RM800,000 RM810,000 launched its sale of commercial locations remained properties in August 2002 with SyS 2 Tohree store RM1,510,000 t RM900,000 to RM1,700,000 RM1,800,000 a price range of RM688,000 for double storey and RM898,000 SS 15, Tohree storey RM800,000 t RM1,130,000 to Subang Jaya RM1,130,000 RM1,350,000 stable. for three storey shopoffices. Damansara Foour storey RM1,350,000 t RM1,360,000 to Shah Alam Utama RM1,550,000 RM1,450,000 Klang With the establishment of Bayu Foour storey RM600,000 t RM680,000 Perdana RM700,000 hypermarkets and shopping ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ centres within Shah Alam, demand for shophouses has been dampened. Concluded rentals of shopoffices in selected and popular commercial areas of Perbadanan Kemajuan Negeri Selangor Petaling Jaya are as follows:- (PKNS) are offering double storey shophouses for sale at Section 24, Plroperty/Level Monthly Renta Remarks Shah Alam at RM370,000. (net lettable area) Per square metre/per month Klang SS 15, Subang Jaya Ground RM56.08 Opposite Inti College First RM9.15 The pattern of shopping Second RM2.66 within the township of Klang has USJ 10, UEP-Subang Jaya changed dramatically from Ground RM16.15 Taipan Triangle traditional shophouses to First RM11.90 Second RM6.80 modern concept and designs offered by shopping complexes and hypermarkets. RESIDENTIAL

The traditional commercial shophouses are The residential sector still remained the centered within the town centre and best performer of the whole property established sub-commercial centres such as market. Landed properties in prime Bayu Perdana and Bandar Baru Klang. New locations still remained the most popular. schemes/developments such as Bandar Bukit The market has turned price sensitive and C H Williams Talhar & Wong Tinggi, Bandar Botanic and Taman Pendamar II into a buyers market. In order to entice Sdn Bhd provide shophouses but mainly for buyers, developers are incorporating neighbourhood shopping/convenience. goodies such as autogate, built ins, air conditioners and smart home features in 15.03 15th Floor, Menara MPPJ New Town Centre 46200 Petaling Jaya Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

their launches. With sales of landed Transactions of landed residential property properties remaining positive, developers in selected locations are as follows:- With sales of landed with large landbanks are capitalising on this trend Type of Laocation Land Are Price Range (Unit) and continue to develop Property (square metres) mainly landed properties remaining 22001 200 residential components Double-storey U8SJ 3UEP Subang Jaya 1o11.4 RM218,000 t RM223,000 to in their self-contained terraced house RM220,000 RM239,000 township development. U8SJ 6UEP Subang Jaya 1o11.4 RM170,000 t RM250,000 to positive, developers RM240,000 RM265,000 Damansara Utama 1o43.066 RM317,000 t RM300,000 to Transactions have Petaling Jaya RM360,000 RM360,000 slowed down in the Semi-detached S4S 17 Subang Jaya 3o34.4 RM500,000 t RM500,000 with large landbanks houses RM508,000 second half of 2002. Flatted residential are capitalising on this developments have lost their lustre and appeal Semi-detached/Detached houses and take up rates have subsided. The market for semi-detached/detached trend and continue to Terraced houses houses in prime locations still remained popular due to limited supply. This is the most popular and affordable type develop mainly landed of landed property. Transactions indicated that In Petaling District, most of the the prices have stabilised. transactions are centred in Petaling Jaya, Subang Jaya and Shah Alam which recorded residential components The new mega housing schemes a slight increase in prices. launched by the developers for sale include Sunway Kayangan, Bandar Botanic Klang, Developer’s selling prices of semi- in their self-contained Bandar Puteri Klang, Bukit Bandaraya Shah detached and detached houses in selected Alam and Kota Damansara. schemes are as follows:-

New launches within township development. Tnype of Property Laocatio Land Are Price existing housing schemes (square metres) Range(Unit) include Kota Damansara, Snemi-detached Type: Warisa 6o13.16 to 696.77 RM1,258,000 t Bukit Rimau, Bukit Bukit Jelutong RM1,468,000 Jelutong, TTDI Jaya Shah Type: Seri Gading 6o13.16 to 743.22 RM1,593,000 t Alam, Putra Heights USJ Bukit Jelutong RM1,800,000

and Ara Damansara. D2etached houses Typ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ e A and A 6o13.16 to 1021.93 RM911,000 t Bukit Rimau, Shah Alam RM1,150,000 The demand for landed Damansara Indah 6o02.01 onwards RM1,800,000 t Resort Home RM3,126,000 properties within housing schemes developed by established and reputable developers still remains encouraging.

Developer’s selling prices of double storey terraced house in selected schemes are as follows:-

L)ocation L)and Area(square metres Price Range From(unit Bandar Botanic, 130.06 RM209,000 Klang 139.35 RM239,800 C H Williams Talhar & Wong Bandar Puteri, 1039.35 RM169,80 Sdn Bhd Klang Bukit Bandaraya, 1330.06 RM255,33 Shah Alam 15.03 15th Floor, Menara MPPJ New Town Centre TTDI Jaya, 1)30.06 RM255,648 (bumi 46200 Petaling Jaya Shah Alam Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 Seri Utama, 153.29 RM320,000 E-mail: [email protected] Kota Damansara 173.72 RM331,610 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Vacant bunglow lots are also offering buyers nominal professional fees/absorbing professional With growing affluence and upgrading by fees and low downpayments to secure On the supply side, home owners, vacant bunglow lots in good buyers. locations are proving to be popular. Transactions of bungalow lots in selected Well planned designs, location, accessibility, developers have schemes are as follows:- facilities and amenities are the main factors considered by the purchaser. Laocation Land Are Price Range From resumed participating (square metres) (per square metre) INDUSTRIAL Phase 1A Bukit Rimau, 5d57.42 to 929.03 RM548.96 (bumi) an Shah Alam RM592.01 (non-bumi) Phase 1B Bukit Rimau, 5d57.42 to 929.03 RM624.30 (bumi) an There are no major changes in prices for in the housing Shah Alam RM678.12 (non-bumi) industrial properties in year 2002. Prices have Tropicana Golf and 7o09 to 1,194 RM1,162.00 t Country Resort RM1,377.78 eased for most of the industrial properties except for selected prime locations. Most of industry with more the transactions involved owner occupiers. Condominiums/Apartments Transactions of industrial properties in caution. This is With the scarcity of land for selected locations are as follows:- development of landed properties, developers are concentrating on apartment/ Type of Land Area Price Value Property (square metres) because of the over condominium developments. New 22001 200 1½ terraced factory 261.89 to RM530,000 to RM535,000 launches of apartments/ condominiums in Hicom Glenmarie 306.58 RM550,000 selected schemes are as follows:- Vacant Industrial Land/Analysed Land Value Petaling Jaya 6,148.45 to R3M969.00 RM1,005.0 supply situation, Section 51, Petaling Jaya 17,579 Subang Jaya 160,115.66 R5M601.3 RM504.2 Tnype of Property Laocatio Built-Up Are Price Range From SS 13 Subang Jaya Industrial Park (square metres) Shah Alam 208,327 R4M373.0 RM344.4 A,partment Prima Sunway 805.00 Below RM100,00 Section 15 Petaling Jaya slowdown in the Klang 4l0,463 N7i RM188.3 Sri Puteri, 1806.28 RM155,86 Jalan Bukit Kemuning Shah Alam N2orth Klang Straits Industrial Park 4o0,468.2 RM172.82 t RM204.52 Caondominium D4amansara Perdan 807.1 RM213,70

○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ RM216.77 S9unway Monash f0rom 132.3 from RM313,00 P5ulau Indah, West Port 2o1,169.1 RM153.93 t RM209.25 economy and RM181.62

Transactions of condominiums/apartments saturation in the depending on orientation, level, density, Concluded rentals of factory/warehousing services and facilities in selected locations are premises in selected prime areas are as as follows:- follows:- residential sector.

Type of Leocation Price Rang Concluded Rental Property (per square metre) Location (per square metre/per month) 22001 200 Petaling Jaya C,ondominium Universiti Tower R8M2,105 RM2,28 RM12.92 Petaling Jaya Section 51 A,partment Goodyear Court 8 RoM1,373 RM1,373 t Shah Alam Subang Perdana RM1,536 RM8.61 Section 22 Bandar Sri RM1,668 to RM1,604 to Damansara RM2,031 RM1,809 Klang North Klang Straits RM8.61 Industrial Port Demand and supply forecast

On the supply side, developers have AGRICULTURE / DEVELOPMENT resumed participating in the housing LAND industry with more caution. This is because of the over supply situation, slowdown in Transactions of development land/estates the economy and saturation in the has been particularly active in the Klang residential sector. As a result of this, locality. Transactions of estates for C H Williams Talhar & Wong developers will have to provide more comprehensive developments/land banks in Sdn Bhd quality houses with better layout, design, the north and south of Klang Town have finishes and theme to fulfill the buyers indicated prices ranging from RM37.57 per needs. Currently, financial institutions are square metre to RM74.13 per square metre. 15.03 15th Floor, Menara MPPJ waging a war to offer the best financing New Town Centre packages in order to lure buyers. Developers 46200 Petaling Jaya Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Estates or large tracts of development land For the past two years, Malaysia has are being sought by developers to develop into been receiving more tourists as compared Unfortunately with the township developments or as land banks. to Singapore and Thailand. Malaysia has also Demand would be for lands in close proximity emerged as a favourite holiday destination to highway networks/interchange. for the people of the Middle East as the incident in Bali, result of massive advertising campaign in HOSPITALITY AND LEISURE the Arab Media.

Indonesia and the In the year 2002, the total number of 3 to EDUCATION 5 star hotel rooms numbered 3,767 in Petaling Jaya, 1,277 in Shah Alam and 1,022 in Klang. Due to the current economic scenario and bombing of two Generally, hotel room numbers increased in the weakened local currency, parents are Klang but decreased in Shah Alam. This is directing their children to local educational mainly due to the conversion of hotel rooms institutions or colleges with “3 + 0” programme shopping complexes in into meeting rooms and amalgamation of instead of sending them overseas. Another smaller hotel rooms to accommodate larger factor that drives the demand further is the rooms. Immediately after the September 11 development of the K-economy. To ensure a the Philippines, the 2001 terrorist attack in the United States, tourist smooth transition of the nation to a arrivals have reduced substantially. However, knowledge-based economy, the nation tourist arrivals improved in the second quarter requires more skilled and knowledgeable tourist industry is of 2002 due to the efforts of the government manpower. It is inevitable to have an in promoting our tourism industry and educational system that generates more and restrictions imposed by European and United enhances the quality of skilled manpower. The expected to be adversely States on tourists from the Middle East. demand is further enhanced due to the Unfortunately with the incident in Bali, tightening of issuance of student and travel Indonesia and the bombing of two shopping visa by western countries and more affected. complexes in the Philippines, the tourist international students studying in Malaysia. industry is expected to be adversely affected. The efforts of the government include the The number of 3 to 5 star hotels in implementation of vision schools, integrated Petaling Jaya, Shah Alam and Klang schools, smart schools, community colleges remained unchanged with no new hotels and greater collaboration between the completed in 2002. government and the private sector. In the Budget 2003, the government has allocated The average occupancy rate of 3 to 5 star 27% or RM29.6 billion of the total budget of

hotels in Petaling Jaya, Shah Alam and Klang ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ RM109.8 billion to the education sector. This are as follows: - will have spillover effects on educational developments where Frirst Quarter Second Quarte more schools and accommodation will be Y2ear 2001 Y1ear 200 Y2ear 200 Year 200 built, benefitting more 5%star hotels 5%9 5%9 6%1 60 students and attracting 4%star hotels 5%5 5%5 6%1 59 more private investments to this 3%star hotels 4%2 4%7 4%9 50 sector. According to the Economic Report 2003, Sunway Resort Hotel Sdn. Bhd. and Sunway the direction of lending will be channelled Resort Hotel Land Sdn. Bhd., subsidiary towards private capital formation, particularly companies of Sunway City Berhad had on 16 in services including tourism, health and May 2002 entered into a conditional Sale & education as well as agriculture. Purchase Agreement with ABS Real Estate Berhad for the disposal of Sunway Lagoon According to the Department of Private C H Williams Talhar & Wong Resort Hotel at a sale consideration of RM340 Education, there are 537 private higher Sdn Bhd million. educational institutions in Malaysia which comprise 517 colleges, 11 universities, 1 Bankers Hotel, Amcorp Trade Centre in university college, 3 local branch campuses 15.03 15th Floor, Menara MPPJ Petaling Jaya has been converted into service and 5 foreign branch campuses. Out of the New Town Centre suites known as Amcorp Service Suite. The 517 colleges, 119 colleges or 23% of the total 46200 Petaling Jaya sale was launched on 27th September 2002. colleges are located within Selangor and 5 Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ universities or 45% of the total universities in 2003 MARKET OUTLOOK Malaysia are also located in the same state. The regional and global economic and The light at the end of University Tunku Abdul Rahman (UTAR), political scenario looks uncertain. This launched in August 2002, which is located is further aggravated by the fall in along Jalan 13/6, Petaling Jaya, Selangor is Foreign Direct Investments into the tunnel for Malaysia leasing part of The Star’s premises for their Malaysia and the increasing possibility campus. According to the Kuala Lumpur of the US war against Iraq which will Stock Exchange daily announcement, The give rise to grave implications to the is the current attractive Star Publications (Malaysia) Berhad has on world economy and stability. 23rd March 2002 entered into a Tenancy Agreement with University Tunku Abdul The light at the end of the tunnel for oil palm and Rahaman Sdn. Bhd. to rent the above Malaysia is the current attractive oil premises for a 3 year tenancy commencing palm and petroleum prices which will 1st June 2002 until 31st May 2005. UTAR will sustain and generate the local economy. petroleum prices which have an option to renew for another 3 years. The annual rental payable is RM594,000 for The Government has been actively a total lettable area of 3,065 square metres, promoting domestic consumption and will sustain and which analyses to about RM16.14 per square properties specially developed and metre per month. designed or adapted for these purposes will attract effective demand. generate the local Stellar Destiny Sdn. Bhd., a subsidiary company of Sunway City Berhad had on 16th With the first successful property May 2002 entered into a conditional Sale & backed asset securitisation in Malaysia economy. Purchase Agreement with ABS Real Estate by Sunway City Berhad, this will pave Berhad for the disposal of Sunway College the way for other established for a sale consideration of RM135 million. developers to have another option/ avenue for a new form of financing. In the light of the above factors, the education sector is expected to grow and ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ attract more private investors to invest in this sector. As a result, suitable sites in good locations are in demand and sought by private investors and educational institutions.

C H Williams Talhar & Wong Sdn Bhd

15.03 15th Floor, Menara MPPJ New Town Centre 46200 Petaling Jaya Tel : 03 – 7956 9211 Fax : 03 – 7957 8049 E-mail: [email protected] InternationalInternational PropertyProperty JOHOR 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

JOHOR BAHRU

he year started with much anxiety over the war Tagainst terrorism. The immediate actions of the government helped sustained confidence in the market, especially the residential sector for the first half of the year through the waiver in stamp duties.

Several noteworthy events that have taken place over the year included the commencement of the construction of the new CIQ and the bridge that will eventually replace part of the causeway located within Menara MAA the Malaysian waters. This project upon completion will change the future growth directions of the city.

Other notable events that have taken place in the year include transactions of several large tracts of land in Ulu Tiram and the second link area, the opening of

two new hypermarkets, ie Jaya Jusco and ○○○○○○○○○○○○ Giant and the acquisition of a commercial site by another hypermarket chain.

OFFICE The continued competition for tenants as well as pressures by major tenants seeking The office market activity was generally ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ better terms and rates have further depressed spearheaded by the public sector. Inner city rental rates in most buildings. buildings in general achieved higher occupancy rates compared to the previous The completion of three new buildings, the year. Conversely, the office buildings located Customs & Excise Building along Susur Tun in the city fringe experienced a drop in Razak in year 2002, TNB Building along Jalan occupancy rate. These buildings are generally Yahya Awal and Menara MAA along Jalan Dato occupied by the private sector. Abdullah Tahir in year 2003 will add an

Rental Rates and Occupancy Rates of Selected Office Buildings Beuildings Rental Rat Occupancy (RM/square metre per month) Rate 2002 22001 200 A0sia Life Building 107.2 1%7.2 40 C H Williams Talhar & Wong B0angunan Pang & Sons 201.5 1%9.40 - 21.5 45 Sdn Bhd B5angunan Perisind 204.7 2%3.7 75 Unit 18B Level 18 Menara Ansar C0ity Square 208.0 2%8.0 60 65 Jalan Trus E0PF Building 203.7 1%9.40 - 23.7 55 P O Box 320 M5enara Ansar 204.7 2%3.70 - 26.9 95 80000 Johor Bahru M0enara Landmark 201.50 - 26.9 2%1.5 70 Tel : 07 – 224 3388 M0enara Sarawak Ent. 105.05 - 21.5 1%5.05 - 21.5 35 Fax : 07 – 224 9769 E-mail: [email protected] M5etropolis Tower 251.50 - 24.7 2%1.50-24.7 57 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The retail sector in

Johor Bahru is IOI Mall, Bandar Putra experiencing a shift Kulai

with the emergence of additional 12.2% or 66,114 square metres of appreciations. The same cannot be said about office space into the market. These will cause the retail centres such as Plaza Bestworld, further vacancies and pressures on rental in Pacific Mall and Kemayan City which have two new hypermarkets the various office buildings. been mothballed and is unlikely to be revived within the near future. The Waterfront City The outlook for year 2003 continues to be Lot 1 was not spared as occupancy declined and a new regional lacklustre with further downward trend. due to low number of shoppers and the closing of several mini anchor tenants. RETAIL shopping mall. With the growing number of The retail sector in Johor Bahru is hypermarkets, city retail centres would face experiencing a shift with the emergence of higher competition and the need to two new hypermarkets and a new regional specialise to satisfy shopper requirements. shopping mall. The two hypermarkets, Jaya The few leading retail centres should Jusco in Taman Universiti and Giant however, continue to achieve high Hypermarket, along Jalan Skudai in Tampoi are occupancy rates in 2003. targetted to capture the population mass located along the Skudai corridor as well as ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ SHOPHOUSES/SHOPOFFICES Singaporeans utilising the second link. The new IOI Mall located in Bandar Putra Kulai The shops within the Central Business which was completed and operational in 2002 District peripheral areas experienced some received an average response but is expected improvements in terms of rental as well as to improve. capital values in 2002. The outer suburb areas on the other hand continued to experience a Well-managed single ownership retail drop in value due to completion of similar units centres in the Central Business District area from the new developments generating new continued to enjoy high occupancy and rental competition for occupants.

Rental Rates and Occupancy Rates of Selected Retail Centres Rsetail Centre Rental Rate Occupancy (RM/square metre per month) Rate 2002 22001 200 Ground Upper Ground Upper Floor Floor Floor Floor C0ity Square 1088.3 850.7 2004.5 8%0.7 99 H5oliday Plaza 1099.1 559.2 1099.1 5%9.2 95 C H Williams Talhar & Wong K3OMTAR 755.3 405.7 856.1 4%5.7 95 Sdn Bhd K5otaraya 909.5 559.2 909.5 5%9.2 92 Unit 18B Level 18 Menara Ansar M5enara Landmark 609.9 453.1 503.8 3%2.3 45 65 Jalan Trus P0laza Angsana 1561.4 906.8 1077.6 9%9.6 92 P O Box 320 80000 Johor Bahru P0laza Tasek 1029.2 509.2 1029.2 5%9.2 93 Tel : 07 – 224 3388 Fax : 07 – 224 9769 W0aterfront City Lot 1 1518.4 705.3 1518.4 7%5.3 35 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

New Launches of Shophouses/Shopoffices Leocation Pehas Teyp Leot Siz Selling Pric The demand for the Ktulai Business Park S'hopapartmen 202" x 70 From RM128,80 S2ri Pulai Perdana 1e1-C 2'-storey shopoffic 200' x 70 From RM300,00 limited supply of shops TCmn Mutiara Rini 2e2'-storey shopoffic 202' x 70 From RM309,00 TBmn Desa Tebrau 3e2'-storey shopoffic 200' x 80 From RM338,00 within the established K3ota Masai Peackage 2'-storey shopoffic 282' x 70 From RM268,88 T2mn Pelangi Indah Zeone 1S2-B 2'-storey shopoffic 204' x 100 From RM480,00 peripheral city area is Baandar Putra Neiagajay 2'-storey shopoffic 204' x 80 From RM299,90 Baandar Putra Neiagajay 3'-storey shopoffic 204' x 80 From RM499,00 expected to be stable Tsmn Setia Indah Iendahma 2'-storey shopoffic 204' x 75 From RM308,80 Tsmn Setia Indah Iendahma 3'-storey shopoffic 204' x 75 From RM428,80 due to uncertain Temn Nusa Bestari Jaya 3'-storey shopoffic 204' x 70 From RM360,00 TBmn Molek 3e3'-storey shopoffic 204' x 80 From RM728,00

business sentiments. Numerous launchings of new shops were Pricing Level of Existing 2- 3 Storey released into the market in 2002 by ongoing Shophouses/Shopoffices in Selected Areas projects. These shops are generally within L)ocation Price (RM'000 self-contained housing estates and are to cater to the local surrounding population. 22001 200 Taman Pelangi 8000 - 900 835 - 1,00 The demand for the limited supply of (3 storey) shops within the established peripheral city T0aman Century 7015 - 78 830 - 88 area is expected to be stable due to uncertain business sentiments. The outer suburb areas T0aman Perling 3065 - 40 365 - 37 however, is unlikely to witness much activities Taman Ungku 3025 - 420 325 - 40 in the foreseeable future due to presence of Tun Aminah undeveloped landbanks. T0aman Johor Jaya 3030 - 35 350 - 38 T0aman Universiti 3050 - 42 350 - 40 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Pricing Level of Existing 1-2 Storey Terraced Houses In Selected Areas Ldocation Sdingle-Storey Terrace Double-Storey Terrace P)rice (RM'000) Price (RM'000 22001 2100 2200 200 Senai-Kulai Area Taman Putri Kulai 903 - 130 900 - 12 150 - 18 140 - 160 Indahpura 150 - 180 160 - 180 Pasir Gudang Area Bandar Seri Alam 130 - 136 130 - 140 170 - 210 170 - 220 Kota Masai 85 - 100 85 - 100 140 - 160 140 - 150 Plentong Ulu Tiram Area Taman Johor Jaya 150 - 163 135 - 150 170 - 200 170 - 220 Taman Desa Cemerlang 130 - 150 130 - 150 182 - 250 180 - 250 C H Williams Talhar & Wong Kangkar Pulai Area Sdn Bhd Taman Universiti 110 - 160 110 - 140 160 - 200 160 - 180 Unit 18B Level 18 Taman Ungku Tun Aminah 130 - 160 120 - 140 180 - 200 170 - 190 Menara Ansar Second Link Area 65 Jalan Trus Taman Perling 150 - 188 150 - 170 238 - 260 220 - 240 P O Box 320 Bukit Indah 138 - 155 140 - 160 188 - 208 180 - 200 80000 Johor Bahru Tel : 07 – 224 3388 Tampoi Area Fax : 07 – 224 9769 Bandar Baru Uda 1036 - 160 1040 - 16 240 - 28 220 - 240 E-mail: [email protected] Taman Tampoi Indah 190 - 225 160 - 180 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

RESIDENTIAL HOSPITALITY The residential market continued to be the The Johor Bahru hospitality sector in 2002 The worst recession most active sector in Johor Bahru for 2002. improved marginally as compared to 2001 in The value of transactions compared to 2001 terms of occupancy rate. Most hotels achieved for selected schemes however indicated a between 50% - 70% occupancy rates. ever experienced by the drop in values, particularly for houses located in the outer suburb areas. Year 2003 is expected to see a boost in the hospitality sector as it is the “Visit Johor island state of There were several launches of single and Year 2003”. A host of activities and incentives double storey terraced houses and some have been planned throughout the year to apartments/condominiums. Prices of these attract tourism into Johor in the coming year. Singapore and the units launched were generally below Number of Rooms and Occupancy Rates of Selected Hotels RM200,000 except for Hrotel Sta No. of Average expectations of higher those located within Rating Rooms Occupancy Rate prime areas. 22001 200 unemployment and With the number of T56he Puteri Pan Pacific 4%7 4%3 43 units available for sale by H53yatt Regency 3%9 4%9 51 the developers, buyers are later then expected spoilt for choice. M50utiara 3%3 5%5 53 Developments which are S51ofitel Palm Resort & Golf 3%1 5%3 53 good value for money and E50den Garden 4%0 4%5 51 turn around in the provides quality finishings continue to capture the G44rand Blue Wave 1%8 7%7 85 limited demand. G45rand Continental 2%8 7%0 73 economy is likely to INDUSTRIAL C36rystal Crown 2%4 7%0 72 M39ecure Ace ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ 1%0 5%0 46 have an equally The industrial sector HRotel Seri Malaysia N61%8 5%0 60 continued to be soft in 2002 despite some small adverse impact on the relocation of businesses into Johor Bahru. 2003 MARKET OUTLOOK Prices of most industrial properties continued on a downward direction with only limited The worst recession ever experienced Johor Bahru overall transactions bucking the trend. by the island state of Singapore and the expectations of higher unemployment Comparisons of industrial land prices and and later then expected turn around in economy. industrial factory/workshops in selected areas the economy is likely to have an equally for year 2001 and 2002 are listed as follows:- adverse impact on the Johor Bahru overall economy. Pricing Level of Industrial Lands in Selected Areas A)rea Price (RM/square metre Year 2003 is expected to be another difficult year for the Johor Bahru 22001 200 property market. Retail, low-end housing S2enai-Kulai Area (LH) 1229 - 16 129 - 16 and hospitality are expected to be active P4asir Gudang Area (LH) 1262 - 19 151 - 17 while other sectors remain stable. T9ampoi Area (FH) 2315 - 26 269 - 32 Pricing Level of Industrial Properties (Factory/Workshop) in Selected Areas L)ocation S)ize(sq. m Price (RM'000 per unit 22001 200 J6B Perdana Industrial Park 3025.1 2055 - 28 278 - 35 C H Williams Talhar & Wong T5aman Mount Austin 2089.8 2050 - 29 250 - 31 Sdn Bhd T0aman Perindustrian Cemerlang 10337.8 10180 - 130 110 T2aman Universiti 5557.4 4010 - 41 360 - 42 Unit 18B Level 18 T0aman Putri Kulai Light Industrial 2523.0 2066 - 33 200 - 26 Menara Ansar 65 Jalan Trus Industrial prices are expected to be more P O Box 320 stable in year 2003. 80000 Johor Bahru Tel : 07 – 224 3388 Fax : 07 – 224 9769 E-mail: [email protected] The Bintang Walk of

Batu Pahat, which was

completed in the

second half of 2002, ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

brought about a new Bintang Walk of Batu Pahat on Jalan Rahmat landscape and a

livelier night scene to BATU PAHAT Within residential areas, prices of two storey shophouses remained at RM200,000 to Jalan Rahmat. he tender exercises by Danaharta RM250,000 per unit, virtually unchanged on Texcited the market for a while but year to year basis. the actual bidding by the public was Meanwhile, Jalan lukewarm. In the short and medium term, prices are expected to consolidate at current levels. Generally, the market was Sellers and buyers alike were watching the Bukit Pasir reinforced consolidating in the year under review market with little commitment. with activities confined to the traditional residential market. Within the office sector in particular, the its position as the new mismatch between supply and demand OFFICE/RETAIL continued into 2002. Overall, rentals were weakened by a noticeable overhang in the satellite township of The Bintang Walk of Batu Pahat, which was market. completed in the second half of 2002, brought about a new landscape and a livelier RESIDENTIAL Batu Pahat. night scene to Jalan Rahmat. Meanwhile, Jalan Bukit Pasir reinforced its position as the new There was a gradual return of confidence. satellite township of Batu Pahat. Prices of Interest was mainly centered on single and three storey shophouses in Taman Bukit Pasir double storey terraced houses. Residential stabilised at around RM480,000 per unit in prices gained between 2% to 5% from the 2002, about 5% up from the level in 2001. 2001 level but rentals remained stable. The price of a double storey shophouse in the same neighbourhood peaked at Jalan Tanjong Laboh emerged as a new RM380,000 in 2002. residential area with the launching of Taman Bukit Flora. This scheme is still opened for Amongst transactions in the traditional booking at the following prices : town centre, prewar shophouses were changing hands in the region of RM340,000 Teype Average Pric to RM380,000 per unit, which is slightly above D0ouble storey low-medium cost RM 49,95 the level of the previous year. C H Williams Talhar & Wong S0ingle storey terraced RM 92,80 Sdn Bhd In prime commercial locations, tenancies D0ouble storey terraced RM149,80 for ground floors of typical shophouses were generally renewed at monthly rentals of 37-4B, Jalan Rahmat RM1,800 to RM2,200 per unit, marginally 83000 Batu Pahat higher compared to 2001 level. Tel : 07 – 434 6122 Fax : 07 – 431 6921 E-Mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

One of the major events in the residential Prices of industrial properties with ready sector was the launch of Evergreen Height near buildings registered minimal change the Bukit Banang Golf And Country Club in compared to the level in 2001. Within popular The residential market the last quarter of 2002. The developer’s industrial schemes, values were maintained selling prices were as follows: at the following levels in 2002: is seen to be gradually Teype Selling Pric TTYPE OF DEVELOPMENT PRICE PER UNI D0ouble storey terraced RM139,80 10½ Storey Terraced Factory RM150,000 to RM220,00 10½ Storey Semi-detached Factory RM250,000 to RM300,00 D0ouble storey semi-detached RM233,80 regaining its strength. 10½ Storey Detached Factory RM350,000 to RM450,00 S0ingle storey Bungalow RM245,80 D0ouble storey Bungalow RM323,30 Amongst industrial schemes in outskirt The momentum for areas, there was little improvement in the On average, residential prices within three occupancy rate. The market continued to be kilometre radius of the town is as follows: weighed down by oversupply. It became further recovery would apparent that many of these early purchases Teype Price Rang were driven by pure speculation. S0ingle storey terraced RM105,000 to RM125,00 however hinge on the D0ouble storey terraced RM170,000 to RM190,00 HOSPITALITY & LEISURE S0ingle storey semi-detached RM175,000 to RM195,00 D0ouble storey semi-detached RM235,000 to RM260,00 There was little to justify any new ventures overall strength of the or proposals in this sector in 2002.

Most banks continued with special housing The market is essentially business rather industrial sector in loan packages to promote demand and lend than tourist based. At the upper end of the support to the residential sector. We believe market, there was some improvement in the the market has become more stable and occupancy rate. Batu Pahat. predictable. 2003 MARKET OUTLOOK

INDUSTRIAL ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ The residential market is seen to be Batu Pahat experienced virtually no major gradually regaining its strength. The industrial development or activity in the year momentum for further recovery would under review. however hinge on the overall strength of the industrial sector in Batu Pahat. Transactions of vacant industrial sites were Low interest regime should provide the confined to new phases of Kawasan necessary relief and impetus for Perindustrian Sri Gading. 60-year leases were genuine buyers or local developers. generally released into the market at RM 80 to RM86 per square metre in 2002, which was the same rate offered in 2001.

C H Williams Talhar & Wong Sdn Bhd

37-4B, Jalan Rahmat 83000 Batu Pahat Tel : 07 – 434 6122 Fax : 07 – 431 6921 E-Mail: [email protected] InternationalInternational PropertyProperty 20032003 PENANGSERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

PENANG ISLAND

s the country recovered from the recession to register a reasonable growth Afor the year, the property market, in tandem with this trend, was similarly more active during the second and third quarters of the year. However the market sentiments were mixed. While the general sentiments continued to remain weak and cautious with people having a tendency to put off decisions or delay developments, some were in fact finding new uses for old properties and were acquiring investment properties. The low housing loan cost had helped keep the property market stable and provide an important source of strength to the economy. Auction sales were on the rise but demand was still weak and thus their success rate was still poor.

The year ended with an uncertain worrying note. Penang is still undergoing structural changes.

On the opportunity side, the movers and shakers were also at work. The year ended with an announcement involving one of largest real estate transactions in Penang – the decision to sell the Penang Turf Club 110-hectare land for RM488 million.

Beach Street - Office building in traditional CBD Area sold by Tender at RM2.45m

OFFICE interest. Old office blocks were purchased C H Williams Talhar & Wong for owner occupation rather than for Sdn Bhd The office sector remained soft in a investment purposes. relatively quiet market. Old buildings which were put in the market for sale, had Two old bank office buildings at Beach 35, Green Hall received mixed responses. While those in Street were transacted in 2002. One fetched P O Box 1161 the old CBD of Beach Street had received a price of RM5.48 million, while another was 10850 Penang some interest and were transacted, those sold at RM2.45m in October. Besides new office Tel : 04 – 263 3377 in poorer locations had not attracted any buildings, old refurbished pre-war buildings Fax : 04 – 263 0359 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ were beginning to filter into the market. They RETAIL are limited in supply and were beginning to attract ‘collectors’ for use as boutique offices There were no new additions this year. While the sector was and shops. Two-storey type at the old CBD Amidst a weak consumer sentiment and area was transacted at prices between dispersion of consumers to the various retail RM500,000 (without improvements) to outlets, the market was adjusting slowly to still in the RM650,000 per unit. this change. Prime shopping centres were still showing good occupancy and take up Two new office buildings along Jalan rate. While occupation of new blocks in consolidation stage Sultan Ahmad Shah, having a total area of poorer locations were not as good as it was 230,000 square metres were placed in the before and old centres were experiencing market. A new up-market office block was either falling rents and or rising vacancy. adjusting to oversupply, available to let at RM48 per square metre for the ground floor and RM28 per square metre While the retail sector was still in the for the upper floors. It remains vacant. The consolidation stage adjusting to oversupply, poor sales, less tourists, rental market remained soft with landlords poor sales, less tourists, the irony was that a having to compete to hold on to their few shopping centre groups were planning existing tenants and competing with new to come into this market and were planning the irony was that a offices. The average asking rental for good to build and inject even more supply into office space stands at RM20 to RM28.00 per the market. square metre. With the new supply, rentals few shopping centre are expected to remain soft or remain stable RESIDENTIAL at the low rent and the overall vacancy rate for office would increase. Further The residential sector was more active groups were planning consolidation is anticipated. with an increase in the number of new project launches: COMMERCIAL to come into this Tnype Lsocatio Selling Price Two old cinemas on Penang Road were 3-storey T0anjung Bungah RM438,000-630,00 semi-detached refurbished during the year. One was ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ market and were refurbished and reactivated for use again as 2 storey T0anjung Bungah RM268,000 -310,00 Duplex Town Houses a cinema while the other was renovated for 2½ storey Psulau Tikus RM 1.65m onward use as a wholesale / retail store. They were Semi-detached Houses planning to build and let at a rent of approximately RM11 to RM15 3-storey Bsayan Baru RM 790,000 onward Detached House per square metre per month. 3-storey Bsayan Baru RM 585,000 onward Semi-detached House inject even more supply Old two-storey shophouses were 2-storey S0ungei Ara RM318,000 - 528,00 Terraced house beginning to find new uses, which include 2-storey Bsatu Maung RM 360,000 onward wholesale showroom / retail shops and Terraced house into the market. restaurants. A few old terraced houses which Mgedium Cost Apartment S0ungei Nibun RM98,000 - 105,00 were renovated to let at RM2,000 per month 2-storey Bsatu Ferringhi RM700,000 onward semi-detached House for commercial use are still vacant. 3-storey Bsatu Ferringhi RM 1m onward semi-detached house At Bandar Bayan Baru two-storey Dietached house lot B0atu Ferringh RM 1,10 shophouses were offered for sale at per square metre Agpartment J0eluton RM 88,000-120,00 RM535,000 onwards.

C H Williams Talhar & Wong Sdn Bhd

35, Green Hall P O Box 1161 10850 Penang Tel : 04 – 263 3377 Leith Street - rented @ Fax : 04 – 263 0359 RM12,000 per month E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The condominium market saw more HOSPITALITY & LEISURE introduction of the ‘super Condos” - a more Towards the end of spacious and luxury class of units. Gurney This sector was expected to take a few years Drive were launched at prices between RM to recover from the September 11, 2001 1.1 million to 1.4 million and have a floor area incident and as confidence of foreign tourist 2002, the outlook of 370 square metres. slowly returns, the region suffers from another shock - the Bali bomb blast. More efforts have As at the third quarter 2002, there were to be done to reassure and inject in confidence became misty again. about 270 auction cases recorded and of to encourage tourist travel. While new markets these only 18 units were sold. The success were being explored, former repeaters who rate for auction is therefore only 6.6%. know Penang well were being courted to There were many come back. INDUSTRIAL Penang has also to repackage its tourist events outside our This sector was experiencing an product to ensure continuing inflow of ‘imbalance’ between the incoming of new tourists. Eco-tourism, cultural tourism, high-tech factories that requires well trained medical and dental tourism and even control but it could scientists and engineers and the slow but wedding tourism are being considered. steady closing of factories that require labour intensive production workers. 2003 MARKET OUTLOOK affect us as they changes By the end of the year there were six Towards the end of 2002, the outlook factories of varying sizes and having a total became misty again. There were many in 2003. building area of nearly 55,000 square metres events outside our control but it could up for sale at prices between RM6.5m to affect us as they change in 2003. World RM22m. Sentiments in this sector was weak. political events, the fragile economy of There was no user demand in the market. the developed world, and the structural change the island is facing all add up to A new scheme at Jelutong launched its the cautious sentiments. industrial shop-office and factory project. Their selling prices were:

Tsype Sselling Price Unit 30-storey Industrial shop-office F9rom RM890,00 2

20½ storey Factory F4rom RM 500,00 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ 2 10-½ storey Factory F0rom RM 450,00 3

During the mid-year Danaharta sale, a block of 6 units of 1 ½ storey factories were sold at RM2.42m at the Diamond Valley Industrial Estate, Batu Maung.

C H Williams Talhar & Wong Sdn Bhd

35, Green Hall P O Box 1161 10850 Penang Tel : 04 – 263 3377 Astec PG2 - Industrial Fax : 04 – 263 0359 building in FIZ Phase 2 For E-mail: [email protected] Sale @ RM9.84m ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

SEBERANG PERAI SHOPHOUSES

he property market in Seberang The property market for traditional Conventional landed TPerai remained stable in 2002. shophouses in 2002 was generally stable. The residential sub-sector was active In Chai Leng Park, a single storey residential properties but with prices remaining at the shophouse located along Lebuh Kurau 5 previous year’s level while the with a land area of approximately 121 commercial and light industrial sectors square metres was sold for RM320,000 still remained the were soft. while in Bukit Mertajam, two adjoining units of double storey shophouses with a total The year also witnessed the launching land area of 223 square metres and located preferred choice of of a few small and medium scale along Jalan Dato Ooh Chooi Cheng were housing schemes with responses sold for RM650,000. generally reported to be fair. buyers whilst flats and In Juru, the 2 and 3 storey shopoffices in OFFICE Juru Jaya Business Park were for sale by the developer at RM238,888 and RM368,888 apartments were active The office market in Seberang Perai respectively. generally remained at the previous year’s level with rentals generally remaining unchanged. In Seberang Perai Selatan, the double only in urban areas. storey shophouses in Taman Bakap Jelita Existing office buildings in Seberang Perai were for sale by the developer at are NB Tower, Wisma UMNO, Wisma Peladang, RM178,800 while the double storey Wisma Suria and Wisma Pantai in Butterworth shophouses in Taman Cendrawasih Indah and Sunway Business Park and Bangunan KWSP with a land area of 130 square metres were in Seberang Jaya with asking gross rentals for sale at RM229,800. ranging from RM8.60 to RM16.15 per square metre per month. The occupancy rate of these RESIDENTIAL buildings range between below 10% to 85%. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ The residential sub-sector was active in 2002 No purpose-built office building was especially for those priced below RM100,000. completed during the year. Prices generally remained at the 2001 level. RETAIL Conventional landed residential properties There was no new addition of commercial still remained the preferred choice of buyers complexes in Seberang Perai during the year. whilst flats and apartments were active only in urban areas. The Megamal Pinang Commercial Complex and the BM Plaza still remained the The year also witnessed the launching of a two commercial complexes in Seberang Perai few small and medium scale housing which are still in active operation. schemes. The details are as follows :-

The ground floor of the Megamal Pinang Commercial Complex is nearly fully occupied whilst the upper Leocation Teyp Pric floors are approximately 10% to Taman Sukun Indah 28-storey Terraced RM173,88 50% occupied. Bukit Mertajam Bandar Putra Bertam 2-storey Terraced RM140,000 Rental rates generally Kepala Batas 2-storey Semi-Detached RM240,000 remained at the previous year’s Harbour Place A0partments RM119,51 level. Butterworth and above C H Williams Talhar & Wong Taman Mak Mandin Indah 20-storey Terraced RM205,00 Sdn Bhd Butterworth Taman Serumpun 2-storey Terraced RM198,000 Bukit Mertajam 2-storey Semi-Detached RM278,000 No. 33, Jalan Todak 4, Taman Cendrawasih Indah 2-storey Terraced RM128,000 Pusat Bandar Seberang Jaya Nibong Tebal 2-storey Semi-Detached RM189,800 13700 Seberang Jaya 1-storey Terraced RM89,800 1-storey Semi-Detached RM139,800 Tel : 04 – 398 1188 2-storey Detached RM329,000 Fax : 04 – 397 1188 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

INDUSTRIAL The existing major hotels in Butterworth and Bukit Mertajam are Sunway Hotel The overall property The industrial sub-sector in Seberang Perai Seberang Jaya, Pearl View Hotel and Prescott is still in the doldrums. Hotel with a total of 518 rooms.

market in 2003 is In Prai Industrial Estate, a detached factory The occupancy rates of these hotels were located along Tingkat Perusahaan 3 with a total in the region of approximately 40% to 55%. land area of 1.723 hectares was sold for RM4.3 expected to consolidate Million while in Seberang Jaya Industrial Park, 2003 MARKET OUTLOOK a factory located along Lorong Jelawat 2 with a land area of 2,703 square metres was sold The overall property market in 2003 is further given the for RM3.5 Million. expected to consolidate further given the current economic situation. Another detached factory in Prai current economic Industrial Estate located along Lorong Demand for commercial and industrial Perusahaan Baru 6 with a land area of 0.397 sectors can be expected to be soft due hectare held under a freehold title was sold to prevailing over supply and market situation. for RM2.65 Million. uncertainties except for certain strategic locations which may see No new industrial scheme was launched sustained demand. during the year. The deluge of foreclosure actions by HOSPITALITY AND LEISURE the financial institutions on properties where titles have not been issued yet There were no new additions of hotels can be expected to have a downward in Seberang Perai during the year. pressure on value/price of such type of properties. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar & Wong Sdn Bhd

No. 33, Jalan Todak 4, Pusat Bandar Seberang Jaya 13700 Seberang Jaya Tel : 04 – 398 1188 Fax : 04 – 397 1188 E-mail: [email protected] InternationalInternational NEGERI PropertyProperty SEMBILAN 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

Senawang Commercial Park

he performance of the property market in Negeri Sembilan remained weak Twith no impending signs of recovery from a bearish market scenario. The residential sub-sector continued to dominate much of the market activity. Other sub-sectors remained relatively quiet throughout the year. The overhang situation for the commercial and industrial properties have not shown any marked improvements for year 2002. Many notable abandoned projects have yet to be revived and a few of the large development lands offered for sale through tenders by Danaharta have not been successful even though the sale prices have been discounted by more than 30% in comparison to year 2000 prices.

In general, the prices of the residential and commercial properties remained quite stable with some of the popular areas showing slight increases in the value compared to year 2001 prices. Industrial properties, on the other hand have a mixed response in terms of prices. The large industrial properties generally recorded a marked depreciation in value while the prices of small to medium scale properties in the established schemes in Seremban remained relatively stable .

Some of the prominent infrastructure works that were implemented/on-going in 2002 include the opening of the new Nilai interchange in October 2002, the upgrading of the Seremban – Kuala Klawang trunk road, the expansion of the Port Dickson Highway exit at the 4th mile Jalan Pantai and the construction of the C H Williams Talhar & Wong Sdn Bhd RM64 million market in Taman Bukit Kepayang. Notable landmarks making their debut in the Negeri Sembilan property

st landscape include Dataran Teluk Kemang in Port Dickson and Dataran 1 Floor, Kompleks Negeri Senawang and the first McDonald drive through outlet near the Senawang 7-A, Jalan Dr Krishnan Commercial Park in Seremban. 70000 Seremban Tel : 06 – 763 7373 Fax : 06 – 765 3360 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

OFFICE RESIDENTIAL The existing stock of purpose-built office Affordable housing in the form of low- No new industrial space in Seremban remained status quo in medium to medium cost houses remain comparison to the preceding year. In the popular and was the most active segment pipeline slated for completion by year 2003 in the market. This can also be seen from schemes were launched is the office block within the Terminal One the various launches held within the year development which has commenced by the developers. Most of the new construction recently after stalling for a housing stock released in the market are in 2002. The industrial number of years. terraced houses with prices below RM150,000 per unit. The demand for the Rental rates of purpose-built office new stock appeared to be relatively schemes in Seremban buildings in Seremban remained average with sales at around 40% to 60%. comparatively low. The rates of selected buildings are generally as follows : The demand for the existing stock maintained a fairly good remained stable although slanting towards the buyers’ market scenario Building Rental rates especially so for the high-end per square metre demand whilst the properties. Condominiums in W0isma DPMNS RM 14.00 - RM 18.3 Seremban continue to experience sluggish demand as landed Y0ayasan Negeri Sembilan RM 17.20 - RM 19.4 industrial properties in properties are the preferred choice for most of the home buyers. RETAIL the Nilai corridor is still Prices and rental of houses in Seremban Terminal One Shopping Centre are as follows : continues to maintain its status experiencing weak as the leading retail centre in Teype of Property Phrice Rang Rental per mont Seremban town followed by S0ingle Storey Terraced R0M70,000 - RM130,00 RM250 - RM40 Seremban Parade. Other ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ D0ouble Storey Terraced R0M120,000 - RM190,00 RM350 - RM55 demand. complexes in the town are very S0ingle Storey Semi- detached R0M140,000 - RM230,00 RM400 - RM60 much secondary in nature. The D0ouble Storey Semi- detached R0M170,000 - RM350,00 RM500 - RM70 proposed Kemayan Shopping Mall and Seremban Mall remained unrevived. INDUSTRIAL

Rental rates in Terminal One Shopping No new industrial schemes were launched Centre have shown an upward trend while in 2002. The industrial schemes in Seremban the rental levels of other centres remained maintained a fairly good demand whilst the relatively stable with some experiencing a industrial properties in the Nilai corridor is still drop in rental. experiencing weak demand. Prices of some of selected schemes are as follows : Terminal One Shopping Centre commands a ground floor rental S)chemes Prices (per square metre between RM 77 to RM 113 per square metre per month whilst for Seremban O0akland Industrial Park RM 165.00 - RM205.0 Parade, its ground floor rates ranges S0enawang Industrial Park RM 172.00 - RM193.0 from RM 43 to RM 86 per square metre A0rab Malaysian Industrial Park RM 129.20 - RM171.0 per month. Both centres enjoy good N0ilai Industrial Estate RM 129.20 - RM174.3 occupancy levels of above 90%.

Shophouses in the town centre HOSPITALITY & LEISURE continued to sustain good rentals and prices. C H Williams Talhar & Wong The prices and rental of shophouses in and The leisure industry in Port Dickson Sdn Bhd around Seremban town are as follows: remained subdued. The prices of resort condominiums remained weak. Hotel occupancy still hovers 1st Floor, Kompleks Negeri Tnype Ltocatio Ptrice per uni Rental per uni roughly at about 40%. The State 7-A, Jalan Dr Krishnan Tewo-Storey P0rim R0M550,000 - RM750,00 RM 3,500 - RM4,70 Government has been actively 70000 Seremban S0econdary R0M200,000 - RM300,00 RM 1,600 - RM2,20 Tel : 06 – 763 7373 Tehree-Storey P0rim R0M780,000 - RM900,00 RM 4,200 - RM5,50 Fax : 06 – 765 3360 S0econdary R0M270,000 - RM450,00 RM 2,000 - RM2,70 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

promoting the town as a local tourist Metropolitan College to be located in the destination and these promotion measures Bandar Baru Nilai and Universiti Teknologi The outlook for year appear to be continuing into year 2003. Lagenda at Bandar Universiti Mantin , Mantin EDUCATION 2003 MARKET OUTLOOK 2003 looks bearish as The Nilai corridor is shaping itself as one The outlook for year 2003 looks of the prominent education centres in bearish as there is no fresh leads to there is no fresh leads Malaysia. Besides Inti College Malaysia and rejuvenate the Negeri Sembilan Nilai College, three other new colleges will property market. The current pace be setting up their establishments along the in the price and rental movements to rejuvenate the corridor in the very near future. These will prevail throughout the year. include Kolej Universiti Islam Malaysia and

Negeri Sembilan property market. The

current pace in the

price and rental

movements will prevail throughout the

year. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar & Wong Sdn Bhd

1st Floor, Kompleks Negeri 7-A, Jalan Dr Krishnan 70000 Seremban Tel : 06 – 763 7373 Fax : 06 – 765 3360 E-mail: [email protected] InternationalInternational PropertyProperty MALACCA 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

verall, the performance of the property market in Malacca during the year Owas mixed with moderate gains in some categories of the more dominant residential and agricultural sub-sectors while industrial and commercial properties showed either consolidation or depreciated in value. There was a flurry of foreclosures on condominiums and apartments as well as some commercial and industrial properties fuelling bargain hunting in the market.

There were a number of property disposals through private tenders particularly Danaharta’s Sixth (6th) and Seventh (7th) Property Tender in April/May and October/ November 2002. Others were the sale of a computer factory in Cheng, parcels of development lands in and around Bukit Baru and a bungalow in Klebang.

A total of 21 properties with an indicative value of RM22.615 million were for sale in Melaka during the 6th Property Tender conducted by Danaharta. Of these, development and agricultural lands formed the bulk (48%) while industrial properties accounted for 33% of the total. The overall response was reported to be good with some bids at about 40% to 100% above Danaharta’s indicative value.

There were nine properties valued at RM10.710 million for disposal in the subsequent (7th) tender sale. Industrial units were the majority, forming about 56%.

OFFICE ○○○○○○○○○○○○○○○○○○○○○○○○○○ RETAIL/SHOPHOUSES

The office sub-sector remained stable The existing number of shopping without significant changes in rental or complexes as at the second quarter of the supply. The total space in purpose built office year was 17 with a total space of 185,000 buildings is around 200,500 square metres square metres. and the overall occupancy rate is about 92%. Two office buildings with a total space of The overall occupancy rate was reported 12,400 square metres are presently under to be 73%, a drop from last year's 78%. construction. The current year saw the opening of Of the 69 existing office buildings in Tesco hypermarket along Jalan Panglima Melaka, 28 with a total space of 73,000 Awang in Pringgit. square metres are Government owned. They are fully occupied while the occupancy of The was reported sold C H Williams Talhar & Wong privately owned premises was lower, at in the last quarter of the year for RM146.59 Sdn Bhd approximately 87%. million or RM3,100 per square metre. The sale progress of retail lots at Dataran Merdeka, ○○○○○○○○○○○○ The monthly average rentals still which were earlier launched in 2001, has remained at between RM15 to RM20 per been reported to be slow. 178 Jalan Merdeka square metre. Taman Melaka Raya 75000 Melaka Tel : 06 – 281 2288 Fax : 06 – 284 6399 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The residential sector

continued to dominate

the market with slight

Prime development land rise in price levels adjoining Multimedia University - sold by WTW though rentals in most

The price levels of shophouses in Melaka were several launches during the year and the areas remained are as follows:- response was generally favourable especially for the medium-low cost types. Leocation Selling Pric Type unchanged. There were (per unit) As at the second quarter of the year, the Deouble Storey P0rim RM250,000 - RM280,00 existing residential housing stock in Malacca S0econdary RM170,000 - RM200,00 stood at around 104,000 units with another several launches during Tehree Storey P0rim RM360,000 - RM460,00 future supply of about 57,000 units. Of the S0econdary RM230,000 - RM300,00 latter 3,000 units were starts and 13,300 units under construction. Melaka Tengah the year and the district was the most active having 76% of Unsold shopoffice units in Plaza Mahkota the existing stock. are offered at large discounts of up to 30% by ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ response was generally the developer. There were reported ‘fire-sales’ Taman Merbok Phase 4 in Ayer Keroh of 3 storey shophouses in Taman Melaka Raya comprising about 304 units of shops and for below RM200,000 per unit. residential houses was launched recently. The favourable especially double storey terraced houses (open title) There are no commercial launches during with better finishes are priced from the year except for a block of 4-storey RM192,000. We understand that there was for the medium-low shophouses along Jalan Ong Kim Wee which good response for the terraced houses . are mainly developed for rental. Following the successful launch of the initial cost types. MAIM revived its commercial project of phase of Taman Angkasa Nuri in Batu Berendam shophouses on a site opposite the State Mosque. in the last quarter of 2001, the second phase comprising around 100 units of double storey One of the abandoned commercial terraced houses with plot size of 22 feet by 70 projects, Bandar Utama Melaka, may be revived feet and priced at RM159,800 each was as a mixed development. launched in October 2002 .

Other abandoned or planned commercial The average prices of various types of projects viz. Bendahara Boulevard, Malacca houses are as follows:- City Square in Pringgit and Ayer Keroh Business Centre, are yet to be revived Tnype L)ocatio Selling Price (per unit or launched. 1r-Storey Terraced U0jung Pasi RM120,000 - RM150,00 RESIDENTIAL B0ukit Bruang RM 95,000 - RM140,00 C H Williams Talhar & Wong M0alim RM 90,000 - RM100,00 Sdn Bhd The residential sector continued to 2n-Storey Terraced K0ampong Lapa RM220,000 - RM250,00 dominate the market with a slight rise B0ukit Katil RM140,000 - RM150,00 178 Jalan Merdeka in price levels though rentals in most A0yer Keroh RM145,000 - RM160,00 areas remained unchanged. There Taman Melaka Raya 1-Storey B0ukit Baru RM160,000 - RM200,00 Semi-Detached 75000 Melaka M0alim RM150,000 - RM180,00 Tel : 06 – 281 2288 2-Storey S0emabok RM300,000 - RM358,00 Fax : 06 – 284 6399 Semi-Detached K0lebang RM320,000 - RM450,00 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Pangsapuri Bunga Raya, an apartment project in Bukit The property market Beruang designed to meet the housing needs of the Multi- media University nearby was trend in industrial sub- launched in June 2002. The 120 apartments were priced from RM98,000 while the ground floor sector continued in shop lots are from RM230,000. The market for up-market 2002 with limited condominium remained weak characterized by low occupancy New private college and foreclosures. Prices have along Jalan Kubu - inquiries for new sites. generally slipped to around 40% to deal concluded by 50% below the peak of 1995/96. WTW

These industrial estates A condominium project along Jalan Ayer The Honda Malaysia car manufacturing Leleh in Malacca town appears to have stalled. plant which entailed an initial investment of RM180 million and built on a 32.4 hectare site experience varying INDUSTRIAL in the Pegoh Industrial Estate began production at year end. Investments in this According to National Property project are expected increase to RM347 occupancy rates from Information Centre (NAPIC), the existing stock million by the year 2005. of industrial units is approximately 3,914 units with a planned supply of 5,000 units. The Composite Technology Research around 30% to fully property market trend in industrial sub-sector Malaysia has reported being awarded an continued in 2002 with limited inquiries for RM800 million contract by Airbus to design new sites. These industrial estates experience and manufacture wing components in their occupied depending on varying occupancy rates from around 30% to factory in Batu Berendam. fully occupied depending on factors such as location, pricing, supporting infrastructure, etc. An international computer factors such as location, Most of the abandoned industrial projects have manufacturer’s plant in Cheng was yet to be revived. successfully sold by tender in early 2002 for RM6.4 million. It was subsequently resold in pricing, supporting Prices of industrial land in prime areas ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ July 2002 for RM10.1 million. generally consolidated between RM140 per square metre and RM170 per square metre The state is also seeking MSC status infrastructure, etc. while those in poorer locations fell to for its multi-media incubator project around RM60 to RM70 per square metre. beside the Malacca International Trade Sales of SMI units in the outskirts of town Centre in Ayer Keroh. remained poor. HOSPITALITY & LEISURE The prices of vacant industrial land in selected areas are as follows : Currently there are 68 hotels in Malacca with a total stock of about 5,300 rooms. The overall average occupancy rate was around L)ocation Prices (psm 48% though higher rates of 60 to 70% were achieved by some of the hotels. The room C0heng 130-16 rates remained unchanged. A5yer Keroh 110-17 No new hotel development is expected in C H Williams Talhar & Wong B5kt Rambai 65 -8 the next 2 – 3 years. The abandoned 300 room Sdn Bhd Ambassador Hotel remains in abeyance. M0erlimau 45 - 6 A0lor Gajah 60 - 8 The total tourist arrivals as at October 2002 178 Jalan Merdeka grew to 2.4 million from 2.1 million last year Taman Melaka Raya B5atu Berendam 100-16 against the current target of 3 million. 75000 Melaka K5rubong 90-12 Tel : 06 – 281 2288 Fax : 06 – 284 6399 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

One of the tourism projects which is the INFRASTRUCTURE Hang Tuah Mall, an open air mall along Jalan Hang Tuah costing RM8.8 million was officially Major infrastructure projects initiated by Demand for resort and opened by the Prime Minister in October the Government during the year included the 2002. The Selandar Tropical Fruit Farm was Sungei Udang-Bertam - Krubong-Ayer Keroh also opened by the Prime Minister during the Highway and the upgrading of the north-south up-market residential same period. trunk road from Simpang Ampat to Muar including the construction of several flyovers The year also saw the opening of the in town and new stretches of roads. properties is expected to Malacca Pier comprising restaurant and Construction works on both of these projects retail lots in the renovated Malacca Jetty and have commenced. a renovated ferry. remain sluggish. Short Construction works are also in progress A 112-room hotel with retail space, for a new outstation bus terminal in Pringgit, Grandhill Hotel along Jalan Tun Ali was and along Jalan Tun Razak ring road. term investments and reported sold for RM7.6 million in 2002. The hotel now operates as Naza Hotel. 2003 MARKET OUTLOOK profit taking is EDUCATION The property market is expected to improve albeit with caution in view of There are currently more than 20 uncertainties. expected to continue as institutions of higher learning in Malacca with an estimated enrollment of around There is still an overhang in the 20,000 non-local students. Site works has commercial and industrial sectors. there are still foreclosed commenced for a MARA Professional Medium cost terraced houses will College in Tiang Dua while a 28.5 hectare site continue to dominate the market. in Ramuan China has been acquired for the Developers are cautioned not to jump properties available. construction of a MARA college. into the band wagon and create further pressure on the property market

A community college was also opened ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ particularly in the residential sector in Bukit Beruang. where there seem to be an oversupply of double storey terraced houses. AGRICULTURE Demand for resort and up-market The agricultural sub-sector showed residential properties is expected to continued improvements due to demand remain sluggish. Short term particularly for smaller sized plots. investments and profit taking is expected to continue as there are still The average price of smallholdings in foreclosed properties available. Melaka Tengah, being the most developed district, was around RM160,00 to The tourism industry is expected to RM200,000 per hectare while the other 2 continue to suffer from the hangover districts of Jasin and Alor Gajah recorded of a slump in foreign tourist arrivals levels of about RM80,000 and RM90,000 per caused by recent events in Bali. hectare respectively.

C H Williams Talhar & Wong Sdn Bhd

178 Jalan Merdeka Taman Melaka Raya 75000 Melaka Tel : 06 – 281 2288 Fax : 06 – 284 6399 E-mail: [email protected] InternationalInternational PropertyProperty 20032003 PerakSERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

he Perak property market is still Tfacing uncertainties in 2002 except for residential market which is trying to keep up its momentum. The general public is more cautious on spending and is either looking for a ‘cheap’ buy or adopting a “wait and see” attitude. Stimulants such as low interest rates and attractive payment terms offered by banks have to some extent helped to improve the market situation particularly in the residential sector.

Generally, the office market in Ipoh is facing a marginal over-supply situation. There is not much change in the occupancy rate and the rental value as compared to year 2001.

Established shopping complexes continued to enjoy good occupancies Wisma Greentown 3 while complexes in secondary locations remained unpopular.

The industrial sector is still suffering from low demand, decreased capital value and low rental yield

OFFICE ○○○○○○○○○

The strategic location of Greentown Some of the office rental rates in Ipoh are Business Centre which is surrounded by the as follows : Federal Building, KWSP Building, City Council,

hotels, banks and securities firms is still Beuilding Rental per square metr attracting a large number of corporations to ○○○○○○○○○○○○○○○○○○○○ per month be located in the vicinity. B0angunan Mayban Trust From RM14.0 B0angunan Tabung Haji From RM19.4 Md&A Building G3roun RM4 C H Williams Talhar & Wong Wisma Greentown 3, which is located U0pper Floors RM23.7 Sdn Bhd within Greentown Business Centre, is Wdisma Peak Hua G0roun RM18.3 expected to be completed in early 2003 and U0pper Floors RM12.9 will accommodate the influx of more new KdWSP Building G0roun RM46.3 15st Floor RM24.7 13A, 1st Floor, businesses into this area. Grreentown Business Centre 10st Floo RM19.4 Jalan Panglima P O Box 562, 30760 Ipoh Tel : 05 – 241 0611 Fax : 05 – 255 6536 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

RETAIL / SHOPHOUSES Sunway City has revived its development of residential properties in Tambun, Ipoh. The There was no new retail centre added to first phase of semi-detached houses known Bandar Baru Tambun the market in 2002. Despite the slow demand, as Garden Villa which were priced at rentals remained stable. Most of the newer RM199,888 were completely sold out. buildings managed to achieve an average Subsequently the price has been increased to is a prime residential occupancy rate of around 70%. However, the RM208,888 for the later phase. older buildings have not recovered from the deteriorated occupancy rate. Bandar Baru Tambun is a prime residential area where its earlier area where its earlier launches had been There are two established retail centres ; completely sold out. Many buyers are still Kinta City and Ipoh Parade. Kinta City is looking for properties in this area. Currently launches had been enjoying near full occupancy whilst the the new phases are being constructed. occupancy of Ipoh Parade has improved compared to 2001. Retail centres without Some of the housing schemes launched completely sold out. anchor tenants or a good tenant mix have during the year are as follows:- compromised with lower rentals. Sachemes Leand Are Pric Many buyers are still The relocation of retail outlets and offices Double-storey semi-detached house from old town to Greentown Business Centre T'he First Garden 305' x 90 RM358,00 has forced down rental value in this area. The looking for properties rental and capital values of shopoffices in G'arden Villa, Sunway City 382' x 65 RM208,88 Greentown Business Centre are improving Double-storey terraced house due to good demand. T'he First Garden 200' x 70 RM198,00 in this area. T'aman Tronoh Timah 200' x 70 RM123,80 The selling prices of shopoffices within T'aman Desa Cempaka 200' x 70 RM148,80 well established commercial areas in Ipoh Country Valentine, 200' x 70' RM163,90 are as follows : Pasir Puteh B'andar Baru Tambun 202' x 75 RM193,00 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Taman Perpaduan Ria, 200' x 70' RM128,80 Leocation Teyp Pric Bercham Ipoh Garden 20-storey shopoffice (old) 270,000-350,00 Taman Ipoh Permai, South 202' x 70' RM179,80 20-storey shopoffice (new) 370,000-400,00 Ipoh Garden East 30-storey shopoffice 500,000-520,00 Single-storey terraced house Bandar Baru 20-storey shopoffice 250,000-350,00 Medan A'rena Perpaduan Sentosa 200' x 70 RM84,80 Bandar Ipoh 20-storey shopoffice 250,000-300,00 Country Valentine, Raya 200' x 70' RM98,00 30-storey shopoffice 400,000-450,00 Pasir Puteh Greentown 20-storey shopoffice 450,000-500,00 T'aman Tronoh Hijau 200' x 70 RM67,80 Business Centre 40-storey shopoffice 800,000-900,00 T'aman Perak Indah 200' x 70 RM83,88

RESIDENTIAL There is no substantial change in rental The residential property market in Perak rates. Certain established housing estates has shown improvements in terms of number which have good demand such as Ipoh Garden, and value of transactions. The demand for Canning Garden, Bandar Baru Tambun mixed housing development land in superior continue to command higher rental rates locations with close proximity to housing compared to others. schemes and amenities is on the rise.

C H Williams Talhar Wong Sdn Bhd

13A, 1st Floor, Jalan Panglima P O Box 562, 30760 Ipoh Tel : 05 – 241 0611 Bandar Baru Fax : 05 – 255 6536 Tambun E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Prices of development land and residential anticipated strong market fundamentals, properties are expected to be slightly upward the average domestic crude palm oil price The industrial market in the near future. is expected to rise. INDUSTRIAL The price of agricultural land in prime is experiencing a locations in Taiping, Sitiawan and Teluk Intan The industrial market is experiencing range from RM20,000 to RM40,000 per acre. a sluggish period with both demand and sluggish period with supply recording low activities. Prices HOSPITALITY & LEISURE remain unchanged in the more established industrial estates. In general, The occupancy rate of tourist both demand and prices of industrial properties are destinations such as Pangkor Island and expected to be stable or on a downward Lumut is modest. Economy-class hotels with trend in the near future. room rates ranging from RM50 to RM70 per supply recording low night are still popular. There is no expansion Prices of industrial land in prime of existing hotels nor new hotels being built locations like Silibin and Menglembu throughout Perak. activities. Prices remain areas range from RM129 to RM161 per square metre. Saleability of golf club membership is not encouraging. Prices of golf membership for unchanged in the more AGRICULTURAL existing clubs remain stable. The agricultural property market in 2003 MARKET OUTLOOK Perak is modestly active due mainly to the

established industrial ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ oil palm industry which has improved. The overall property market outlook Aggressive marketing efforts backed by is expected to be stable due to improved estates. appropriate policy initiatives of the market conditions. However, whilst government have managed to successfully adverse effect of an overhang situation increase exports substantially. for the commercial and industrial sectors are expected to remain The domestic price outlook of crude unattractive unless drastic measures palm oil this year also looks promising are taken by the state authorities to with steady export demand. The entry of attract investors. The modest growth China into World Trade Organisation of the hospitality industry within the (WTO) and the higher palm oil import state of an abundant historical value is quota will brighten the demand outlook also another cause of concern as for palm oil. The lower growth in world oils opportunities are not reaped. and fats production would also tighten global supplies of vegetable oils and The residential sector will however support an upward trend for vegetable oil continue to outperform other sectors, prices in the world market. In view of the generating more interest for residential lands in popular locations.

C H Williams Talhar Wong Sdn Bhd

13A, 1st Floor, Jalan Panglima P O Box 562, 30760 Ipoh Tel : 05 – 241 0611 Fax : 05 – 255 6536 E-mail: [email protected] InternationalInternational PropertyProperty PAHANG 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

espite of the current global The residential property sector is Deconomic uncertainties, the expected to lead the way with Malaysian economy accelerated at properties below RM200,000 per unit 3.5% for the third quarter of 2002 being the most popular in demand. and this is expected to augur well for With continued attractive low interest the property market. loans offered by financial institutions, the residential sub-sector is anticipated to remain active.

OFFICES ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ in the sub-sector except towards the year end of 2002 with the opening of Giant Supermarket The demand for purpose-built office space in Kuantan. This new development costing continued to remain stable in general with no RM28 million built on a 11,150 square metre significant changes in the occupancy rates as site will add another 5,343 square metres of compared to the previous year rate of 94%. retail space to the existing stock. It also provides 20 shops, 10 kiosks, 10 foodstalls and Rentals remained unchanged at the 4 promotion areas for local operators to rent following levels : at the respective rental of RM140 - RM215 per square metre, RM1,000 - RM1,300 per unit/ month (kiosk/foodstall) and RM215 per square Beuildings Rental per square metr metre. Giant will provide 350 job opportunities H5SBC RM20.4 whilst the tenants could be offering another 150 job opportunities. A0sia Life RM21.0 Stiff competition is anticipated to generate K7ompleks Teruntum RM19.3 between the newcomer and existing supermarkets to attract the customers. As a P5uriwirawan RM18.8 result, consumers are expected to benefit from the scenario. ○○○○○○○○○○○○ RETAIL Rental levels for the retail market have The market was rather subdued in the first generally remained stable except for three quarters of the year with vacancy rate Berjaya Megamall and Kuantan Parade. high at 27%. No significant activity was noted

C H Williams Talhar & Wong Current Rentals at Berjaya Megamall and Kuantan Parade Sdn Bhd Berjaya Megamall Kuantan Parade per square metre per square metre 5th Floor, L)ower ground RAM17.20 (anchor tenant N/ Bangunan Hongkong Bank Jalan Mahkota G5round floor R5M32.30 - *RM75.3 RM56.50 - *RM75.3 25000 Kuantan *Reviewed rental to RM82.90 Tel : 09 – 515 0000 F2irst floor R0M32.29 - RM56.8 RM40.40 - RM59.2 Fax : 09 – 514 5793 S0econd floor R0M12.90 - RM32.3 RM28.00 - RM37.6 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The residential sector

saw good demand the

single-storey and

double-storey terraced 31/2 storey shophouses along Jalan Air Putih houses priced below SHOPHOUSES RESIDENTIAL RM200,000. As the The prevailing good demand for 2, 3 and The residential sector saw good demand 3½ storey shophouses with prices ranging the single-storey and double-storey terraced from RM350,000 to RM750,000 per unit houses priced below RM200,000. As the response was continued to dominate the market. The response was overwhelming in selected and shophouse prices generally remained resilient strategic locations, 2003 will see more of and stable in Kuantan. similar properties coming into the market to overwhelming in meet the demand. The year 2002 also saw the increasing trend of shophouse developments along Jalan The average prices and rentals of single- selected and strategic Air Putih, Kuantan with new 3 and 3½ storey storey and double-storey terraced houses in shops being developed. The newly built selected Kuantan areas are as follows:- ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ locations, 2003 will A)verage price Average rental (per month Type 21000 2200 2e00 I0ncreas 2100 2200 200 Single-storey R0M90,000 R0M100,00 R%M110,00 100 R0M38 R0M43 RM45 see more of similar terraced Double-storey R0M160,000 R0M170,00 R%M185,00 80.8 R0M70 R0M70 RM75 terraced properties coming into shophouses selling from RM480,000 to INDUSTRIAL RM650,000 per unit was well received . It is the market to meet the noted that this locality is coming up fast to be In general, the industrial sector remained a new growth area for commercial lacklustre and sluggish. The oversupply development in Kuantan. These units also situation and lack of new major investors to demand. command good rentals ranging from RM3,100 boost this subsector contributed to the to RM4,500 per month. gloomy scenario.

The rental scenario in the year 2002 did Prices in general still remained stable but not slide any further from the 2001 level for with the State Development Corporation the following properties- (PKNP), the major player and land banker in this sector undergoing a corporate restructuring exercise, a review in their selling prices appears likely.

Rental per month HOSPITALITY/LEISURE C H Williams Talhar & Wong Location Sdn Bhd 21000 2200 200 The average occupancy S0ri Dagangan R0M3,50 R0M3,20 RM3,20 rate declined slightly from the 5th Floor, S0ri Dagangan 2 R0M5,00 R0M4,20 RM4,20 previous year level of 64% for Bangunan Hongkong Bank L0orong Tun Ismail R0M5,00 R0M4,80 RM4,80 the state of Pahang. The tourism Jalan Mahkota sector is very much dependent 25000 Kuantan J0alan Beserah R0M3,50 R0M3,00 RM3,00 on foreign tourists. Adverse Tel : 09 – 515 0000 Fax : 09 – 514 5793 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

However, taking into

consideration of the

high degree of

uncertainties of the Terraced Houses in Bukit global economy and Sekilau / Bukit Ubi

publicity about Malaysia have therefore With ample suitable land at competitive external influence, the affected the state’s tourists arrivals where in prices to offer to institutions of higher learning the last quarter of 2002, statistics on tourists either to newly build, expand or relocate their arrivals showed a drop from 1,300,000 to as existing operations the prospects for this positive property low as 1,000,000. subsector in Pahang looks promising.

In view of the external factors influencing 2003 MARKET OUTLOOK market outlook for the tourist arrivals, the outlook for hospitality/leisure could be adversely Based on the positive national affected for the coming year. economic growth rate at an average of 2003 could also be 3.5% up to the third quarter of 2002 AGRICULTURAL and the possibility of achieving 6.0% growth in the final quarter, the under threat. The overall market activities remained property market looks to be heading steady with commodity prices at sustainable for a more optimistic year in 2003. levels to keep the agricultural property prices stable in general. This is supported with the rigorous ongoing infrastructure developments Transactions and asking prices of oil like construction of new highway/new palm plantations ranges from RM20,000 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ roads, schools/institutions of higher to RM49,400 per hectare in prices learning, clinics/hospitals amongst depending on size, location, planting, others in the state. The Government terrain, etc. Demand for these plantations will also be gearing to boost the state continued to be good with the rebound economy in 2003 in view of the pending in the CPO/FFB price. election year 2004.

EDUCATION However, taking into consideration of the high degree of uncertainties of the Apart from the various primary and global economy and external influence, secondary schools under rigorous the positive property market outlook construction process to meet their for 2003 could also be under threat. completion deadline all over Pahang, the education sub sector is also expanding in A war between in Iraq, could have a their growth for the higher institutions. negative impact on the local economy and property market. A slowdown in The UNITEN Campus in Bandar the economy, a drop in tourists C H Williams Talhar & Wong Muadzam Shah, RM600 million University arrivals and reduction of local and Sdn Bhd Pahang in Pekan, International Islamic foreign investors could result. Hence University Medical Campus in Bandar Indera the global economic environment is 5th Floor, Mahkota and IKIP are among the major also a major influence on the Bangunan Hongkong Bank educational institutions located in Pahang. perfomance of the local property Jalan Mahkota There are many more smaller scale colleges & market in 2003. 25000 Kuantan institutions of higher learning such as Kolej Tel : 09 – 515 0000 Shahputra, Cosmopoint, Olympia, Kuktem and Fax : 09 – 514 5793 Community College. E-mail: [email protected] InternationalInternational PropertyProperty 20032003 KedahSERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

ALOR SETAR

edah’s property market recorded a Kmoderate growth in prices for residential properties whilst the prices for office, retail and industrial properties remained the same as 2001.

New developments are mainly residential developments with the demand for residential property remaining strong as evidenced by the good sales response for new developments.

Star Walk

OFFICES ○○○○○○○○○○○○○○○○○○ RETAIL/SHOPHOUSES

The rents for the purpose-built office in The supply of retail space in Alor Star comes Alor Star generally remained at the previous mainly from commercial complexes and year’s level. traditional shophouses. The occupancy rates of commercial complexes are about 86% with The construction for a 10-storey office City Plaza, Kompleks MPKS and Star Parade building along Lebuhraya Darulaman remaining the most popular shopping commenced in 2002 whilst construction works complexes. Demand for well located units is for TNB and KWSP Buildings are in progress. quite good with selling prices experiencing a marginal increase compared to last year. The rentals inclusive of service charges

for selected office buildings in Alor Star are ○○○○○○○○○○○○○○○○○○○○ In City Plaza and Star Parade Complexes, as follows:- the selling prices for the ground floor unit are between RM8,500per square metre to C H Williams Talhar & Wong B)uilding Rental Rates (per square metre RM10,770 per square metre while the rentals Sdn Bhd per month are between RM65 per square metre to RM96 per square metre per month. M0enara Peladang RM18.80 to RM24.7

M0enara Zakat RM16.60 to RM23.7 2nd Floor, Kheng Chew Assc. 38 Jalan Putra U0MNO Building RM18.30 to RM21.5 05100 Alor Setar Tel : 04 – 730 3300 P0KNK Building RM12.90 to RM17.2 Fax : 04 – 730 2200 E-mail : [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The selling prices of the traditional Owing to limited supply of completed shophouses are as follows: - units, rentals for houses in prime locations have increased. The current rental levels for single Land suitable for Tnype Ltocatio Price Per Uni storey terraced and semi-detached houses Double-storey P0rime RM380,000 to RM620,00 ranged between RM250 per month to RM330 prewar per month whilst double storey terraced and residential Double-storey S0econdary RM280,000 to RM470,00 semi-detached houses are between RM380 shophouse per month to RM550 per month. Three-storey Prime RM660,000 to RM810,000 development is being shophouse Secondary RM420,000 to RM660,000 The limited supply of the medium cost Four-storey P0rime RM850,000 to RM1,150,00 units in the market also led to an increase of shophouse about 5% in house prices compared to the sought after especially previous year. Construction work for three storey commercial development known as Kompleks The royal town of Anak Bukit will also be in the locality of Jalan Sultan Abdul Hamid is presently in progress. developed into a new township and The developer’s selling prices are from administration centre. RM395,000/- per unit. Kuala Kedah, Tandop, INDUSTRIAL RESIDENTIAL The demand for industrial properties in Jalan Tunku Abdul The residential sub-sector was the most Alor Star is mainly focussed on three active sector in 2002 with supply increasing established industrial estates namely Mergong to about 45,560 in 2002 compared to 45,344 Barrage, Mergong I and II Industrial Estate and Rahman and also in 2001. Land suitable for residential Sri Mergong Light Industrial. The selling prices development is being sought after especially of vacant industrial plots in Mergong Barrage in the locality of Jalan Kuala Kedah, Tandop, are between RM140 to RM215 per square Pengkalan Kundor. Jalan Tunku Abdul Rahman and also Pengkalan metre. Kundor.

○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ In Sri Mergong Light Industrial Area, the The selling prices of newly launched selling prices of double storey light industrial schemes in 2002 are as follows :- buildings remained at between RM230,000

Dnevelopment Leocatio Tsyp Developer's Selling Price (per unit) Taman Gunung Jalan Kuala Single storey terraced houses RM86,000 to RM120,000 Ledang Kedah Single storey semi-detached house RM118,000 to RM147,000 Taman Gunung Jalan Kuala Double storey semi-detached RM255,000 Tahan Kedah houseDouble storey detached house RM390,000 Taman Sri Jalan Tunku Single storey terraced houses RM89,500 Indah Phase 4 Abd. Rahman Single storey semi-detached house RM135,000 Single storey shophouse RM115,000 Taman Gunung Tsandop Single storey terraced house RM90,900 Bintang 1½ storey terraced house RM109,900 Dpesa Seraya Teando Double storey terraced hous RM168,800 to RM249,170 2½ storey terraced house RM249,800 to RM343,100 Double storey semi-detached house RM268,000 to RM388,260

The transacted prices of the houses in Alor to RM250,000 per unit whilst in Sri Tandop Star are as follows: - Light Industrial area, the price ranged from RM170,000 to RM230,000 per unit. C H Williams Talhar Wong Ttype Price Per Uni Sdn Bhd The recently launched Taman Kristal along S0ingle storey terraced RM80,000 to RM110,00 Jalan Perak comprises 119 units of 1½ and 2- D0ouble storey terraced RM110,000 to RM150,00 storey light industrial buildings. The 2nd Floor, Kheng Chew Assc. 38 Jalan Putra S0ingle storey semi-detached RM90,000 to RM135,00 developer’s selling prices start from RM188,000 for 1½ storey and RM248,000 for 05100 Alor Setar D0ouble storey semi-detached RM160,000 to RM260,00 2- storey. The sales response was good with Tel : 04 – 730 3300 almost all units taken up. Fax : 04 – 730 2200 E-mail : [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

A vacant industrial land at Kawasan Industri The current rentals of shopping complexes Darulaman with a land area of 4,316.8 square in Sungai Petani are as follows: - There was no metres was transacted in end 2002 at RM85.70 per square foot. D)evelopment Rentals (per square metre per month Gsround Floor Upper Floor additional supply of HOSPITALITY & LEISURE C0entral Square R0M33.90 - RM58.5 RM8.60 - RM48.4 S0.P Plaza R0M21.40 - RM47.4 RM4.25 - RM28.6 A ground breaking ceremony was held in C0ayman Complex I R0M13.70 -RM25.7 RM7.90 - RM25.7 retail space in Sungai mid 2002 for a proposed 5 star hotel and serviced apartments/office suites known as Berjaya Perdana Suites in the heart of Alor Prices and rentals of double storey Petani. The existing Star town. shophouses in prime locations are between RM220,000 to RM350,000 per unit and The completion of Star Walk along Jalan RM1,800 to RM2,800 per month respectively, shopping complexes Tunku Ibrahim and the facelift for Pekan Rabu whilst three storey shophouses were sold Complex are also part of the state government between RM320,000 to RM400,000 per unit effort to boost up tourism in the state. with rentals at RM2,300 to RM3,500 per month. enjoyed an average For 4 storey shophouses the transacted prices The average occupancy rate for hotels in were between RM450,000 to RM550,000 Alor Star from 1998 to 2002 are as follows :- while rentals ranged from RM2,500 to occupancy rate of about RM3,800 per month. Yeear Occupancy Rat RESIDENTIAL

70% to 90%. 1%998 42.0 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ The residential sub sector continued to be 1%999 51.8 the most active sector with several launches of new phases of existing housing estates such 2%000 49.5 as Bandar Puteri Jaya, Bandar Laguna Merbuk and Bandar Amanjaya. 2%001 50.3 They are as follows: - 2%002 50.4 Source : TDC, Malaysia Deevelopment Teyp Selling Pric Bandar Puteri Single storey semi-detached RM131,000 Jaya Double storey semi-detached RM183,000 Double storey terraced RM131,500 SUNGAI PETANI Double storey shophouse RM248,000 Bandar Laguna Double storey terraced RM131,900 OFFICES Merbuk Double storey semi-detached RM237,987 Bandar Aman Single storey terraced RM91,000 Jaya Single storey semi-detached RM125,000 In Sungai Petani the occupancy rate of Double storey semi-detached RM198,888 office space range from 75% to 85%. Taman Sinar Mentari in Bedong was The office rentals (inclusive of service launched towards the end of 2002. The charges) are as follows: - developer’s selling prices were between RM71,000 to RM107,000 per unit for single B)uilding Rentals (per square metre per month storey terraced, RM112,860 to RM143,952 per Gsround Floor Upper Floor unit for single storey semi-detached and W0isma OIB, Jalan Bank R0M13.6 RM8.60 - RM11.8 RM188,264 to RM195,904 per unit for double W0isma Keladi, Jalan Bank R0M12.3 RM12.90 to RM17.5 storey semi-detached units. There are also low- Sl.P Plaza, Jalan Ibrahim N0i RM32.0 cost houses priced at RM35,000 per unit. W0isma Ria, Jalan Badlishah R0M17.8 RM15.90 - RM24.8 INDUSTRIAL C H Williams Talhar Wong Sdn Bhd RETAIL/SHOPHOUSES The demand for industrial sub-sector was low in 2002. The 7th Danaharta property There was no additional supply of retail tender saw about 10 industrial properties for 2nd Floor, Kheng Chew Assc. space in Sungai Petani. The existing shopping sale in Kedah with 5 located in Sungai Petani. 38 Jalan Putra complexes enjoyed an average occupancy 05100 Alor Setar rate of about 70% to 90%. Tel : 04 – 730 3300 Fax : 04 – 730 2200 E-mail : [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Jetty Point is fully

occupied while Factory sold under Danaharta tender sale Langkawi Fair only

manage 60% occupancy The selling prices of industrial land in RETAIL/SHOPHOUSES Sungai Petani LPK and Bakar Arang Industrial Estate range from RM58.00 to RM92.00 per The retail market remained at the previous rate. square metre. year’s level.

Transactions of 1½ storey light industrial The monthly rentals of the shoplots buildings in 2002 are as follows: - within duty free shopping malls in Kuah town are as follows:- Deevelopment Transacted Pric T0aman Perusahaan Kemuning RM230,00 Deevelopment Rental per square metr T0aman Perusahaan Sungai Tukang RM335,00 J0etty Point RM121.00 to RM199.0 L0angkawi fair RM9.70 to RM48.4 A single storey detached factory with a double storey office annexe and ancillary buildings in Kuala Ketil Industrial Estate with a Jetty Point is fully occupied while Langkawi land area of 0.91 hectare was sold at Fair only manage 60% occupancy rate. RM1,100,000 during the Danaharta 7th ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Property Tender. Transacted prices of traditional shophouses in the prime areas of Kuah town HOSPITALITY & LEISURE are as follows: -

The hotels in Sungai Petani include Park Ttype Price Per Uni Avenue, Cinta Sayang Golf & Country Club, D0ouble storey shophouses RM280,000 - RM380,00 Swiss Inn, M.S. Garden, Hotel Seri Malaysia, T0hree storey shophouses RM440,000 - RM540,00 Hotel Sri Malaysia, Sungai Petani Inn, Harvard Suasana Golf & Country Club and Pantai Merdeka Resort. RESIDENTIAL

The hotel occupancy rate in Sungai Petani Century Bay Suria Service Apartment are was at 50.5% in 2002. The supply of hotel being sold at prices of between RM151,791 rooms remained at the previous year figure. to RM254,250 per unit. i.e. 796 rooms. The selling prices and rentals of residential LANGKAWI properties in Kuah are generally as follows: - OFFICE Ttype Phrice per uni Rental per mont S0ingle-Storey Terraced R0M45,000 - RM90,00 RM250 - RM35 There was no new office supply in D0ouble-Storey Terraced R0M100,000 - RM150,00 RM300 - RM50 Langkawi in 2002. S0ingle-Storey Semi-Detached R0M90,000 - RM125,00 RM350 - RM75 C H Williams Talhar Wong D0ouble-Storey Semi-Detached R0M190,000 - RM280,00 RM700 - RM80 The rental rates are between RM8.00 to Sdn Bhd RM11.00 per square metre per month and the occupancy rate are between 90% - 95%. 2nd Floor, Kheng Chew Assc. 38 Jalan Putra 05100 Alor Setar Tel : 04 – 730 3300 Fax : 04 – 730 2200 E-mail : [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

HOSPITALITY & LEISURE In Padang Serai, the single storey shophouses in Taman Serai Wangi with a land Transactions of The cable car system spanning 2.2 area of 130 square metres were for sale by kilometres has started operations in the 3rd the developer at RM89,000 each. quarter of 2002. traditional shophouses No other major commercial scheme was The number of tourist arrivals and hotel launched during the year. occupancy rates for Langkawi are as follows :- in Kulim was few in RESIDENTIAL Ysear Tyourist Arrival Hotel Occupanc Rate (%) The residential property market in Kulim 2002. Prices 23000 17,079,22 58. remained stable in 2002. However, there are signs that the market is getting saturated. 23001 18,302,95 60. remained generally at 12H 2002 5850,39 49. Prices of such properties in a few selected Source : Tourist Development Corporation locations are as follows :-

the previous year’s In the north-west of the island, phase 1 of Tnype Leocatio Pric Langkawi Lagoon holiday houses comprises 1-Storey Terraced T0aman Selasih RM43,000 - RM80,00 (Low/Medium Cost) 96 hotel suites, 96 villas and 42 bungalows T0aman Makmur RM53,000 - RM100,00 level. was completed in 2002. The resort also has a T0aman Senangin RM78,000 - RM113,00 soft opening to introduce the hotel’s K0ulim Techno City RM68,500 - RM80,00 attractions and facilities. 2a-Storey Terraced T0aman Sejahter RM130,00 K0ulim Techno City RM115,00

KULIM ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ T0aman Jati RM78,00

SHOPHOUSES In Padang Serai, the Taman Serai Wangi housing scheme was launched during the Transactions of traditional shophouses in year and the selling prices of the houses are Kulim was few in 2002. Prices remained as follows :- generally at the previous year’s level. Teype Selling Pric In Bandar Baru Kulim, a 3-storey 1-storey Terraced House RM59,000 shophouse with a land area of approximately (130 square metres) 185 square metres was sold for RM380,000 while in Lunas, four units of 2-storey pre-war 1-storey Low Cost Terraced House RM35,000 shophouses located along Jalan Raya with a (111 square metres) land area of approximately 143 square metres 1-storey Semi-Detached RM89,000 each were sold for RM70,000 each. (260 square metres)

Prices of other shophouses in other selected locations recorded in 2002 are as follows :- INDUSTRIAL

Leocation Teyp Pric There was no new industrial project Teaman Angsana 10-storey Shophous RM100,00 launched during the year. Teaman Tiong 10-storey Shophous RM 75,00 Teaman Jelutong 10-storey Shophous RM 67,00 In Taman Perindustrian Makmur, two units Teaman Kangkong 20-storey Shophous RM215,00 of 1½ storey factories with land areas of 1,672 Teaman Semarak 20-storey Shophous RM180,00 Teaman Serai 20-storey Shophous RM140,00 square metres and 2,047 square metres were Teaman Keranji 20-storey Shophous RM180,000 to RM250,00 sold for RM500,000 and RM880,000 Teaman Ria 20-storey Shophous RM138,00 respectively while in Suasa SMI Industrial Park, a 1 ½ storey terraced factory with a land area C H Williams Talhar Wong of 223 square metres was sold for RM165,000. Sdn Bhd

2nd Floor, Kheng Chew Assc. 38 Jalan Putra 05100 Alor Setar Tel : 04 – 730 3300 Fax : 04 – 730 2200 E-mail : [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

2003 MARKET OUTLOOK many new developments launched during the year the demand still The demand for property market will remained low. The demand for continue to focus mainly on the residential and commercial sub sector The Kedah Maju 2010 Action Plan is the especially in Alor Star and Sungai state government efforts and property market will Petani. For industrial and hotels the initiatives in promoting investments to demand will remained at the same the state especially the industrial, level especially in Alor Star. More time tourism and commercial agriculture continue to focus is needed for the industrial sector in sector. The ongoing infrastructure and Sungai Petani to be absorbed fully. In public utilities projects throughout the Langkawi even though there are not state will also help to boost the demand mainly on the for property market. residential and

commercial sub sector

especially in Alor Star

and Sungai Petani. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar Wong Sdn Bhd

2nd Floor, Kheng Chew Assc. 38 Jalan Putra 05100 Alor Setar Tel : 04 – 730 3300 Fax : 04 – 730 2200 E-mail : [email protected] InternationalInternational TERENGGANU PropertyProperty 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

he encouraging trend of 2001 continued into 2002, as all property sub-sectors Tstabilised except for leisure and retail. Foreign tourist arrival was adversely affected by post 9-11, thus hampering the hotel/resort performance. Poor occupancy rates and the cancellation of the Paya Bunga I were main indicators of the retail sub-sector. However, the number and scale of proposed/new launches and recorded sales for residential and commercial sectors displayed strong confidence for the rest of the market.

The newly completed Fire and Rescue Services Academy in Bukit Payung about 15 km to the west of Kuala Terengganu Town Centre will bring about a positive impact on the locality, creating a new hub for growth. Already some parcels of land located adjacent to the Academy has been converted and sub-divided into residential plots and some are already being developed.

The proposed Karak/Cendering has been shelved thus curbing any potential the development would have brought along the proposed alignment.

Danaharta sales within Terengganu indicates that the demand for residential properties and building lands remained high especially within prime areas as these types of properties were successfully sold in the market.

OFFICE ○○○○○○○○○○○○○○○○○○ The market rental for selected Kuala Terengganu prime office space is as follows :- This sub-sector remained stable with no significant changes in occupancy rates and Beuilding Rental (per squar rentals. A main contributor may be the long- metre per month) tenancy lease by government departments 22001 200 and agencies and the absence of new projects Y0ayasan Islam Terengganu R0M24.5 RM24.5 in the pipeline. Occupancy rates hovered at W-isma MAIDAM RM20.10 RM20.10 - around 96% and are not expected to change RM20.50 RM20.50 with the addition of the new Wisma MAIDAM M0enara PERMINT R0M18.3 RM18.3 annexe office space that is currently undergoing tenancy negotiations. Wisma Sri

Amar adjusted to the absence of its previous ○○○○○○○○○○○○○○○○○○○○ RETAIL office tenants by renting to non-office users, thus improving its occupancy rate. The lacklustre performance from the C H Williams Talhar & Wong previous year continued into 2002 with the Sdn Bhd Rentals were recorded at RM15.00 to Kemaman Centre Point still experiencing high RM24.80 per square metre per month. vacancy.

4th Floor, 98, Jalan Banggol 20100 Kuala Terengganu Tel : 09 – 626 2760 Fax : 09 – 622 2788 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Four parcels of vacant

shoplots with a land

area of 146 square

Newly completed Centrepoint Business Centre in Cukai, Kemaman metres each along Jalan

The Paya Bunga I, a retail development that Two adjoining units of 3½ storey would have significantly boosted the retail shophouse currently utilized as a hotel-cum- Tok Lam was sub-sector, has been shelved despite café along Jalan Dato’ Isaacs were transacted continued demand judging from the influx of at RM1,380,000- in October 2001. Terengganu shoppers to Kota Bharu and transacted at Kuantan shopping scene during weekends 4½ storey shophouse prices and rental for and holidays. Kuala Terengganu are as follows :- RM1,500,000 in June Rentals of shoplots in shopping Psrices Rental centres range from RM10.00 to Location 21002 2200 200 RM42.50 per square metre 2002. depending on level. J0alan Sultan Ismail R0M1,000,00 R0M5,00 RM5,00 J0alan Tok Lam R0M870,00 R0M4,70 RM4,70 SHOPHOUES / Jalan Sultan R-M600,00 RM4,000 RM4,000 - SHOPOFFICES Mohamad RM4,500 RM4,500

This sub-sector enjoyed the same ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ growth as the previous year, in terms of Four parcels of vacant shoplots with a land volume of transactions and prices. In Kuala area of 146 square metres each along Jalan Terengganu Town Centre, there is a Tok Lam was transacted at RM1,500,000 in movement away from the densely developed June 2002. to the less congested Jalan Hiliran. Among others are the newly completed 3½ storey In Cukai, the newly completed shophouses which were transacted at Centrepoint Business Centre comprising 55 RM650,000 to RM800,000 in 2000. units of three and four storey shophouses are currently awaiting the Certificate of Fitness Pusat Niaga Paka in Paka Town is a for Occupation. proposed development encompassing 26 units of double storey shophouses, 49 units Elsewhere, double storey shophouses form of 3 storey shophouses and 1 bazaar. The the majority of transactions and the prices are take up rate is reported to be encouraging. as follows:- It is expected to complete in 2004 and is currently awaiting approval from the Majlis Leocation Pric Daerah Dungun. S0ura, Dungun RM240,00 Transacted prices of shophouses are P0aka, Dungun RM280,00 as follows: C0ukai, Kemaman RM280,00 A0jil, Hulu Terengganu RM180,00 C H Williams Talhar & Wong Sdn Bhd Location No of Land Area Transaction Transaction Storeys (square metres) price Date J55alan Kg Dalam 203 R2M1,280,00 Feb 200 J½alan Kg Dalam 40103 R2M720,00 Feb 200 J½alan Batas Baru 49104 R2M770,00 Jan 200 4th Floor, 98, Jalan Banggol J½alan Banggol 49104 R1M950,00 Nov 200 20100 Kuala Terengganu J½alan Sultan Ismail 30101 R1M940,00 Oct 200 Tel : 09 – 626 2760 Jalan Sultan Zainal 30½ 103 R2M635,00 Sept 200 Fax : 09 – 622 2788 Abidin E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

RESIDENTIAL There was an improvement in the take-up rate of Pangsapuri Harmoni, located along Jalan Landed properties Buoyed by relatively low housing loan Batas Baru after the sale was opened to non- interest rates and increased confidence in the Malays. Previously, there was an overhang of economy, this sub-sector showed a the 3-bedroom apartments, partly due to its remained popular, remarkable performance. The number and untimely launch in late 1997. scale of new launches increased whilst prices and rentals remained steady. Landed In Dungun, a few new small housing especially low, low- properties remained popular, especially low, schemes may be found near Politeknik low-medium and medium cost units. Dungun, especially along the Kuala Detached plots were also in demand as people Terengganu/Kuantan main road. Another area medium and medium prefer to build individually designed houses. which is fast becoming a residential precinct An example is Taman Cendering Utama in due to the expansion of Dungun Town is Jalan Cendering, an exclusive housing scheme Gong Pasir. Among new schemes include cost units. Detached currently being developed with double storey Taman Sura Jaya Indah which comprises 14 detached houses. units of single storey semi-detached houses priced from RM98,000 to RM150,000. plots were also in Within Kuala Terengganu Town Centre, a new housing scheme located adjoining to Phase 2C of Taman Murni Perdana, Paka Taman Sri Intan, Jalan Sultan Omar is showed an improvement in take up rate with demand as people currently under construction. It comprises 80% being sold to date. This phase comprises 41 double storey terraced houses priced completed double storey terraced houses from RM183,999 and 4 units of double priced at RM125,000. Phase 3A of the same prefer to build storey semi-detached houses priced at development, consisting of 40 units of single RM300,000. All the terraced units were sold. storey terraced house priced at RM78,000 are 80% sold. individually designed Within the Ibai Golf & Country Resort, response was overwhelming for its double INDUSTRIAL storey terraced houses priced from RM195,000. houses. Block A of the Desa Ibai Apartments, also located The industrial sub-sector is one of the most in the Resort, is currently awaiting the Certificate active sub-sectors with transactions taking of Fitness for Occupation. Take-up, however, is place in Kuala Terengganu, Ajil and a few not encouraging. scattered locations in the state.

The single and 1½ storey detached houses Prices are stable due to the ample supply

in Taman KTGR, within the Kuala Terengganu ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ available in the state’s industrial areas. Golf Resort were fully sold. Prices of vacant industrial lands in There is a proposed major development selected state developed industrial estates located in Tok Adis, near the Ibai Golf & are as follows : Country Resort. It will accommodate 329 units of low-cost terraced house priced at Location Price RM25,000 to RM30,000, 426 units of low- (per square metre) medium cost houses priced at RM60,000 to RM70,000 and 12 units of double storey T0eluk Kalung 6 shophouses priced at RM195,000. J0akar III 5 Another proposed development is G5ong Badak 4 situated in Bukit Bayas, to be developed with 118 units of low-cost terraced houses, 68 P5ulau Serai 4 units of double storey terraced houses B5atu 7 3 priced at RM130,000, 86 units of single C H Williams Talhar & Wong storey semi-detached houses priced at Sdn Bhd RM120,000, 24 units of single storey In Marang, most of the 1½ storey workhops detached houses priced from RM165,000 in Bukit Kor industrial area that are available and 10 units of single storey shophouses for rent are still vacant. Two main reasons may priced at RM250,000. be the distance from amenities and lack of 4th Floor, 98, Jalan Banggol promotion among suitable industries. For 20100 Kuala Terengganu instance, there is no public transport that plies Tel : 09 – 626 2760 the route and shops to support the workforce. Fax : 09 – 622 2788 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

At Jalan Feri Lama, Cukai a 1½ storey DEVELOPMENT LAND workshop was transacted at RM160,00 in January 2002. Small sized vacant lands with development General recovery in potential, ranging from 0.4 hectare to 0.8 An industrial land in Kampung Labuhan, hectare, were in demand, especially in Sura Kertih with a land area of 31,190 square and Marang. In Kuala Terengganu, the area almost all sub-sectors metres was transacted at RM1.358 million in along the new 4-lane carriageway of Kuala January 2002. Terengganu/Kuala Berang main road i.e. the Simpang Tokku-Padang Midin stretch may continue into HOSPITALITY & LEISURE experienced a hike in prices.

The far-reaching impact of the 9-11 and A vacant land measuring 0.22 hectare in 2003 reflective of a Bali incidents left its mark especially on hotels/ Tok Jamal, Kuala Terengganu was transacted chalets catering for foreign tourists as they shy at RM113.65 per square metre in May 2002. away from this region. Tanjung Jara Resort in consistent economy. Dungun, for example, has an occupancy rate A parcel of development land in Merang of below 40% compared to the average 60% measuring 14.64 hectares was transacted at enjoyed by hotels in Kuala Terengganu that RM15 per square metre in September 2002. Strong economic has a domestic-tourist client base. Vacant lands measuring 0.4 hectare to 0.8 hectare were sold at RM20 to RM40 per However, a few transactions involving square metre in Dungun, Marang and Kuala fundamentals, lenient vacant lands with potential chalet use were Terengganu. recorded within the state. 2003 MARKET OUTLOOK bank-lending and low A parcel of vacant land in Pulau Perhentian measuring 0.782 hectare was General recovery in almost all sub- transacted at RM200,000 in July 2002. sectors may continue into 2003 interest for government Another lot with a land area of 0.334 hectare reflective of a consistent economy. was transacted at RM300,000 in July 2002. Strong economic fundamentals, lenient

In Merabang Likar, Batu Rakit, a parcel of ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ bank-lending and low interest for housing loans will vacant land with chalet potential measuring government housing loans will 0.873 hectare was transacted at RM96,360 enhance the property market per hectare in June 2002. performance as a whole. Nonetheless, enhance the property for the leisure sub-sector it remains to AGRICULTURAL be seen whether the psychological effects of recent attacks at tourist market performance as Activities in this sector were confined to hotspots elsewhere in the world would agricultural lands of below 20 hectares. A further depress the market. parcel of agricultural land in Jerangau, a whole. Dungun measuring 16.491 hectares was Amendments on Laws on Malay transacted at RM13,644 per hectare. reserve land would also significantly influence the direction of the property In general, prices of agricultural lands in market. The saturation of non-Malay Kuala Berang, Jerangau, Bukit Besi and Setiu developable land in the Kuala areas vary from RM12,000/- per hectare for Terengganu Town Centre may be interior lots to RM50,000/- per hectare with eased, allowing developments in Kuala main road frontage. Terengganu Town fringe such as Losong, Kuala Ibai and Simpang Tokku.

The overall outlook for 2003 is expected to show a continued improvement in performance due to the lenient bank lending and C H Williams Talhar & Wong affordable prices for residential Sdn Bhd properties.

4th Floor, 98, Jalan Banggol 20100 Kuala Terengganu Tel : 09 – 626 2760 Fax : 09 – 622 2788 E-mail: [email protected] InternationalInternational PropertyProperty Kelantan 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

he property market in Kota Bharu remained stable in 2002. Generally, prices Tand rentals for the residential sub-sector remained stable throughout the year whilst rentals for shophouse recorded a slight increase in prime areas. Three- storey shophouses, newly completed and under-construction, are located in the prime areas along Jalan Kebun Sultan, Jalan Mahmood, and Jalan Pengkalan Chepa . These developments will increase supply of shophouses for year 2003.

There were relatively fewer properties offered for sale by Danaharta during the year and were not successfully sold compared with the previous tenders. ○○○○○○○○○○○○○○○○○○○○

OFFICE RM3,100 – RM5,800 per square metre depending on location. Current rentals The purpose built office sector did not see inclusive of service charges at Kota Sri Mutiara any change in occupancy in the year 2002. No Complex are as follows :- new supply entered the market during the year. New additions, are mainly from upper Kota Sri Mutiara floors of new shophouses. Office space in well located premises such as Jalan Kebun Sultan, Feloor Level Rental per square metr Jalan Padang Garong, Jalan Pengkalan Chepa per month and Jalan Pintu Pong continued to be in G6round RM120.55 - RM129.1 demand. The total supply of lettable purpose- built office space in Kota Bharu remained at 14st Floor RM107.6 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ about 313,275 square metres. 21nd Floor RM86.1

Rentals of purpose built office in prime 38rd Floor RM64.5 locations in Kota Bharu town are as follows :- 48th Floor RM43.06 - RM64.5

Plroperty Flloor Leve Renta per square metre per month In Kota Bharu Town demand for Wisma Abrar G0round Floor *RM35.5 8-storey Building shophouses remained strong in prime areas M0ezzanine Floor *RM35.5 Jalan Kebun Sultan 10st Floor to 7th Floor *RM21.50 - RM26.9 such as Jalan Kebun Sultan, Jalan Pintu Pong, Wisma Square Point Gdround to 2nd Floor Owner occupie Jalan Pengkalan Chepa and Jalan Padang 8-storey building 30rd Floor to 7th Floor RM26.9 Garong. Prices of three storey shophouses Jalan Kebun Sultan 8dth Floor Owner occupie along Jalan Kebun Sultan reached RM650,000 Wisma Yakin G0round Floor *RM21.5 4-storey building 10st Floor *RM11.8 – RM700,000 while those along Jalan Sultan Jalan Gajah Mati 20nd to 3rd Floor *RM10.8 Yahya Petra reached RM480,000. Two storey Menara Perbadanan 60th Floor *RM15.1 pre-war shophouses in the town centre were 14-storey Building 101th Floor to 14th Floor *RM16.2 transacted between RM320,000 to C H Williams Talhar & Wong Jalan Tengku Putera Semerak Sdn Bhd Note : * Rental inclusive of service charges RM380,000. Generally prices and rentals remained stable. RETAIL & SHOPHOUSES Rentals for the ground floor of two and PT 1185, Level 2 The existing supply of retail space in Kota three storey shophouses along Jalan Kebun Jalan Kebun Sultan Bharu remained unchanged at about 60,955 Sultan are in the region of RM2,500 to RM3,000 15350 Kota Bharu square metres. The asking price of unsold units per unit per month. Tel : 09 – 748 7070 / 743 1006 at Kota Sri Mutiara Complex ranged from Fax : 09 – 744 7545 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Prices of shophouses in the various Generally prices of industrial sites are as location are as follows :- follows :- Rentals were also Tnype Ltocatio Price Per Uni Leocation Price per square metr 2 storey K0ota Bharu - Prime RM280,000 - RM350,00 shophouse K0ota Bharu - Secondary RM200,000 - RM250,00 Pengkalan Chepa RM40 - RM54 R0antau Panjang RM200,000 - RM350,00 Industrial Area stable. In the choice P0asir Mas RM150,000 - RM250,00 T0anah Merah RM150,000 - RM200,00 L5undang (MIEL) RM140 - RM21 G0ua Musang RM200,000 - RM250,00 T0anah Merah RM10 - RM2 areas of Pengkalan P0asir Puteh RM150,000 - RM180,00 3 storey K0ota Bharu - Prime RM550,000 - RM650,00 J0eli RM10 - RM2 shophouse K0ota Bharu - Secondary RM300,000 - RM450,00 R0antau Panjang (free duty area) RM350,000 - RM410,00 K0uala Krai RM10 - RM2 Chepa, Panji, Kubang T0anah Merah RM200,000 - RM300,00 G2ua Musang RM19 - RM2 4 storey K0ota Bharu - Prime RM600,000 - RM700,00 shophouse K0ota Bharu - Secondary RM400,000 - RM550,00 Kerian and Tanjung HOSPITALITY & LEISURE RESIDENTIAL The existing supply of hotel rooms Chat in Kota Bharu, Demand for residential properties in Kota remained unchanged in Kota Bharu. The Bharu remained strong. Demand was focused twenty (20) existing hotels in Kota Bharu on residential of lower and medium cost type accommodate 1,465 rooms. The average rentals of single storey ranging from RM80,000 – RM150,000. occupancy rate of hotels recorded a slight increase. Rentals were also stable. In the choice areas terraced houses of Pengkalan Chepa, Panji, Kubang Kerian and A summary of the performance of hotels Tanjung Chat in Kota Bharu, rentals of single in Kota Bharu is as follows: storey terraced houses increased by increased by 5% - 5% - 10% due to limited supply. Hrotel Sta No of Tariff Average Rating Rooms (RM/night) Occupancy Rate

New developments are still P48erdana Ho○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ tel 107 R%M170-60 43 10% due to limited concentrated on the medium cost P47erdana Resort Beach 101 R%M170-24 40 houses as the demand for these types J30ulita Inn 70R%M110-36 50 of properties continued to prevail. M34awar Hotel 20R%M100-15 70 supply. C32rystal Lodge 56R%M78-21 85 Selling prices and rentals of the S20utera Inn Prima 90R%M110-35 55 various type of residential properties H28otel Ansar 70R%M105-18 43 are as follows :- D27ynasty Inn 40R%M100-15 70

Teype Selling Pric Monthly Rental (per unit) (Unfurnished) DEVELOPMENT LAND S0ingle storey low-cost terraced R0M31,000 - RM38,00 RM100 - RM20 S0ingle storey terraced R0M54,000 - RM75,00 RM200 - RM35 Lands with development D0ouble storey terraced R0M90,000 - RM135,00 RM300 - RM50 potential continued to be in demand S0ingle storey semi-detached R0M110,000 - RM135,00 RM350 - RM40 especially those at the fringes of Kota S0ingle storey detached R0M140,000 - RM185,00 RM350 - RM50 Bharu are attracting developers due D0ouble storey detached R0M200,000 - RM4900,00 RM500 - RM65 to limited supply in the town area. C0ondominium R0M180,000 - RM350,00 RM1,50 Generally prices for development lands within Kota Bharu town were INDUSTRIAL in the region of RM430 per square metre to RM1,000 per square metre (depending on With no new supply of industrial sites and residential or commercial use) whilst those low demand, prices for industrial land has located at the fringe ranges from RM250,000 remained stable for the year. to RM495,000 per hectare. C H Williams Talhar Wong Sdn Bhd

PT 1185, Level 2 Jalan Kebun Sultan 15350 Kota Bharu Tel : 09 – 748 7070 / 743 1006 Fax : 09 – 744 7545 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

AGRICULTURAL 2003 MARKET OUTLOOK

The property market is The agricultural sector remained most. The property market is expected to However, prices remained stable. The general remain in its present stable condition prices of agricultural lands are as follows :- especially the residential and expected to remain in agricultural sub-sectors. Lyocation Padd Rubber Orchard Shophouses will continue to (RM/hectare) (RM/hectare) (RM/hectare) enjoy strong demand in its present stable K0ota Bharu 300,000 - 60,00 500,000 - 80,00 60,000 - 100,00 selected prime areas while demand for development P0asir Mas 102,400 - 40,00 204,000 - 40,00 30,000 - 60,00 lands within prime areas condition especially the T0umpat 100,000 - 35,00 107,000 - 35,00 20,000 - 35,00 and at the fringe will T0anah Merah 100,000 - 35,00 100,000 - 30,00 20,000 - 40,00 continue to be firm due to J0eli 60,000 - 25,00 100,000 - 25,00 20,000 - 40,00 limited supply. residential and M0achang 100,000 - 25,00 107,000 - 40,00 30,000 - 60,00 K0uala Krai 100,000 - 25,00 100,000 - 30,00 20,000 - 40,00 GAua Musang N070,000 - 30,00 20,000 - 35,00 agricultural sub-sectors. P0asir Puteh 100,000 - 30,00 107,000 - 30,00 20,000 - 40,00 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar Wong Sdn Bhd

PT 1185, Level 2 Jalan Kebun Sultan 15350 Kota Bharu Tel : 09 – 748 7070 / 743 1006 Fax : 09 – 744 7545 E-mail: [email protected] InternationalInternational PropertyProperty 20032003 SabahSERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

KOTA KINABALU

he property market in Kota Kinabalu continued to consolidate with no Tdiscernable price movements save for landed residential properties that saw continual upward movements in capital values up to 20% in selected locations. 2002 also saw an increase of small and medium scale landed property launches, particularly two-storey terraced houses, while launches for strata based developments had slowed down. Besides the residential sector, the other sub- sectors remains relatively unchanged; demand for prime retail arcade lots/ground floor shopoffices remained firm while the market for the office sector continues to be soft.

OFFICE RETAIL

The purpose built office sector remained With Kota Kinabalu established as the stable with the exception of slight and State’s main retail and service centre, gradual improvement in occupancy rates for shopping centres in the city centre have selected buildings, though rents generally generally been doing well. Despite that, remained unchanged. Current rental rates location, design of the complex and tenant range from RM16.00 to RM22.00 per square mix continue to play dominant roles in the metre per month, whilst the rates for the performance of shopping centres. As such, newer buildings with added facilities range and , between RM22.00 to RM27.00 per square with the benefit of central locations and large metre per month. Occupancy rates variety of shops remain highly sought after currently range between 70% to 90%. with well-located shoplots commanding premium prices and rentals. Both of these Supply of purpose-built office space complexes are operating at full occupancy remained constant during the last few years whilst newer shopping centres like KK Plaza with the only addition coming from a couple has seen occupancy rates improving from of 5-storey suburban office buildings in ○○○○○○○○○○○○○○○○○○○○○○○○○ 82% to 95% within the last two years. 2001. Nevertheless, supply is expected to increase upon the completion of the new Elsewhere, the completion of Central Federal Office at the Kingfisher-Likas area Shopping Plaza would add another 5%, or (2004-2005) and the Agriculture 5,950 square metres to the 110,500 square Department off Jalan Penampang (2003). metres existing purpose-built retail space. Other additions to the supply of office This suburban retail centre is scheduled for accommodation would be from the upper completion in mid 2003. floors of suburban shopoffices, among them being Plaza Tanjung Aru, Plaza Juta and SHOPOFFICE Riverside Plaza, all of which are in various C H Williams Talhar & Wong (Sabah) Sdn Bhd stages of completion and are expected to Generally, the shopoffice sector was be completed in year 2003. still rather quiet other than lettings in the nd 2 Floor, secondary market with a few new EONCMG Life Building With the impending supply and soft developments launched in the later part No. 1, Jalan Sagunting demand for office space, occupancy and of 2002. There is steady demand for P O Box 14414 rental rates in this sub-sector are not commercial premises situated within 88850 Kota Kinabalu expected to see improvements. ○○○○○○ prime suburban localities and well- Tel : 088 – 248 801 Fax : 088 – 230 826 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ managed developments whilst there is designed and constructed buildings are still excess capacity for shopoffices in expected to be set up within the city centre secondary localities. for this purpose. That aside, a variation In terms of new supply, the sector was more All in all, the outlook for this sector active during the last quarter of 2002 with the would see shopoffices in well managed and from the conventional launching of a few shopoffice developments, well sought after locations continuing to do namely Millennium Centre, Bandar Putra and well, whilst prospects for premises in Golden Plaza (the latter being a relaunch), with secondary localities are expected to see “kopitiam” is the rise in the following asking prices: little improvements.

Ttype Dnevelopmen Lsocatio #eLot Selling Pric RESIDENTIAL (per lot) the number of cafés Two - Bandar Penampang Baru Ph. 2B Penampang 30639 RM420,00 storey Bandar Putra Menggatal RM289,999 The residential sector remained active throughout the Three - Golden Plaza Penampang 38027 RM565,88 within shopoffice storey Millennium Centre Lintas Putatan RM638,000 year, despite a decline in the number of units launched from Meanwhile, several other three to six year 2001 (4,500 units) to 2002 (2,600) units. developments, in line storey shopoffice developments are under In 2002, the new developments showed an various stages of construction. Notable ones increase in the number of landed properties, include Plaza Tanjung Aru (47 lots or 238 comprising mostly two-storey terraced houses, with the trend of strata units), Plaza Juta (54 lots), Inanam at 55% of total units launched, (compared to Business Centre Phase 2 (32 lots, 4-storey) 11% last year) with developer’s selling prices and Plaza Kingfisher (30 lots), which are yet ranging between RM150,000 – RM255,000. “alfresco dining” that is to be fully taken up. The year also saw the A few of these developments had found their completion of Plaza Kingfisher Utama (74 way south-wards, i.e. in the Penampang area, lots, 2-storey) and part of Plaza Kingfisher largely due to the improved accessibility fast catching up with (44 lots, 3-storey) which are located within accorded by the Penampang Bypass. the highly-sought after Kingfisher-Likas area. A brief survey of the commercial ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ 2002 has also seen the completion of the local market. development indicated an occupancy rate approximately 1,500 residential units while of 30% on the ground floor, since the more than 8,000 residential units are in various completion in the earlier part of 2002. stages of construction. Of these, approximately 75% and 80% consists of That aside, a variation from the medium cost apartments/low-cost flats, conventional “kopitiam” is the rise in the respectively. Among the developments number of cafés within shopoffice completed this year are Beverly Hills Phase 5 developments, in line with the trend of (938 units), Kingfisher II (100 units) and Taman “alfresco dining” that is fast catching up with Millennium (69 units) while the apartments/ the local market. To this end, several flats developments under construction include commercial premises have been converted Melinsung Apartments (2,232 units), Telipok into such outlets while several individually Ria (1,000 units), Seri Maju & Maju Jaya (1,080

C H Williams Talhar Wong (Sabah) Sdn Bhd 2nd Floor, EONCMG Life Building No. 1, Jalan Sagunting P O Box 14414 88850 Kota Kinabalu Tel : 088 – 248 801 Luyang Perdana, Off Fax : 088 – 230 826 Jalan Penampang E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Tnype Tnama Leocatio Sselling Pric # Unit Single-storey Fllamingo M0enggata R0M99,00 5 The focus of industrial Terraced House Double - 2½ Luyang Perdana Penampang RM254,888 76 activities is mainly storey Terraced Kepayan Ridge, Ph. 10B Penampang RM198,000 76 House Kobusak Villa Penampang RM185,888 60 Grand Millennium Penampang RM186,880 74 concentrated along the Suria Penampang RM220,000 63 Bukit Vor Villa PutatanInanam RM195,000 46 Harmoni Menggatal RM163,880 53 Likas-Inanam and Bandar Sierra Menggatal RM193,000 292 Flamingo Likas-Kingfisher RM149,000 48 Kingfisher 3 (2A) Lintas Luyang RM238,888 70 Bukit Saujana RM228,800 62 Kolombong industrial Others 70 Double - Storey Mahkota Lintas Likas RM450,000 64 belt while the setting Semi-Detached Bandar Sierra Menggatal RM257,000 128 House Others Double - Storey Kiansom Country Heights I0nanam R2M443,00 9 up of new individual Detached House Others 15 Three - Storey Sgeri Damai L0uyan R6M328,00 6 Townhouse

industrial buildings are ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Aspartment City Apartment Inanam RM1,600 per m² 336 Permata Menggatal RM1,380 per m² 28 centred within the Satria Menggatal RM1,080 per m² 64 Sierra Apartment Menggatal RM1,400 per m² 448 Millennium Court Penampang RM1,500 per m² 72 Kota Kinabalu CBondominium Radiant Condominium Likas R4M1,830 per m² 6 Marina Court (relaunch) KK 220 Industrial Park Total 2,637

(KKIP). units) and Taman Ser Warisan (440 units). With more yet to commence operations (IEM and the large impending supply of strata MTIB). Aside from being an the industrial cluster, developments, rentals and capital values are KKIP is also set to become a hub for industrial expected to be stable.in the future. training supplying the required labour to its industries, when operational. INDUSTRIAL Prices of industrial land lots, with Like the preceding year, the industrial infrastructure, range from RM129 – 161 per sector has largely remained stagnant. Only square metre and for lands located within one light-industrial development had been the Commercial Zones, with visibility from completed, i.e. Suntech Industrial park Jalan Tuaran, are priced at RM215 per square located in the Kolombong area, which carries metre. The industrial park had earlier signed a price tag of over a million ringgit for a two- up its first batch of foreign investors, with the storey warehouse. six Korean SMIs taking up 6.9 hectares of industrial land, purchased at RM161 per The focus of industrial activities is mainly square metre with a RM21.5 per square concentrated along the Likas-Inanam and metre rebate should the factories be set up C H Williams Talhar Wong (Sabah) Sdn Bhd Kolombong industrial belt while the setting within 12 months from the signing of the up of new individual industrial buildings are Sales and Purchase Agreement. nd 2 Floor, centred within the Kota Kinabalu Industrial EONCMG Life Building Park (KKIP). Meanwhile, five training/research Other projects in the pipeline include No. 1, Jalan Sagunting institutions are already in the initial stages small and medium light industrial buildings, P O Box 14414 of operation (MARA, MARDI, SIRIM, ILP and residential and commercial shopoffices, 88850 Kota Kinabalu Sabah Skills and Training Centre), with one which are likely to take off in 2003. Tel : 088 – 248 801 under construction (KK Polytechnic) and two Fax : 088 – 230 826 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

HOSPITALITY & LEISURE (after a decline of 8% from the first half of 2001) between the second half of 2001 and Hotel room supply is expected to the first half of 2002 for the four and five star Despite an optimistic increase with the completion of KK Mariott hotels in the State Capital. For the short term, Hotel with 292 rooms, increasing the four the continued and concerted efforts by the and five star room supply in the State Capital government to improve air access, added growth rate projected by 7.5% to approximately 3,800 hotel with the competitive air rates and the rooms. The earlier part of the year also saw holiday and festive seasons should see the launching of The Vista, a high-rise 448- arrivals and hotel room sales improving for Sabah at 4.3% for serviced condominium development within further. In the long term, tourism and its the Sutera Harbour Residences, targeted at supporting industry, including the hotel tourists and long-term visitors to Kota sector, will continue to play an important role 2003, the property Kinabalu. A first of its kind in the local in the economy of Sabah as a major source property market, developer’s prices vary of income and employment. between RM7,860 to RM9,040 per square market is expected to metre with typical unit sizes ranging 2003 MARKET OUTLOOK between 111 to 280 square metres and is marketed as a unique ‘leaseback’ Despite an optimistic growth rate continue to be stable. investment with 9% guaranteed returns for projected for Sabah at 4.3% for 2003, 21 years to the purchaser. the property market is expected to continue to be stable. Small and The tourism industry is currently medium-scale housing projects

focusing on intra-Asean and domestic ○○○○○○○○○○○○○○○○○○○○ should be the most active, while the tourism and to this end, the government impending supply of apartments and continues to push for improved air access to condominiums would see prices and Sabah from regional-medium haul rentals stabilizing, if not at a slight destinations while domestic air fares remain decline. Well located shopping competitive. Such efforts had increased complexes will continue to draw visitor arrivals by some 15% from 700,000 patrons. The office sector and (Jan – Sept 2001) to 800,000 (Jan – Sept industrial sectors would however 2002). Reports from National Property remain soft without much distinct Information Centre, Napic, indicate a improvement in demand. stabilised average occupancy rate of 60%

LAHAD DATU

he stable Crude Palm Oil (CPO)/Fresh Fruit Bunch (FFB) prices throughout T2002 at RM1,100/RM210 per metric tonne improved the confidence in the property market in general. Transactions of all sectors had in fact gathered momentum in the later half of 2002.

RETAIL/SHOPHOUSE/SHOPOFFICE ○○○○○○○○○○○○○○○○ Selling prices and monthly rentals of shophouses in Lahad Datu are as follows:- Traditionally, office space in Lahad Datu occupies the upper floors of shophouses or shopoffice buildings.

Occupancy rate of office space Tdype Monthly Groun Selling Price remained at 60% to 70% while Floor Rental (per unit) C H Williams Talhar Wong demand for shopoffices/ Prime (Sabah) Sdn Bhd shophouses were still sluggish as 2nd Floor, Lot 2, Block A T0wo-Storey R0M3,000 - RM3,50 RM500,000 - RM600,00 seen from the slow take-up rate of RHB Building, Metro Commercial T0hree-Store○○○○○○○○○○ y R0M3,000 - RM3,50 RM550,000 - RM650,00 the vacant units. Average rental Centre, Jalan Kiambang was at the 2000 level. F0our-Storey R0M3,000 - RM3,50 RM700,000 - RM850,00 P O Box 60600 Secondary 91115 Lahad Datu Tel : 089 – 882 393 T0wo-Storey R0M1,500 - RM2,00 RM380,000 - RM400,00 Fax : 089 – 885 088 F0our-Storey R0M1,500 - RM2,00 RM500,000 - RM600,00 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

RESIDENTIAL Demand for purpose-built warehouses remained weak as witnessed by the number The agricultural sub- Residential properties had another year of of vacant units in the Cocoa Export Centre and positive demand mainly driven by further BDC Warehouses. reduction of housing loan interest rate and sector, steered by palm also the increasing population. Prices of industrial properties in Lahad Datu are as follows:- However there were no new oil, were in a higher housing projects being launched T)ype Selling Price (per unit during the year although there S0ingle Storey Warehouses RM145,000 - RM170,00 were many proposed housing D0ouble-Storey Industrial Shophouse RM240,000 - RM260,00 gear due to favourable developments with approvals granted. S0ingle Storey Semi-Detached Workshop RM200,000 - RM250,00

Crude Palm Oil Selling prices of residential properties in AGRICULTURAL Lahad Datu are as follows:- The agricultural sub-sector, (CPO) prices and T)ype Selling Price (per unit steered by palm oil, were in a higher gear due to favourable Crude Palm L0ow Cost RM40,00 Oil (CPO) prices and higher demand Double Storey Terraced RM50,000 - RM85,000 worldwide. higher demand (low-medium cost) Single Storey Terraced RM90,000 - RM120,000 Recorded transactions indicated (medium cost) some positive changes in price

worldwide. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ D0ouble Storey Terraced RM120,000 - RM180,00 movements. D0ouble Storey Semi-Detached RM180,000 - RM250,00 Prices of oil palm estates and D0ouble Storey Detached From RM300,00 undeveloped lands are as follows:-

Prime Secondary INDUSTRIAL Type (per gross hectare) (per gross hectare) There were few reported M0ature Oil Palms R0M24,000 - RM26,00 RM18,000 - RM24,00 transactions of industrial lands as U0ndeveloped jungle land R0M7,000 - RM10,00 RM5,000 - RM7,00 demand was limited mostly to oil palm-related industries such as fertilizer warehouses, depot for transportation 2003 MARKET OUTLOOK companies, workshops for palm oil mill suppliers and contractors. Lahad Datu is an agricultural driven economy and again the 2003 real estate Demands for small sites with potential outlook will be dependent on the for light industrial activities along Jalan performance of commodity prices in Lahad Datu – Sandakan or Jalan Tengah particular CPO. Nipah remained good.

The demand for workshops from small to medium scale operation had improved arising from higher volume of supplies and services required by the expanding plantation hectarages.

Rentals and capital values improved by 10% on year to year basis. C H Williams Talhar Wong (Sabah) Sdn Bhd Sabah Economic Development 2nd Floor, Lot 2, Block A Cooperation (Sedco) had ventured to develop RHB Building, Metro Commercial a 40-hectare light industrial site into light Centre, Jalan Kiambang workshops along Km 5, Jalan Tengah Nipah. P O Box 60600 The project would be launched in year 2003. 91115 Lahad Datu Tel : 089 – 882 393 Fax : 089 – 885 088 E-mail: [email protected] SANDAKAN il Palm, the “Golden Crop” has regained much of its glitter. In a 4-year roller The purpose-built Ocoaster ride for the oil palm industry and for Sandakan (now the centre for about 15% of Malaysian CPO production) prices for CPO/FFB reached RM2,400/ RM450 per tonne in 1998, fell to around RM1,400/RM250 in 1999 and around office sector in RM960/RM170 in 2000, sinking to a nadir of RM658/RM99 per tonne in February 2001, before suddenly firming to RM948/RM171 in July, to average around RM900/ RM150 in 2001. 2002 saw continued recovery of CPO/FFB prices from RM1,180/ Sandakan had been RM191 per metric tonne in January, to RM1,500/RM300 per metric tonne towards the end of the year. The agricultural and the other sectors of the property market proved remarkably resilient although sentiments could not help but be affected. static, without any new Municipal-centre properties continued to be much demanded, the market for secondary commercial shops was stable; market for residential properties, especially medium-cost terraced houses and low-medium cost flats, was feeling supply of purpose built some surfeit; the office and industrial sectors were little changed. office space for the last OFFICE ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ offices. Sale transactions of purpose built office space remain scarce and rental levels are The purpose-built office sector in Sandakan currently at : 14 years, until the had been static, without any new supply of purpose built office space for the last 14 years, Monthly Rental until the recent launching of ‘Corporate Office’ (RM per square metre) recent launching of in Bandar Utama, Km 10, Jalan Utara, by IJM W0ith Central Air-cond RM14.50 - RM15.0 Properties Sdn Bhd in November. This, W0ithout Air-cond RM 9.00 - RM11.0 comprising a 3-storey block and a 4-storey ‘Corporate Office’ in S0hops upper floors RM 4.30 - RM 5.8 block of office suites for sale at RM 2,636-3,067 per square metre, would add 6,087 square metres or 23.3% to the currently existing stock SHOPHOUSES/SHOP OFFICES Bandar Utama, Km of 26,097 square metres of purpose-built office space. The rental values of commercial shophouses in the municipal centre had stabilized with 10, Jalan Utara, by Up till now, new office space has been from capital values having increased about 10% to upper floors of ‘shop offices’. Best example being 15% over the last one year. the 234 units of the Bandar Indah shopoffices, IJM Properties Sdn completed 1999-2000 adding over 34,200 An urban renewal project, “Sandakan square metres of such secondary office space Harbour Square” (SHS) is set to transform the to the market resulting in, and continuing to Sandakan Municipal Centre sea front. This, a Bhd in November. cause, further voids amongst purpose-built joint-venture development between the

Site (edged red) of the proposed 'Sandakan Harbour Square' Urban Renewal ○○○○○○○○○○○○○○○○ Project by the C H Williams Talhar Wong MPS and IREKA- (Sabah) Sdn Bhd Charng Sheng. WTWS Room 602, 6th Floor undertook the Lai Piang Kee Building valuation and Jalan Lima, WDT No. 110 market study 90009 Sandakan and will act as Tel : 089 – 217 025 marketing Fax : 089 – 272 850 agent. E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Majlis Perbandaran Sandakan and Ireka- following sale transactions of existing Charng Sheng, to be officially launched in shophouses and proposed selling prices in new The residential sector, January 2003 would be completed over 5-6 commercial developments. years. The project will see the Jalan Pryer 49,000-square metre site - the existing RESIDENTIAL although softer, Central Market plus another 32,000 square metres to be reclaimed from the sea - The residential sector, although softer, redeveloped into a modern 3-storey central remains active with several new launches remains active with market, fish jetty, 129 units of 3 and 4-storey during second half of 2002, comprising shopoffices, retail shopping and car park mainly low-medium cost apartments and complex, with town square and esplanade, high cost semi-detached houses. several new launches and later, convention centre and hotel. Following the successful sales of the low- Municipal Centre commercial shop values medium cost apartments at Indah Jaya during second half of are typified by the following sale transactions Apartment, several low and low-medium of existing shophouses and proposed selling cost apartments projects had been launched prices of the SHS shopoffices: to supply some 1,400 units to the market. 2002, comprising At the other end of the price Sshophouse / Office Selling Price spectrum, the selling price for the Itntermediate Lot Corner Lo most recently launched semi- mainly low-medium J0ln Pryer, 3-storey RM2,500,00 detached houses are in the region 20nd Avenue, 4-storey RM1,800,00 of RM215,000 to RM410,000. S0HS, 3-storey R0M879,000 - 993,00 RM1,010,000 - 1,409,00

cost apartments and S0HS, 4-storey R0M1,098,000 - 1,148,00 RM1,148,000 - 1○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ ,659,00

Leocation Developer's Selling Pric high cost semi-detached For secondary commercial properties, Mile Medium Cost Apartments 4 and Mile 8 Jalan Utara (North Road) continue T8aman Wijaya RM84,288-88,28 to be the preferred locations. P0roposed Yii Villa RM75,000-80,00 houses. The year of 2002 witnessed the launching Double Storey Semi-Detached Houses Taman Megah Phase III and construction of several new shophouses/ RM248,800 shop office building developments along the Typical Lot Taman Mawar Phase 6A main roads off Mile 6 to Mile 8 Jalan Utara, RM215,000 and/or within established/on-going housing Typical Lot developments. T8aman Casa San UNO RM280,888-RM351,88

These 75 units of shops would be the first Whereas the supply of residential new secondary commercial developments properties had, hitherto, been well matched along Jalan Utara since the completion of the by demand, there appears now some overhang ‘Liberty Chain’ development in Bandar Kim of supply. Of the over 3,000 units -about half, Fung Phase II (Mile 4) - of 20 units of 3-storey landed properties and the other half, flats/ commercial shop buildings - in 2001. apartments - from the current on-going residential development schemes in Sandakan Secondary locations (Jalan Utara ) launched over the last 2 years, a substantial commercial shop values are typified by the percentage is yet to be sold.

INDUSTRIAL No of Selling Prices Location Units Itntermediate Lot Corner Lo Existing Developments Demand remains good for B0andar Indah, 3-storey R0M480,000-550,00 RM550,000-600,00 small industrial sites of 1-2 B0andar Indah, 2-storey R0M370,000-420,00 RM420,000-450,00 hectares on the town fringes. C H Williams Talhar Wong B0andar Pasaraya, 2-storey R0M380,000-400,00 RM450,000-500,00 Standard-built light industrial (Sabah) Sdn Bhd L0iberty Parade, Kim Fung, 3-storey R0M489,00 RM537,000-552,00 estates in the Mile 8 area is New Developments starting the trend in other parts th Room 602, 6 Floor Bandar Tyng, Km 9.3, of the town. 389 R8M279,88 RM438,888-736,88 Lai Piang Kee Building Jalan Utara Taman Fajar Perdana, Km 12.1, Jalan Lima, WDT No. 110 40R0M250,00 RM265,00 Construction of the Labuk Jalan Airport 90009 Sandakan Lintas, Sibuga Lintas (upgrading Taman Megah, off Km 12.2, 80R0M328,00 RM368,00 Tel : 089 – 217 025 Jalan Labuk of Fook Kim Road) further filliped demand for these 1-2 Fax : 089 – 272 850 Blocks L & M, Bandar Sibuga Jaya, 204 R0M300,000-330,00 RM340,00 E-mail: [email protected] Km 13.7, Jalan Labuk hectare sites. Prices have ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ soared to RM100 per square metre for Jalan Oil palm estate values remain basically Labuk fronting lots and RM50 per square metre stable with little variations from that of the for Jalan Fook Kim fronting lots. The Jalan preceding 2 years and prices are likely to hold Oil palm estate values Labuk frontage sites for Showroom cum well into 2003. Notable transactions of large Workshops, the others, as sites of workshops oil palm estates during the year include the for ancillary services to the burgeoning sale of the 5,610 hectares (13,864 acres) Abadi remain basically stable Sandakan oil palm industry. Mewah Lokan Oil Palm Estate together with one palm oil mill therein at Bukit Garam, Demand continued to stagnate for large Kinabatangan to Asiatic Development Bhd for with little variations industrial sites in Seguntor and Batu Sapi ITC; RM134 million. Another is the recently especially for plywood mills and sawmills, reported acquisition by Palmco Holdings Bhd with practically no new entrants to the of Unilevers’s 85% shareholdings in the 13,455 from that of the industry (new licences for which had been hectares (33,248 acres) Pamol Estate together frozen since 1996), and mills which had with a 60 mt/hour palm oil mill at Pamol, Labuk closed ‘temporarily’ rarely reopening Sugut District. (the acquisition price of RM 567 preceding 2 years and notwithstanding sporadic improvements in million being also for Unilever’s 100% interest plywood prices. The western end of Batu in a 9,590 hectares oil palm estate together Sapi ITC is hopefully “the light at the end of with one 55 mt/hour palm oil mill in Kluang prices are likely to hold the tunnel” for the industrial sector. For this Johor.) is the Mowtas area earmarked as the 110- hectare “Palm Oil Cluster”. However, there is Values of oil palm land (per hectare) are well into 2003. presently only the IJM kernel crusher plant now generally as follows :- under construction about 500 metres from the existing IOI Corporation Berhad refinery. Undeveloped jungle land, RM6,000 to RM8,500 AGRICULTURAL for oil palm I0mmature Oil Palm RM11,000 to RM15,00 An air of renewed confidence and Mature, young oil palm RM17,000 to RM21,000 stability is felt in the agricultural sector with (3 to 5 years) the rebound of CPO/FFB prices. 2002 saw a Mature, Prime oil palm RM23,000 to RM28,000 gradual ascend of CPO/FFB prices from (6 to 12 years) RM1,180/RM191 per metric tonne at the beginning, to RM1,500/RM300 per metric 2003 MARKET OUTLOOK tonne towards the end of the year. The gradual upswing in prices began in July 2001 For Sandakan, the agricultural sector, ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ after a 1½ year slide which reached a nadir principally oil palm, has replaced the of RM657/RM99 in February 2001. The rising timber industry as the main pillar of the price trend is expected to continue into, or, local economy. The “ups and downs” of at worst, level out, in 2003. The annual the oil palm industry would always growth in hectarages under oil palm have a ripple effect on the other continues, albeit at a slower pace from the property market sectors. Hence, the rapid growth of the last decade. New recovery of the oil palm sector was plantings are mainly in the Sugut Area where being fervently wished for, not just for the construction of the “Sugut Highway”, itself, but also for its trickle-down currently in progress, is expected to effects on the residential and significantly enhance opening of the new oil commercial sectors of the property palm ‘frontier’. The Sandakan Region market. Apart from the currently (comprising the District of Sandakan, bullish outlook for oil palm, the ‘easy’ Kinabatangan and Labuk Sugut) accounts bank loans and low interests should for about 55% of the more than 1.03 million continue to be fillips to the market. hectares under oil palm in Sabah and available land for new planting in the existing agriculturural belts is limited. C H Williams Talhar Wong Expansion is now mainly in the Sugut Area (Sabah) Sdn Bhd and in future is likely to be towards the interior in the Pinangah - Sg Melian/ Room 602, 6th Floor Karamuak Area. Lai Piang Kee Building Jalan Lima, WDT No. 110 90009 Sandakan Tel : 089 – 217 025 Fax : 089 – 272 850 E-mail: [email protected] TAWAU

The sentiment in this

sub-sector remained

bearish and the

relatively weak

demand for office space

Tawau Township in Tawau could 2002

continue to persist well enerally, the property market in Tawau in the year 2002 remained stable Gwithout any discernible changes in all the property sub-sectors. In the housing sector, the attractive packages and benefits offered by financial institutions has into and beyond year resulted in constant improvement in the demand for houses in Tawau. In the agricultural sector, the improvement in crude palm oil (CPO) and the impressive cocoa dry beans (DBE) prices for the year have regained confidence for agricultural 2003. investors in this sub-sector.

OFFICE ○○○○○○○

The sentiment in this sub-sector remained to the market in 2002. Overall, lettings mainly bearish and the relatively weak demand for dominate the interest in the office sector. office space in Tawau could continue to persist Letting activities have remained fairly stable. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ well into and beyond year 2003. There is no The general unfurnished office rentals in significant purpose built office space added Tawau for 2002 are as follows:-

L)ocation Rental (Per square metre per month Gsround Floor 1st Floor onward Tawau Old Township W5isma Dat R0M17.6 RM11.80-RM10.8 W0isma DS R0M18.0 RM4.30-RM8.6 W0isma Tai & Tai R0M20.9 RM4.40-RM5.9 W0isma Man Tong Shing R0M38.7 RM4.30-RM9.2 W0isma Yong Hin R0M12.90-RM23.7 RM3.20-RM5.4 Tawau Extension II F0ajar Complex R0M19.40-RM25.0 RM3.30-RM5.4 H0ap Foh Comm Centre R0M19.40-RM21.5 RM3.30-RM5.4 C H Williams Talhar Wong T0alcon Comm Area R0M19.40-RM21.5 RM3.30-RM6.5 (Sabah) Sdn Bhd W0isma MAA R0M19.4 RM5.30-RM6.5 305, 1st Floor W0isma Sin Kui R0M25.9 RM9.36-RM12.7 Leong Hua Building W0isma UMNO R0M21.5 RM5.40-RM8.6 Dunlop Street, P O Box 60394 Bandaran Baru R0M25.70-RM28.60 RM3.90-RM10.3 Commercial Centre 91013 Tawau Bandar Sabindo Tel : 089 – 774 349 Fax : 089 – 762 287 B0andar Sabindo R0M15.50-RM27.0 RM3.50-RM7.7 E-mail: [email protected] Sabindo Plaza R0M23.15-RM28.90 RM15.43-RM19.3 Shophouses in the

Municipal Centre

Commercial Area

continue to sustain

Sevay Hypermarket and Parkwell good rentals and prices, Departmental Store while the demand of ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ RETAIL/SHOPHOUSES Pnroject Leocatio Tayp Built-up Are Selling Price (sq metres) San Hin Group (Proposed) Jalan Tawau 2 storey 2-01.44 - 263.96 RM399,990 Shophouses in the Municipal - Initial stage of Lama shop/office RM607,990 shophouses at secondary Centre Commercial Area development (71 units) continue to sustain good rentals and prices, while the demand of The proposed site is a commercial seafront and decentralized shophouses at secondary and decentralized and currently under reclamation and piling. The locations are relatively stable. project is a joint venture between Sabah Chinese High School (land owner) and San Hin Property locations are relatively The shophouses along Jalan Chester and Sdn Bhd (developer) Jalan Dunlop at the Old Municipal Centre continue to sustain high occupancy rates RESIDENTIAL stable. and good rentals, while the demand for retail space and rental are stable in Sabindo The relaxation of lending policies coupled area and improving well at Fajar with attractive packages offered by financial Commercial Complex. Meanwhile, the institutions have led to improvements in the Sabindo Plaza shopping complex occupancy demand for houses especially those priced has improved gradually with occupancy rate below RM160,000. However, demand for reaching 90% to date. better design and finishes of new semi- detached houses appeared to have stabilised. The 3-storey Milimewa Superstore (gross Overall, there is still room for expansion in this area of 4,863 square metres) and the 4- housing sector, especially for double storey storey Servay Hypermarket and Parkwell terraced house priced below RM160,000. Departmental Store (gross area of 8,622 square metres) are more prominent and Prices and rentals of houses (unfurnished) dominant in this sub-sector. are as follows:

The current ongoing or near completion Teype Selling Pric Monthly Rental (RM) (RM) development in Tawau are as follows:- 10-Storey Terraced 707,000-120,00 400-50 20-Storey Terraced 900,000-200,00 500-60 Pnroject Leocatio Tayp Built up Are Uenit Selling Pric (sq m) 10-Storey Semi-Detached 1020,000-170,00 600-80 Sabindo Square (3 Along Jalan S9emi-detached 3448.35 - 487.6 RM798,000 - storey shophouses) Dunlop RM928,000 20-Storey Semi-Detached 1080,000-380,00 700-80 -r35% completion C9orne 3223.27 - 487.6 1-RM745,000

RM798,000 ○○○○○○○○○○○○○○○○ 2e-Storey Detached 2050,000 & abov 850-1,50 I5ntermediate 3448.3 30RM720,00 C H Williams Talhar Wong T0otal 5 (Sabah) Sdn Bhd New development of semi-detached 305, 1st Floor About 80% or 40 units have been sold. The houses in Tawau are offered for sale at Leong Hua Building remaining available units are 3 units corner RM250,000 onwards and reaching up to Dunlop Street, and 7 units intermediate. It is a joint RM400,000 depending on land size, location P O Box 60394 development between Majlis Perbandaran and building construction and design. 91013 Tawau Tawau (MPT) and Classic Strike Sdn Bhd. Tel : 089 – 774 349 Fax : 089 – 762 287 E-mail: [email protected] Kuhara Court, a proposed condominium HOSPITALITY AND LEISURE to be fully serviced with modern facilities The performance of the along Jalan Kuhara is open for sale. Todate, There is no new addition of hotel in year about 21.4% or 39 units of 182 units have 2002. The hotel industry in Tawau remained either been sold or booked. This project is stable with occupancy rates between 50% - industrial sector for the experiencing slow demand from investors 70%. There are few existing premises being as it is a new concept in the Tawau market. converted or proposed for budget hotels. The prices and floor areas for Kuhara Court are past one year has as follows:-

Dtescriptions Uani Floor Are Selling Price remained static without (sq metres) (RM) T6ype A 15908. 176,300-190,40 any visible signs of T40ype B 904. 173,30 T6ype C1 121001. 184,100-198,20 improvement. The T6ype C2 121001. 184,100-198,20 T8ype D 281002. 187,600-204,20 demand for industrial T8ype E 25907. 180,400-192,50 T2ype F 401000. 190,400-202,50 shophouses continued T4ype G 18902. 170,700-182,80 T4ype H 121006. 199,600-211,70 to remain soft with P25enthouse - Type J 1089. 547,50 P24enthouse - Type I 1078. 505,60 occupancy rates ○○○○○○○ INDUSTRIAL The tourism and leisure development in hovering around 50% Tawau are far and few in between and lagging The performance of the industrial sector behind compared to the other major towns in for the past one year has remained static Sabah. The local tourism and leisure to 70%. without any visible signs of improvement. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ development, if any, is mainly on the offshore The demand for industrial shophouses island of Sipadan and Mabul Island Resort, continued to remain soft with occupancy which are popular international scuba diving rates hovering around 50% to 70%. destinations and underwater micro-marine However, the demand for workshop type of exploration spot. However, Tawau has not industrial premises for small and medium fully benefited from these tourism scale industries has improved markedly and developments because the town is merely the shortfall of supply will continue to allow acting as a transit point for tourists enrouting an appreciation in rentals and capital values to the island resorts. in the foreseeable future. AGRICULTURAL Overall, the industrial sector in Tawau remained stable without any foreseeable The gradual recovery of crude palm oil improvement in the short to medium term. (CPO) and the fast improving dry cocoa bean (DBE) prices has stabilised the investments The current value of industrial lands with in the agricultural sector in Tawau. Generally, good accessibility and sea frontages are as agricultural investors remain in their current C H Williams Talhar Wong follows:- (Sabah) Sdn Bhd 305, 1st Floor Leong Hua Building L)ocation Value (per sq metre Dunlop Street, P O Box 60394 A4pas Industrial Belt RM86 - RM19 91013 Tawau Tel : 089 – 774 349 T0anjung Batu RM65 - RM20 Fax : 089 – 762 287 P5asir Puteh RM45 - RM7 E-mail: [email protected] The property sector in

Tawau for 2003 will

generally remain

stable. The demand

Apas Parit for agricultural land for Aquaculture Belt oil palm planting is land holdings and this has prompted the ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ 2003 MARKET OUTLOOK demand and prices of agricultural level to remain at a stagnant level. The general prices The property sector in Tawau for expected to be fairly of agricultural land in Tawau are as follows:- 2003 will generally remain stable. The demand for agricultural Lmocation Mature Oil Pal ImmatureOil Palm Vacant land Cocoa land for oil palm planting is good. (Per Hectare) (Per Hectare) (Per Hectare) (Per Hectare) expected to be fairly good. Balung / RM23,000 - RM20,000 - RM10,000 - RM12,500 - Sg. Burung RM29,000 RM24,000 RM12,000 RM19,000 While the office sector shall S-emporna RM19,000 RM17,000 - RM6,000 - RM12,000 - remains soft without distinct RM25,000 RM24,000 RM10,000 RM15,000 improvement, demand for K-unak RM19,000 RM17,000 - RM6,000 - RM12,000 - RM25,000 RM24,000 RM10,000 RM15,000 residential houses priced below T-ingkayu RM14,000 RM16,000 - RM3,700 - RM9,000 - RM160,000 is expected to RM22,000 RM19,000 RM6,200 RM14,000 remain good. Brantian / RM20,000 - RM16,000 - RM6,000 - RM11,000 - Kalabakan RM25,000 RM24,000 RM10,000 RM14,000 The new Tawau Airport, which is located at Balung locality (Km 29) AQUACULTURE has resulted in the widening and improvement of the existing Apas A bearish outlook severed by the Road. Projects have also been prevailing problem of tiger prawn rearing identified along the highway for has reduced the expansion of aquaculture various business developments. One development in Tawau for the past years. major project is a proposed new On top of that, the demand for processed township by Hap Seng Sdn Bhd at Km tiger prawns in the world market has been 16 (mile 10), Apas Road, providing 823 volatile, which has led to local aquaculture residential units of various types, investors to reduce their rearing capacity. shophouses, etc. The current land values of aquaculture land in Tawau are generally as follows:- These factors have attracted good demand resulting in an Ldocation Develope Undeveloped appreciaton of land values along Aquaculture Land Aquaculture Land the highway. This area is expected (per hectare) (per hectare) to draw more development Apas Parit - Sungai RM110,000 - RM55,000 - projects and will be competitive Gading RM125,000 RM65,000 ○○○○○○○○○○○○○○○○ in the near future. W-akuba RM75,000 RM45,000 - C H Williams Talhar Wong RM100,000 RM55,000 (Sabah) Sdn Bhd st B-alung/Indrasabah RM65,000 RM25,000 - 305, 1 Floor RM75,000 RM40,000 Leong Hua Building Sungai Burung - Sg RM65,000 - RM10,000 - Dunlop Street, Kalumpang RM75,000 RM25,000 P O Box 60394 M-erotai - Umas-Umas RM60,000 RM10,000 - 91013 Tawau RM70,000 RM25,000 Tel : 089 – 774 349 P-ulau Simandalan RM55,000 RM7,000 - Fax : 089 – 762 287 RM70,000 RM11,000 E-mail: [email protected] InternationalInternational PropertyProperty Labuan 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

View of the Labuan airport, located at Kg Batu Arang locality

he overall property market remains soft with the “cautious” mood continuing Tthroughout the year.

OFFICE/SHOPHOUSES ○○○○○○ sufficient to meet demand. In short, there is no lack of supply for this type of shophouses. There have not been any developments in this sector. The existing stock remains the Selling prices and rentals of shophouses only source of commercial accommodation ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ are as follows:- in town. The current retail space in the town appear to be adequate to absorb the current demand for rented retail outlets. Teype Selling Pric Ssingle-storey terraced houses From RM118,000 onward Nevertheless, rental rates in Dsouble-storey terraced houses From RM188,000 onward Labuan’s largest commercial complex, the Financial Complex Dsouble-storey semi-detached From RM288,000 onward have remained stable over the last couple of years. At present, this complex RESIDENTIAL boasts almost 100% occupancy with rental rates remaining unchanged. The same goes The residential sector has been reasonably for its office space, which is more than 80% active. Sales of new houses were reported to occupied. At RM32.30 per square metre for be well-received and with slight appreciation the first floor and RM43.00 per square of prices. The new houses outperformed the metre for the ground floor, the rates (which older stock as purchasers put higher are inclusive of service charges) are noted preferences for better quality of construction C H Williams Talhar & Wong as the best in town. The office rentals are and building materials. (Sabah) Sdn Bhd currently fixed at RM48.40 per square metre for all floors. In general, however, demand for houses is expected to be slow while the rental rates 1st Floor, Wisma Chee Sing Office space provided at upper floors of have been on the decline for some time. 48 Jalan Merdeka traditional shop houses are still generally the Investors adopt a cautious approach, thinking P O Box 82229 preferred source of office premises. The twice before committing to invest in a 87032 Federal Territory of Labuan current stock appears to be more than property despite the low interest rates offered Tel : 087 – 416 341 Fax : 087 – 416 342 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

In general, however,

demand for houses is

expected to be slow

Town: View of the town area, showing while the rental rates the massive Financial Park Complex in the far centre and its have been on the surrounding area. decline for some time. by financial institutions. would settle at much lower rates or sell at below purchase price. For those who are Some of the residential development willing to wait for a better offer, their premises projects are as follows:- would still remain unoccupied.

The selling prices for the above housing 2003 MARKET OUTLOOK estates range as follows:- The property market in general is INDUSTRIAL expected to remain soft with no drastic drop in prices and rentals. The outlook ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Neame Tfyp No. o Status Units Ldazenda Villa 3 at Ranca-Ranca 24-storey semi-detache 2dComplete Ldazenda Villa 5 at Kg. Lajau 2-storey semi-detache 18 Completed 2-storey terraced 43 Ldazenda Villa 6 at Bukit Kallam 10-storey terrace 5dComplete Ldazenda Villa 7 at Batu Arang 26-storey semi-detache 2dComplete Tdaman Ruby at Sg. Bangat 2-storey semi-detache 16 Site leveling and 2-storey terraced 35 piling done. Tdaman Arena at Nagalang 2-storey semi-detache 26 Completed 2-storey terraced 16

There is no new supply in this sub-sector at best is in the residential subsector due to the prevailing oversupply as evident where the development of new housing is on-going with Leocation Tsyp Sselling Price Ground Floor Rental favourable market response. Tyown Centre 20to 3 store R0M800,000 to RM900,00 RM2,500 to RM3,00 Lazenda 30-storey R0M800,000 to RM850,00 RM2,000 to RM2,50 Shophouses Jyati Shophouse 30-store R0M500,000 to RM550,00 RM1,500 to RM1,800 from the high vacancy rates. . “For Sale” or “For Rent” signboards are a common sight within an industrial estate complex. Even if any of C H Williams Talhar Wong (Sabah) Sdn Bhd these properties are taken up, property owners

1st Floor, Wisma Chee Sing 48 Jalan Merdeka P O Box 82229 87032 Federal Territory of Labuan Tel : 087 – 416 341 Fax : 087 – 416 342 E-mail: [email protected] InternationalInternational PropertyProperty SARAWAK 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Wisma Hock Peng KUCHING

he property market for 2002 Even though sales picked up in the last Tremained in a pensive mood with quarter of 2001 and the 1st quarter of both developers and buyers playing it 2002 due to lower interest rates and safe by maintaining a “wait and see” attractive finance packages offered by approach. Generally, potential financial institutions as well as the investors and buyers still show much exemption of stamp duties payment, interest in the property investment this slight boost seems to have deflated market as evident by their queries and due to market uncertainties. participation in property launches. However, most remain non-committal 2002 was a year of small scale which resulted in sales being relatively developments which saw active slower than in previous years, participation from small scale probably due to the uncertainty of the developers in most areas as risks in this national economy in the context of the category were lower. world economic crisis.

C H Williams Talhar Wong & Yeo Sdn Bhd

No.9 (1st Floor) Jalan Song Thian Cheok P O Box 2236 93744 Kuching Tel : 082 – 246 262 Fax : 082 – 416 909 E-mail: [email protected] Bangunan MASJA ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

OFFICE 500 shophouses to the Batu Kawah area in Kuching. These shophouses offer strata-titled A few purpose-built office buildings had retail, office and apartments units. Shop offices are still been completed earlier in the year eg. Wisma Hock Peng, Wisma Zecon and Generally, selling prices of retail space in Bangunan Masja. Wisma Hock Peng and commercial complexes within prime locations preferred over purpose- Wisma Zecon were built for occupation by remained sustainable. The majority of shopping the developer-investor’s own group of complexes in Kuching enjoy good occupancy companies and business associates whilst rates ranging from 80% to 100%. Unit owners built office buildings in Bangunan Masja is a public sector office continue to obtain rental rates of more than building. Together, they add another 55,750 RM50 per square metre for the ground floors square metres of purpose built office space and RM40 to RM60 per square metre for the Kuching due to the to Kuching. Generally, the rental rate is upper floors, the exception being the bigger between RM22 to RM33 per square metre retail units which enjoy special discounted rental inclusive of service charges. rates of as low as RM25 per square metre. predominance of small

Unlike the existing office buildings, the new Although shophouses at choice ones are located outside the Central Business commercial areas like Jalan Palm-Jalan Satok, business enterprises in District and have ready tenants on a pre-let Jalan Green-Jalan Rubber, Tabuan Jaya basis. Office buildings built for investment in Commercial Centre and 3rd Mile Commercial Kuching have low occupancies. Centre are still much sought after, new Kuching and the developments are slowly moving away from The rentals (inclusive of service charges) these areas as the built up area expands. of selected office buildings in the Central Shophouses in suburban areas are now gaining shophouses’ apparent Business District of Kuching are as follows :- in appeal as they are new and their prices and rentals comparatively lower with prices of Gross rentals of office space in Kuching three to four-storey units ranging from advantage of easier RM350,000 to RM800,000 and rentals ranging Leocation Rental per square metr from RM1,500 to RM3,000 per month for the

per month ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ ground floor. The prices and rentals of similar access, convenience and C0BD RM22.00 - RM50.0 units in prime locations range from RM450,000 to RM1,200,000 per unit and RM2,000 to N0on-CBD RM10.70 - RM22.0 RM4,500 per month for the ground floor better advertising front. respectively. Shop offices are still preferred over purpose-built office buildings in Kuching due INDUSTRIAL to the predominance of small business enterprises in Kuching and the shophouses’ Since the industrial sector is very much apparent advantage of easier access, monitored and controlled by the state convenience and better advertising front. government, the performance of this sector remains stable. RETAIL/SHOPHOUSES The old established industrial estates of A few new commercial projects were Pending/Bintawa Industrial Estate mainly launched during the first half of the year, cater for the manufacturing and light namely Jalan Song Commercial Centre, industries whilst the newer industrial areas Tabuan Heights Commercial Centre, Kota of Demak Laut Industrial Park and Sama Jaya Sentosa Commercial Centre and Pending Free Industrial Zone cater mostly to Point. These were small scale 3-storey medium based industry and electronics shophouse projects, mostly located at the based industry respectively. The latter is suburban areas. Their selling prices range occupied by export based joint venture- from RM550,000 to RM800,000 depending international entities such as 1st Silicon, Taiyo on their size and location within the project. Yuden, Komag, Sanmina and Toko. C H Williams Talhar Wong & On the whole, prices for conventional Yeo Sdn Bhd shophouses can be said to have remained The total hectarage planned for Sama Jaya more or less the same for 2002. Free Industrial Zone is 792 hectares with about No.9 (1st Floor) 30% already developed with infrastructure. At Jalan Song Thian Cheok The largest on-going shophouse present, about 106 hectares is being occupied P O Box 2236 development is the Batu Kawah New by eleven operating companies. 93744 Kuching Township which to-date has added more than Tel : 082 – 246 262 Fax : 082 – 416 909 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Since the industrial

sector is very much

monitored and

controlled by the state

government, the Batu performance of this Kawah New Township sector remains stable.

Along Jalan Bako (between the Demak The average new prices for various ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Laut Industrial Park and Bako), there are also a category of houses are as follows:- few factories already in operation, namely CMS Modular Housing, TNYPE LTOCATIO SELLING PRICE PER UNI Polyflow Pipes, Weida and CMS Steel. TERRACED HOUSE Seingle-storey Prim RM135,000- RM170,000 Selling prices for industrial land Secondary RM120,000- RM145,000 at the Sama Jaya Free Industrial Zone Deouble-storey Prim RM230,000- RM280,000 is RM27 per square metre whilst Secondary RM180,000- RM220,000 those at the Demak Laut Industrial SEMI-DETACHED HOUSE Park are priced at RM54 per square metre for unfilled land and between Seingle-storey Prim RM220,000- RM250,000 Secondary RM180,000- RM220,000 RM100 to RM150 per square metre for filled land. Deouble-storey Prim RM360,000- RM470,000 Secondary RM260,000- RM320,000 RESIDENTIAL Housing estates, notably Bandar Baru The residential sector remains the most Semariang, have added some 300 housing active property sector in terms of number and units to the Petra Jaya area. This project which value of transactions. Demand for residential was launched a couple of years ago, is properties in Kuching remained high for units considered large scale but to be carried out in priced below RM200,000 as well as medium phases over a 20-year period. To-date, it has and low-cost housing whilst demand for high contributed more than 360 units to the end properties continue to be slow. housing market with annual additions of about Nonetheless, residential properties such as 300 to 400 units. single-storey and double-storey terraced units located in the prime areas are still the buyers’ The apartment projects launched this year favourites. Despite the economic downturn, were mainly carried out by small scale the prices of houses have increased slightly, developers and decline in terms of size as C H Williams Talhar Wong & though at a lower rate than previous years, i.e. developers opt for walk up apartments in the Yeo Sdn Bhd between 5% and 10%. As in the previous year, medium and lower medium range with prices no big scale residential development projects ranging from RM70,000 to RM200,000 eg. No.9 (1st Floor) have been launched. However, there were a Taman Sentosa Phase 2, Hibiscus Court, Taman Jalan Song Thian Cheok lot of developments from small scale Sri Perkasa, Saville Suites etc. These apartments P O Box 2236 developers especially in Stapok/Batu Kawa are mainly targeted towards the middle- 93744 Kuching area, Jalan Hup Kee and the Petra Jaya area. income group and not the up-market as in the Tel : 082 – 246 262 previous years. Fax : 082 – 416 909 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

HOSPITALITY & LEISURE Yen, Taman Lee Ling, Taman Matang Bersinar, Taman Grandview and other low and medium The overall hotel industry has been quiet cost housing developments developed by the The property market this year except for the opening of Hung Housing & Development Corporation. Hung Inn, a 4-storey budget hotel located within the vicinity of the Sarawak General Agricultural properties, in general, where outlook has not Hospital which cater to outstation patients there are little or no prospects for other uses, and visitors. tend to be priced from RM20,000 per hectare upwards. The market values are mostly changed much from the With the global increased threat of determined by their proximity to the existing terrorism, local tourism is feeling the pinch district towns as well as infrastructure network from the decline in international tourists. in the area. previous year and Efforts are therefore made by the Sarawak Tourism Board and local tour operators to EDUCATION promote domestic tourism through the “Cuti continues to be more Cuti Malaysia” programmes. It is therefore Except for the extensions to the perceived that there is unlikely going to be existing campus of Universiti Malaysia any increase in stock for this sector for the Sarawak, Universiti Teknologi MARA and on the pessimistic side coming year. INTI College, there had not been any significant contribution to the property However, hotels are expected to enjoy a sector from this field. as the market starts to boost in occupancy in 2003 due to the "Visit Sarawak Year 2003". 2003 MARKET OUTLOOK soften. DEVELOPMENT / AGRICULTURAL The property market outlook has not LAND changed much from the previous year and continues to be more on the Values of agricultural lands vary greatly pessimistic side as the market starts to depending on the location and its usage. soften. Developer-investors remain

Agricultural lands in the city are scarce and ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ cautious, approaching the market on a mostly transacted with intention of sell and build strategy and playing safe conversion of usage. Lands that are by concentrating on smaller projects converted to residential, commercial and and either shelving or phasing out industrial usage can fetch up to RM1.6 bigger projects. Unless there is another million per hectare or higher. jolt in the national and local economy, the property market should be able to Former agricultural lands located along sustain itself for the next year, provided Jalan Matang are rapidly giving way to investors and developers are prudent residential developments such as Taman Yen in their decision making.

C H Williams Talhar Wong & Yeo Sdn Bhd

No.9 (1st Floor) Jalan Song Thian Cheok P O Box 2236 93744 Kuching Tel : 082 – 246 262 Fax : 082 – 416 909 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

SIBU from about RM180,000 to about RM200,000 per unit and about RM260,000 to about Demand for all types he property activities in Sibu RM350,000 per unit respectively. T continued to slow down in 2002, though prices did not drop. INDUSTRIAL of properties is expected On the other hand, the housing sector, The industrial developments are mainly particularly terraced houses, continued located at Upper Lanang Industrial Estate, to remain weak for to be buoyant. Jalan Ding Lik Kong and Sg. Antu area. A 300- acre site at Rantau Panjang and along the OFFICES true right bank of Batang Igan is earmarked 2003. The lack of for the shipbuilding industry. There was no new purpose-built office block in 2002. However, an additional 15,000 Purpose built semi-detached industrial confidence and poor square metres of office space within building range from RM230,000 per unit to shopoffices entered the market at Suria RM350,000 per unit, depending on location Permata and Jalan Pedada. and size. timber prices is not Office rentals have been maintained at Vacant detached or semi-detached the 2000-2001 levels. industrial land is selling at about RM250 per likely attract any major square metre to RM300 per square metre. RETAIL / SHOPHOUSES HOSPITALITY AND LEISURE A new two-storey shopping complex, the

developments. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Medan Mall, is nearing completion at Jalan The year 2002 witnessed the addition of Wong King Huo. When completed in early 100 hotel rooms at Paramount Hotel, a budget 2003, the shopping complex will add some hotel at Kampung Datu which held its soft 8,600 square metres of retail space in Sibu. opening in November 2002. The sale is reported to be good. Generally the occupancy rates are The proposed Jaya Li Hua Commercial reported to be ranging from 40% to 65% Centre, located at Jalan Pahlawan, during 2002. comprising 75 units of 3-storey shophouses and 1 unit of 4-storey shopping complex is 2003 MARKET OUTLOOK under construction. Fortune Commercial Centre, located off Jalan Pedada and Demand for all types of properties is consisting of 106 units of 4-storey expected to remain weak for 2003. The shophouses, is also under construction. lack of confidence and poor timber prices is not likely attract any major Shophouse rents during 2002 in the developments. Central Business District have dropped by 5% to 10%, as there has been a tendency for the retailers to re-locate to other suburban commercial centers following the new town- MIRI centre traffic management. he property market in RESIDENTIAL TMiri for 2002 has bottomed out since the 1997 economic downturn. Prices of New housing developments are found properties in all sectors have stabilised mainly along Jalan Teku, Jalan Salim, Jalan with minimal changes since 2001. Ulu Sungai Merah and Jalan Tunku Abdul There are no indications of any further Rahman. The demand for medium cost decline as developers are practising a C H Williams Talhar Wong & single-storey terraced dwelling houses is “sell and build” approach to avoid an Yeo Sdn Bhd still strong. oversupply in the market.

No. 11 & 12, 2nd Floor The prices of new houses throughout Demand for properties especially in the Lorong Kampung Datu 3 2002 have stablised at the 2001 levels where residential sector has picked up slightly P O Box 1467 2-storey terraced houses and 2-storey semi- since the second quarter of 2002 due 96008 Sibu detached houses in prime locations range to attractive financing packages from Tel : 084 – 319 396 Fax : 084 – 320 415 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The demand for the

retail sector has

improved slightly in

the second quarter of

2002. This is more Miri Commerce Square evident for the ground financial institutions. Other sub- upper floors of conventional shophouses, the sectors, except for purpose built offices, high vacancy rates for purpose built offices are gradually seeing some will remain throughout 2003. The existing floors of conventional improvements in their take-up rates purpose built offices are Wisma Yu Lan, Wisma especially in terms of rental activities. AIA and Wisma Yong Lung. shophouses within RETAIL/OFFICE The selling prices and monthly rentals for conventional shophouses are as follows: The demand for the retail prime locations with sector has improved slightly in SELLING PRICES & RENTALS OF SHOPHOUSES the second quarter of 2002. This Pnroperty Type Lsocatio Stelling Price Monthly Rental per uni (Unfurnished) is more evident for the ground ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Tywo-storey S0econdar R0M150,000 - RM180,00 RM600 - RM1,50 road frontages. floors of conventional Tehree-storey P0rim R0M750,000 - RM950,00 RM3,500 - RM4,50 shophouses within prime S0econdary R0M400,000 - RM650,00 RM1,800 - RM3,00 locations with road frontages. Feour-storey P0rim R0M750,000 - RM1,400,00 RM4,500 - RM8,00 However the take up rate for upper floors of conventional shophouses remains low. Miri Commerce RESIDENTIAL Square and Waterfront Commercial Centre are the latest commercial developments Residential properties below within Miri Town Centre. The sales and RM150,000.00 (mainly single-storey houses) rental response for these two projects have has experienced a reasonable sales trend since been mixed over the whole of 2002 coupled the second quarter of 2002. The demand for with limited financing packages to attract newly built single-storey houses has been buyers to invest into this sub-sector. quite encouraging partly due to the attractive financing packages being offered by financial The high occupancy rates for retail outlets institutions. New townships providing such within shopping complexes have remained properties are Bandar Baru Permyjaya in Tudan stable throughout 2002. Popular shopping and Desa Senadin in Lutong. complexes that are presently enjoying high occupancy rates are Imperial Mall & Suites, Other smaller projects, which have also Boulevard Shopping Complex and Bintang achieved good sales response, include Plaza Shopping Complex. It is likely that this Interhill Park in Jalan Bakam and Taman Tunku trend will continue to remain in 2003. off Jalan Airport. Mostly these properties are purchased for owner occupation with only a C H Williams Talhar Wong & The office sector however, is still small number being purchased for Yeo Sdn Bhd experiencing high vacancy rates since the investment purposes. The rental levels for economic downturn. With the existing these properties remain reasonably low due competitive rentals being offered for the to their “out of town” locations. Lot 1139 Miri Waterfront Commercial Centre 98000 Miri Tel : 085 – 432 821 Fax : 085 – 411 786 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The buying and rental

market for industrial

properties have

remained stable in prime localities such as Bandar Baru Permyjaya Krokop and Piasau The overall demand for double-storey INDUSTRIAL houses remains low with the prices for such Industrial Parks. properties reaching RM280,000. Demand for The buying and rental market for such properties is confined to new projects industrial properties have remained stable such as Taman Bayshore in Lutong and Taman in prime localities such as Krokop and Piasau Siang Siang off Jalan Miri-Bintulu, which have Industrial Parks. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ modern designs with reasonably good locations. Factors affecting the sales of However, demand in secondary locations, properties costing RM280,000 and above are such as Desa Senadin Industrial Estate, Permy largely due to their level of finishing, location, Technology Park, Kuala Baram Industrial design and land sizes. Estate and Taman Tunku Industrial Estate, have remained sluggish due to their Rental demand for medium to up- respective distances from the town centre. market properties such as double storey The rental levels for properties here are still semi-detached and/or detached houses, low in comparison to their prime apartments and condominiums units counterparts. remain sluggish. This is evident with the rising number of vacant properties available Preferences are still towards industrial for rent or sale in the market. The lack of properties within Krokop and Piasau areas. demand for such properties is partly With their limited supply in prime locations affected by the reduction of incoming most industrial buildings are owner expatriates into Miri. occupied while those available for rental are being tenanted. The selling prices and monthly rentals of residential properties for the year 2002 are as follows:

SELLING PRICES & RENTALS OF RESIDENTIAL PROPERTIES Tnype Lsocatio Slelling Price Renta (Unfurnished) Single storey P0rime R0M95,000 - RM140,00 RM400 - RM55 terraced S0econdary R0M75,000 - RM100,00 RM280 - RM40 Double storey P0rime R0M135,000 - RM155,00 RM500 - RM70 terraced C H Williams Talhar Wong & S0econdary R0M100,000 - RM145,00 RM400 - RM60 Yeo Sdn Bhd Single storey P0rime R0M145,000 - RM195,00 RM500 - RM75 semi-detached S0econdary R0M110,000 - RM150,00 RM400 - RM55 Double storey P0rime R0M180,000 - RM300,00 RM700 - RM90 semi-detached Lot 1139 Miri Waterfront S0econdary R0M150,000 - RM220,00 RM450 - RM65 Commercial Centre Single storey P0rime R0M180,000 - RM280,00 RM700 - RM90 98000 Miri detached S0econdary R0M160,000 - RM220,00 RM600 - RM80 Tel : 085 – 432 821 Fax : 085 – 411 786 Double storey P0rime R0M300,000 - RM450,00 RM900 - RM1,50 detached E-mail: [email protected] S0econdary R0M220,000 - RM330,00 RM700 - RM1,00 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The take-up rates of industrial properties EDUCATION within the secondary locations are slow and geared more towards ready build industrial Curtin University (Sarawak Campus) has The demand for semi-detached or detached buildings. Vacant begun operations in its newly completed industrial lots in secondary locations are mostly building located in Lutong while its temporary left undeveloped at this stage. campus in Riam is still in operation. properties in all sub The current pricing for industrial properties 2003 MARKET OUTLOOK are as follows: sectors will remain The continuation of ongoing projects Ptroperty Type Selling Prices Per Uni and programmes being implemented C0lustered RM200,000- RM250,00 to develop Miri into a Resort City by stable and experience S0emi Detached RM300,000- RM380,00 2005 will progress as planned. D0etached RM450,000- RM700,00 The demand for properties in all sub Seerviced Lot Selling Price Per Square Metr some improvements sectors will remain stable and P0rime Location RM 220 - RM30 experience some improvements S0econdary Location RM120 - RM15 especially in the residential sub-sector. especially in the Kuala Baram Industrial RM740,000 - RM860,000 per There will be a gradual increase in the Estate (1-5 Hectares) Hectare prices of residential properties although it is anticipated that such residential sub-sector. HOSPITALITY & LEISURE increases will be minimal. The demand for residential properties below the Occupancy rates for 3-5 star hotels (such RM150,000 level will improve as There will be a gradual as Dynasty Hotel, Holiday Inn, Grand Palace financial institutions continue with Hotel, Mega Hotel and Rihga Royal Hotel) range their low interest and attractive between 70% to 90%. This is due to the marketing campaign. The prices of increase in the prices of promotional programmes being held by the conventional shophouses will remain private and public sectors throughout 2002. unchanged in 2003, as there is currently There are presently no new hotels being ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ an oversupply of conventional residential properties added onto the market and this trend is shophouses within the town centre. expected to continue for the next few years. It is also envisaged that the buying and although it is The latest trend in the hospitality industry renting demand for purpose built offices is the availability of serviced apartments for will remain low as more conventional short-term and long-term tenancy within shophouses are made available as anticipated that such Imperial Mall and Suites, which is located cheaper alternatives to occupiers. within Miri Town Centre. These two and three- bedroom apartments are usually rented out Development activities will remain increases will be to tenants who are here on contractual work moderate as developers will still be in Miri of less than one year. cautious in their implementation of new projects due to the current “wait minimal. This sub-sector should continue to enjoy and see” attitude of prospective buyers above average occupancy rates with the and tenants. continuous support from organised programmes from both the public and private Overall the property market outlook sectors in 2003. for Miri Town will remain stable with more improvements geared towards AGRICULTURAL the medium cost residential market. Other sub-sectors will see gradual There have been no changes in the growth but at a much slower pace. activities of agricultural crops since 2001. The main activities are oil palm plantation, which C H Williams Talhar Wong & are mostly located within the Miri-Bintulu, Suai Yeo Sdn Bhd and Niah areas. There are also increases in oil palm plantations within the Kuala Baram areas for 2002. Lot 1139 Miri Waterfront Commercial Centre 98000 Miri Tel : 085 – 432 821 Fax : 085 – 411 786 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

BINTULU INDUSTRIAL

The overall property he overall property market in The demand for Kemena Industrial Estate T Bintulu had been strong during the (KIE), developed by Bintulu Development beginning of 2002 and slowing down Authority (BDA) had remained slow due to market in Bintulu had towards the end of the year. the slowdown of timber activities and downstream development. KIE Phase II’s RETAIL/OFFICES industrial lands were sold at between been strong during the RM54.12 to RM75.35 per square metre. The Northern Corridor of the existing Bintulu Town, namely the integrated Bintulu BDA is also developing industrial lands in beginning of 2002 Township, Bintulu Commerce Square (Phase Kidurong for petro-chemical related industries 1 and II) developed by Sarawak Land (Kemena to assist in the development of small and Park) Sdn Bhd are fully completed and medium industries (SMIs). Industrial lands at and slowing down occupied. The developer launched Phases III the Kidurong Industrial Area (KINDA’s) were & IV comprising 82 units of 3-storey opened for sale at RM54.40 to RM77.42 per shophouses with more than 70% of these square metre by BDA. towards the end of the units sold. HOSPITALITY AND LEISURE RESIDENTIAL year. No new hotel was built in Bintulu in 2002. Our survey shows that during the period The occupancy rates were reported to range from 1997 to first quarter of 2002, the average between 50% and 90%. annual addition of housing units in Bintulu is about 471 units. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ The current supply of hotels/inns in Bintulu is as follows:- There are more than a 1,000 units under construction, with the highest number of 648 Cslass Hsotel/Inn No. of Room units at projects along Jalan Tun Hussein Onn. Terraced houses form the major bulk of the Cslass 1 H8otel 47 additional units. Cslass 2 B8udget Class Hotel/Inn 69

Cslass 3 L2ow Class Inns/Lodging House 6 Prices and rentals for residential properties had increased slightly as compared to the T8otal 1,23 levels recorded in 2001.

Selling prices as and rentals of the various types of residential properties are as follows:-

T)ype S)elling Price (per unit Monthly rental (unfurnished F0lats (2-bedroom) R0M50,000 - RM60,00 RM300 - RM40 F0lats (3-bedroom) R0M60,000 - RM75,00 RM350 - RM50 Single-storey R0M90,000 - RM120,000 RM500 - RM60 terraced (Intermediate) Single-storey R0M120,000 - RM165,000 RM550 - RM70 terraced (Corner) C H Williams Talhar Wong & Double-storey R0M130,000 - RM170,000 RM700 - RM80 Yeo Sdn Bhd terraced (Intermediate) 1st Floor, 35BDA Double-storey R0M160,000 - RM230,000 RM800 - RM90 Shahida Commercial Centre Lebuhraya Abang Galau terraced (Corner) P O Box 363 Double-storey R0M180,000 - RM360,000 RM900 - RM1,80 97008 Bintulu Semi-detached Tel : 086 – 335 531 Fax : 086 – 335 964 Double-storey R0M350,000 - RM500,000 RM1,300 - RM2,80 E-mail: [email protected] detached ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

The property market is

expected to move at a

moderate rate in terms

of demand and International Container Terminal and activities in the year Innner Harbour of Bintulu Port 2003. 2003 MARKET OUTLOOK

With several Petro-Chemical projects MDS’s Debottlenecking Project and (such as the construction of MLNG 3 others still under construction), the Plant, Rejuvenating of the MLNG 1 property market is expected to move project, Bakun Hydro Electrical Dam, at a moderate rate in terms of demand the expansion of ABF Plant and Shell and activities in the year 2003. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar Wong & Yeo Sdn Bhd 1st Floor, 35BDA Shahida Commercial Centre Lebuhraya Abang Galau P O Box 363 97008 Bintulu Tel : 086 – 335 531 Fax : 086 – 335 964 E-mail: [email protected] InternationalInternational PropertyProperty WTW Bovis 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

SUMMARY OF THE CONSTRUCTION SECTOR

The Malaysian economy picked up from a 1.1% growth in the first quarter of 2002 to 3.8% in in the second quarter, recording the first half growth of 2.5%. Growth in the third quarter, based on industrial output and export data, is estimated to be about 5.0% or more. Even if the fourth quarter growth (quarter-on-quarter) is stagnant, year-on-year growth will still be positive due to statistical base effect. Domestic demand, which is buoyed by expansionary fiscal and monetary policies, coupled with statistical gain from the low base, would probably more than offset other external factors which are adversely affecting growth in the second half of this year. Budget 2003, which delivers bonus to civil servants and incentives to certain sectors, would probably have a fairly mild impact on the economy. However, the increasing uncertainty related to the slowing down of the US economy, port closures in the US, weak financial markets and the rising risk of war with Iraq, will all pose a threat to Malaysia’s GDP growth in the near term.

In the 2003 Budget, the Government is focusing on improving infrastructure in rural areas, with a proposed 36% increase in the rural development with an allocation of RM2.5 billion. The allocation would include building and upgrading major roads, village roads, bridges and providing basic facilities, such as electricity and water supply, health, education and housing as well as telecommunication facilities.

The construction sector is forecast to record a higher growth of 4.5% in 2003 from 3.8% in 2002. Public sector projects in health and education as well as rural development would continue to drive the sector. Massive projects like the Bakun Hydro-electric Dam and the on-going double tracking rail projects will further drive the sector. Housing development would also contribute to growth in view of increasing demand for low and medium cost houses. (MGCC & MIER) ○○○○○○○○○○○○○○○○○○○○○○○○○○ WTW BOVIS AND OUR POINT OF offer a delivery service that guarantees on- DIFFERENCE time, on-budget project completion and an enhanced commercial result for our clients. WTW Bovis is a member of the Bovis Lend Lease Group, in turn a division of Lend WTW Bovis has a rich history of service Lease Corporation which is listed on the delivery for nearly two decades, focusing on Australian Stock Exchange in Sydney. Bovis customer service and value creation. Our WTW Bovis Sdn Bhd Lend Lease is acknowledged as one of the project experience covers broad industry world’s leading companies in management sectors. Currently we are undertaking services and construction activities. Globally projects ranging from hotel refurbishment, Level 11, Tower 1 together with Bovis Lend Lease we have retail centres, railway stations and office MNI Twins, 11 Jalan Pinang 7,000 employees in 93 offices worldwide. upgrades. Our depth of knowledge is 50450 Kuala Lumpur Large and small projects are undertaken for unmatched in the industry. Tel: 603 – 2163 4511 a client base that represents many of the Fax: 603 – 2161 5421 world’s leading brands. At regional level we E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

We provide our employees with a In addition to project management and stimulating and supportive work structure construction, the Group also undertakes real where they are encouraged to achieve their estate funds management and property WTW Bovis provide maximum potential. In this flexible and development. Total funds under management innovative environment we are able to provide and administration for the Group is in excess our clients with a level of service few of our of US$48 billion, with over US$33 billion in qualified expertise and competitors can match. property assets under management in five continents. Lend Lease Corporation’s global WTW Bovis provide qualified expertise real estate investment management ranks as proven professional and proven professional management one of the largest in the world with market systems that give particular advantages to a capitalisation at approximately US$3 billion project. Our philosophy is to work closely (October 2002). management systems with our clients, sometimes becoming an extension of our clients’ operations, to ensure WTW Bovis have amassed a strong delivery of a quality development in a timely portfolio of experiences in the management that give particular and cost effective way. of development projects in Malaysia, amongst others : We provide construction solutions to advantages to a project. accommodate our client needs, our core ● Office Buildings (Petronas Twin Towers, services include: Securities Commission Building, MNI Twins)

● Project/programme Management ● Shopping Malls & Retail Centres (Suria KLCC, , Mid Valley, Putrajaya Parcel Z) ● Construction Management ● Hotels (Puteri Pan Pacific, Holiday Inn ● Design & Build Shah Alam, Mandarin Oriental)

● Management Contracting ● Process Plants (NS Cement Plant, Press Plants for NSTP, MAS Catering)

● Technical Consultancy ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ ● Industrial/ Manufacturing Facilities (Intel, Our scope of services includes new EAC Logistics, MAS Complex, Fibertex non- services and have mobilised Business Units wovens) in the region who are ready to provide the said services, none of our competition can ● Engineering Facilities (MAS Hangar, offer this: Our Point of Difference. Some of Advanced Cargo KLIA, Ipoh Water Scheme) the mentioned services include the following: ● Transport (KL Sentral Station)

● Retail Business Unit : ● Hospitals (Ampang Puteri Hospital)

Concept Design and Retail Planning ● Leisure (Staffield Country Resort, Services including retail master planning. Samaworld, Selangor Turf Club)

● Pharma Business Unit: ● Residential (Housing schemes)

Total Pharmaceutical design, planning, ● Building Refurbishment ( K & N Kenanga, procurement & construction services (turnkey). Mutiara Hotel KL)

The business units’ specialization coupled ● Due Diligence study (Plaza Perangsang, with our in-house construction and Mutiara Hotel KL) engineering expertise provides superior value to our clients, especially clients who require ● Industrial-Design&Build(EAC Logistics, WTW Bovis Sdn Bhd specific knowledge in certain market sectors. Dumex Milk Packaging, Nilai) i.e. pharmaceutical, retail, etc. Level 11, Tower 1 MNI Twins, 11 Jalan Pinang 50450 Kuala Lumpur Tel: 603 – 2163 4511 Fax: 603 – 2161 5421 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

ON-GOING PROJECTS of production and storage areas, services to accommodate the Client’s equipment, cabinet WTW Bovis is the WTW Bovis is providing a full range of rooms, administration building, landscape and services to its esteemed clients including : general infrastructure works. The extremely short duration of 9 calendar months is Retail Planner & ● The Construction Management of aggressive but achievable with the completion The Refurbishment of Mutiara Hotel, of the building envelope in Nov 2002 to Kuala Lumpur receive the Client’s equipment from Denmark. Concept Designer and WTWB is the Construction Manager (CM) Project completion is scheduled for Feb for the total hotel refurbishment of this over 2003. The contract value of RM18.6 million Project Manager for 500-room hotel. Some of the works which includes concept, schematic and detail design, include total Mechanical, Electrical & Plumbing construction works including, EIA & changes and upgrade, guest bedroom topographical studies and authority approvals. this 186,000 square refurbishment, including bathroom enlargements, corridor and common area ● Retail Planning & Project improvements and re-engineering will be Management of a Retail Centre located metre retail centre undertaken whilst the hotel is in operation. As at Parcel Z, Putrajaya. the CM, WTWB will ensure that good quality workmanship is implemented and proper co- WTW Bovis is the Retail Planner & Concept located at Parcel Z, ordination of all trades is conducted, whilst Designer and Project Manager for this 186,000 ensuring that safety & security is adhered to. square metre retail centre located at Parcel Z, Putrajaya. This Greenfield site measures 53 ● Design & Build of Industrial acres and is situated beside the Putrajaya lake.

Putrajaya. This ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Facilities for Fibertex non-wovens in Nilai, The facilities will include cinemas, food courts, Negeri Sembilan boulevards, bowling alleys, and recreational Greenfield site areas and will eventually be connected to WTW Bovis Sdn Bhd has been engaged as hotel facilities. Our expertise in Retail Planning the Design & Construct contractor for Fibertex & Concept design is very much appreciated measures 53 acres and Nonwoven’s new factory located at Nilai, by the client and has enabled them to enhance Negeri Sembilan. This is the Danish company’s the development. The WTWB stringent Safety first plant outside Europe. The site measures procedure is being implemented along with is situated beside the approximately 6 acres and is located in a our Environmental & Health Management Plan. prominent industrial park. The new facility is circa 10,600 square metres in size and consists ● Kuala Lumpur Sentral Station Putrajaya lake. Engaged as Employers Representative for the station facilities, WTW Bovis will complete our services in end 2001. The station has been successfully completed

WTW Bovis Sdn Bhd

Level 11, Tower 1 MNI Twins, 11 Jalan Pinang 50450 Kuala Lumpur Tel: 603 – 2163 4511 Fax: 603 – 2161 5421 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ and is open to the public. Final account and ● Project Managers for a Luxury closing out issues are currently being Condominium Project in Bangsar. addressed, all facilities, track systems and WTW Bovis has been infrastructure works are fully operational. WTW Bovis has been appointed Project Manager for a luxury apartment development ● Retail Planning, Design & in Bangsar, Kuala Lumpur, Malaysia. The site engaged as retails Construction of KL Pavilion Retail Centre measures 1.75 acres and is located in the at Jalan Bukit Bintang, Kuala Lumpur. upmarket suburb of Bangsar, near Kuala Lumpur city. planners & project WTW Bovis has been engaged as retails planners & project managers for this The development encompasses low development & is seeking to convert our density, large luxury apartments with an managers for this involvement to a construction role. approximate construction cost of RM90 million. development & is

seeking to convert our

involvement to a

construction role. ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

WTW Bovis Sdn Bhd

Level 11, Tower 1 MNI Twins, 11 Jalan Pinang 50450 Kuala Lumpur Tel: 603 – 2163 4511 Fax: 603 – 2161 5421 E-mail: [email protected] InternationalInternational PropertyProperty BRUNEI 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

he property market in 2002 has ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ The asking rentals for these two buildings Tmore or less stabilized. However, are as follows: investors remained cautious. The general Dar Takaful IBB Utama Dar Takaful IBB 2 market sentiment is that Rental per square metre Rental per square metre there is no clear indication F0irst Floor B0$60-B$7 Shops: B$50-B$6 of a forthcoming market Food courts: B$20-B$23 S4econd B6$54-B$6 B$31-B$3 recovery. T5hird B5$47-B$5 B$22-B$2 F5ourth B)$47-B$5 B$33-B$40 (Health Club RETAIL/OFFICE F5ifth Bh$47-B$5 Pools: B$1,900-B$2,200 per mont Badminton/Squash: B$6,300-B$7,500 per month The Bangunan Persatuan S5ixth B$47-B$5 Guru-Guru Melayu Brunei Ninth Gym: B$1,600-B$1,800 per month Tenth Restaurant: B$12,200-B$14,300 per month (PGGMB) was officially opened Eleventh Apartment: B$3,400-B$4,00 per month in May. This latest landmark in Phenthouse B$6,200-B$7,300 per mont the town centre houses commercial space on the ground and first floors. It also accommodates Notwithstanding the above, however, the foodcourts, business suites and offices. Apart general market rent for retail and office space from this, the building has its own multi-storey remained competitive in the region of B$50 car park building which is being leased from to B$70 per square metre and B$10 to B$25 the Municipal Board. per square metre respectively.

The rentals for this building are as follows: A major ongoing development project is The Mall in Gadong. By the last quarter of 2002, the project is over Fhloor Rental Rates per mont 50% completed. It boasts 150 Geround & First (Commercial) B$48 – B$75 per square metr hotel apartments, 170 shop units, Slecond (Food Court) B$1,500 per stal four cineplexes, three international conference rooms Neinth (Business Suites) B$1,500 per suit and a ballroom (banquet hall). The Teenth (Business Suites) B$1,350 per suit Mall is scheduled for soft Eeleventh – fourteenth (Offices) B$38 per square metr launching in August 2003.

RESIDENTIAL Two other new additions to the town centre are the Dar Takaful IBB Utama and the There were no major residential Dar Takaful IBB 2. developments throughout 2002 except for the National Resettlement Housing Schemes Dar Takaful IBB Utama comprises 10 within the Brunei Muara and Belait districts. C H Williams Talhar & Wong floors including a basement car park. This (B) Sdn Bhd building houses office space on its first to There were still very limited transactions. sixth floors, most of which are being owner- Although the number of property auctions occupied by Takaful IBB. The Dar Takaful IBB has increased, very few of these auctions Shop 11, 3rd Floor Jalan McArthur 2, which is constructed adjacent to the Dar were successfully concluded. Owing to Bandar Seri Begawan BS8711 Takaful IBB Utama, accommodates shops, declining rentals and limited scope of capital Negara Brunei Darussalam offices, restaurants, residential units and growth, residential properties are no longer Tel : 673 – 228 050 / 234 695 sports facilities. an attractive option for investment. Fax : 673 – 228 050 / 243 695 E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

INDUSTRIAL The prices and rentals of these shophouses remained more or less The scope of industrial developments in consistent with the previous year. A typical The market is expected Brunei Darussalam is very limited. The 3 storey shophouse in Kiulap is selling Government grants long leases to between B$400,000 and B$450,000 and at individuals and companies at nominal a rental of B$3,500 per month; whereas a to remain passive. annual premiums to promote industrial similar unit in Serusop is selling at developments in the Sultanate. Several areas B$450,000 and at a rental of B$4,500 per have been earmarked for this purpose month. However, a fair number of Property investors are including Serasa, Lambak and Beribi. A fair shophouses on the outskirts of Bandar Seri number of these plots are utilized for auto Begawan are still vacant. dealers’ showrooms and service centres, not in a hurry to close garment factories and food processing HOSPITALITY/LEISURE plants; and to a much lesser extent, brick and floor tile factories. These properties are 2002 was another difficult year for deals. Most developers exclusively granted to specific individuals or hoteliers in Bandar Seri Begawan. Despite companies for specific purposes. No aggressive campaigns by the Government to transfers or sub-leases are allowed. lure tourists into the Sultanate, the number are apt to stay away of tourist arrivals is still short of offsetting The term ‘light-industrial’ is commonly the supply of over 2,000 rooms. used in Brunei Darussalam, which relates to from new two to four storey shophouses. These Hotels on the outskirts suffered the most shophouses are intended for ‘light-industrial’ with occupancy rates of 20% and below, in activities such as auto repairs and service spite of discounts of up to 50% of the developments, while centres, hardware shops and small-scale published room rates. food processing shops. However, most of these premises are used for a wide range of 2003 MARKET OUTLOOK other projects will commercial activities. The market is expected to remain

Despite the apparent over-supply of ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ passive. Property investors are not in remain on hold at the shophouses, the Kiulap, Serusop and a hurry to close deals. Most developers Lambak areas proceeded with are apt to stay away from new developments as planned. At least 80 units developments, while other projects will blueprint phase. were completed in 2002, and another 68 remain on hold at the blueprint phase. units are expected to be completed in 2003. Reportedly, more shophouse developments are in the pipeline.

C H Williams Talhar & Wong (B) Sdn Bhd

Shop 11, 3rd Floor Jalan McArthur Bandar Seri Begawan BS8711 Negara Brunei Darussalam Tel : 673 – 228 050 / 234 695 Fax : 673 – 228 050 / 243 695 E-mail: [email protected] InternationalInternational Professional PropertyProperty Services 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

WTW, with extensive experience and its○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ large research capability and local knowledge offers to the market place, reliable advice with a commitment to serve over a wide geographical area. The WTW Property Market Report released since 1977 and the CEO Property Sector Opinion Surveys compiled since 1990, continues to provide reliable information to the market place. A full range of professional services are available.

VALUATION PROPERTY MANAGEMENT

Valuation of all real properties for various Management of buildings from a single purposes including mortgage credit security, residential unit to a property portfolio fire insurance, taxation, liquidation/ consisting of various types of properties. receivership. Valuation for investment Recommendations on rental, service charges, decisions such as sale, purchase and letting. sinking fund and sale policies. Collection of Asset valuation for corporate accounting and rent and payment of all outgoings. Maintaining financial statements, and submission to the rent-rolls and accounts. Securities Commission. Control and supervision of repairs, Valuation and consultancy for compulsory maintenance and redecoration. Advice on acquisition compensation claims including insurance and valuation for fire insurance. appearance as expert witness in judicial Ensuring performance of tenancy agreements proceeding. Valuation of “going concern” and and implementing rent reviews. special purpose properties such as timber concessions, mining lands and quarries. AGENCY / MARKETING

RESEARCH Sale, purchase and letting of all types of real estate ranging from vacant lands and Undertake market studies - surveys and individual houses to high-rise office blocks, market intelligence. Provide analyses to shopping complexes, hotels, industrial determine demand and supply. Conduct schemes, development lands and plantations. marketability studies - pricing levels and Locating, identifying and securing sites for strategies. Undertake viability studies - special users. Advice on and implementation assessment of feasibility of projects. Assess of marketing strategies of commercial, retail, development proposals on their suitability to industrial and office space. client’s needs. DEVELOPMENT MANAGEMENT Provide continuous market research capabilities. Provide investment and economic Advice on property development process analysis. Undertake property market with emphasis on environmental concerns. forecasting. Provide market research and Evaluation of existing property portfolio. develop property indices. Prepare Acquisition of lands, which are ripe for development plans/schemes. Advice on development. Facilitate applications to state planning of comprehensive development and and relevant authorities for alienation of land redevelopment schemes. Make and other approvals. recommendations on highest and best use.

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Determine the most appropriate layout for STRATEGIC CONSULTING subdivision to achieve the optimum return. Consider relevant forms of development for a The early success or failure of any particular site including the development investment, proposed occupation and use of concept, mix, layout design and expected project depends greatly on the strategy marketability. Advice on the most effective adopted. Advice on the appropriate strategies mechanism of development through Joint- to adopt in maintaining a property portfolio to Venture. Development Right, Sale & maximise return over the long term. Leaseback, etc. AUCTION Source for and recommend joint-venture partners. Conduct project tendering and To act for High Courts, Land Administrators evaluate development proposals to achieve and other clients to conduct auctions of land, the best use. Monitor progress, costs and buildings and chattels. To act for clients in quality. Consider special interests in bidding for properties at public and private environment, tourism, aviation, maritime, auctions. energy, agriculture, science, education and taxation where they relate to property. FACILITIES MANAGEMENT

PLANT & MACHINERY Managing business support services, workplace audits and benchmarking, service Valuation of plant & machinery for various level measurement, procurement and purposes including insurance, finance, sale, management of support services. credit security and foreclosure. Valuation of building services plant and fit-out for PROJECT AND CONSTRUCTION depreciation purposes. Chattel valuation such MANAGEMENT as office furniture and fixtures, hotel operating equipment and accessories. ‘Single point’ commercial management expertise in the coordination of the project

CORPORATE REAL ESTATE ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ team involved in the design and construction of development project to meet clients’ Redefine strategic plans, processes and objectives in terms of time, cost and quality. activities for both public and private sector The scope of work includes design organisations. Produce improvements in management, value engineering, cost control operating efficiencies and performance of real techniques, time control procedures, quality estate holdings. Develop and apply technology management, contracting and procurement to corporate real estate. Provide corporations strategies to design, construct and commission with an edge over competitors by focusing the project. on improved productivity ie people, space and capital. INVESTMENT CONSULTANCY

Consider real estate as a major component Advice on property investment strategy of an organisation’s balance sheet. Translate and the right mix for real estate portfolio. growing pressures to contain and reduce costs. Advice on asset diversification and risk Outsource corporate real estate management management. Advice on the acquisition and functions to enhance shareholder value. holding of property for long or short term investment. Consider aspects of property taxation. Assessment of viability of each project. Facilitate foreign investments. Help in the understanding of the real estate market.

C H Williams Talhar & Wong InternationalInternational PropertyProperty WTW Network 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

BRANCHES ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ PETALING JAYA 15.03 15th Floor, Menara MPPJ KUALA LUMPUR New Town Centre 46200 Petaling Jaya #3228, Menara Tun Razak Tel : 03 – 7956 9211 Jalan Raja Laut Fax : 03 – 7957 8049 P O Box 12157 E-mail: [email protected] 50768 Kuala Lumpur Tel : 03 – 2693 8888 Fax : 03 – 2693 6565 SEREMBAN E-mail: [email protected] 1st Floor, Kompleks Negeri 7-A, Jalan Dr Krishnan ALOR SETAR 70000 Seremban Tel : 06 – 763 7373 2nd Floor, Kheng Chew Assc. Fax : 06 – 765 3360 38 Jalan Putra E-mail: [email protected] 05100 Alor Setar Tel : 04 – 730 3300 Fax : 04 – 730 2200 MELAKA E-mail : [email protected] 178 Jalan Merdeka Taman Melaka Raya BUTTERWORTH 75000 Melaka Tel : 06 – 281 2288 No. 33, Jalan Todak 4, Fax : 06 – 284 6399 Pusat Bandar Seberang Jaya E-mail :[email protected] 13700 Seberang Jaya Tel : 04 – 398 1188 Fax : 04 – 397 1188 BATU PAHAT E-mail: [email protected] 37-4B, Jalan Rahmat 83000 Batu Pahat PENANG Tel : 07 – 434 6122 Fax : 07 – 431 6921 35, Green Hall E-Mail: [email protected] P O Box 1161 10850 Penang Tel : 04 – 263 3377 JOHOR BAHRU Fax : 04 – 263 0359 Unit 18B Level 18 E-mail: [email protected] Menara Ansar 65 Jalan Trus IPOH P O Box 320

○○○○○○○○○○○○○○○○ 80000 Johor Bahru 13A, 1st Floor, Tel : 07 – 224 3388 Jalan Panglima Fax : 07 – 224 9769 P O Box 562, 30760 Ipoh E-mail: [email protected] Tel : 05 – 241 0611 Fax : 05 – 255 6536 E-mail: [email protected]

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

KUALA TERENGGANU TAWAU 4th Floor, 98, Jalan Banggol 305, 1st Floor 20100 Kuala Terengganu Leong Hua Building Tel : 09 – 626 2760 Dunlop Street, Fax : 09 – 622 2788 P O Box 60394 E-mail: [email protected] 91013 Tawau Tel : 089 – 774 349 Fax : 089 – 762 287 KOTA BHARU E-mail: [email protected] PT 1185, Level 2 Jalan Kebun Sultan 15350 Kota Bharu LAHAD DATU Tel : 09 – 748 7070 / 743 1006 2nd Floor, Lot 2, Block A Fax : 09 – 744 7545 RHB Building E-mail: [email protected] Metro Commercial Centre Jalan Kiambang P O Box 60600 KUANTAN 91115 Lahad Datu th 5 Floor, Bangunan Hongkong Bank Tel : 089 – 882 393 Jalan Mahkota Fax : 089 – 885 088 25000 Kuantan E-mail: [email protected] Tel : 09 – 515 0000 Fax : 09 – 514 5793 E-mail: [email protected] KUCHING No.9 (1st Floor) ASSOCIATED OFFICES Jalan Song Thian Cheok P O Box 2236 93744 Kuching KOTA KINABALU Tel : 082 – 246 262 nd 2 Floor, Fax : 082 – 416 909 ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ EONCMG Life Building E-mail: [email protected] No. 1, Jalan Sagunting P O Box 14414 88850 Kota Kinabalu MIRI Tel : 088 – 248 801 Lot 1139 Miri Waterfront Fax : 088 – 230 826 Commercial Centre E-mail: [email protected] 98000 Miri Tel : 085 – 432 821 Fax : 085 – 411 786 SANDAKAN E-mail: [email protected] Room 602, 6th Floor Lai Piang Kee Building Jalan Lima, WDT No. 110 SIBU 90009 Sandakan No. 11 & 12, 2nd Floor Tel : 089 – 217 025 Lorong Kampung Datu 3 Fax : 089 – 272 850 P O Box 1467 E-mail: [email protected] 96008 Sibu Tel : 084 – 319 396 Fax : 084 – 320 415 LABUAN E-mail: [email protected] 1st Floor, Wisma Chee Sing 48 Jalan Merdeka P O Box 82229 BINTULU 87032 Federal Territory of Labuan 1st Floor, 35BDA Tel : 087 – 416 341 Shahida Commercial Centre Fax : 087 – 416 342 Lebuhraya Abang Galau E-mail: [email protected] P O Box 363 97008 Bintulu Tel : 086 – 335 531 Fax : 086 – 335 964 E-mail: [email protected]

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

BRUNEI WTW BOVIS SDN BHD Shop 11, 3rd Floor Jalan McArthur Level 11, Tower 1 Bandar Seri Begawan BS8711 MNI Twins, 11 Jalan Pinang Negara Brunei Darussalam 50450 Kuala Lumpur Tel : 673 – 228 050 / 234 695 Tel: 603 – 2163 4511 Fax : 673 – 228 050 / 243 695 Fax: 603 – 2161 5421 E-mail: [email protected] E-mail: [email protected] ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

C H Williams Talhar & Wong InternationalInternational Professional PropertyProperty Staff 20032003 SERVING THE PROPERTY INDUSTRY NATIONWIDE SINCE 1960

ALOR SETAR ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Asnida Isa Adv Dip. Est. Mgt. (UiTM) Muzlini Said Assistant Manager (Valuation) B.Sc Land Mgt (Reading) MISM Branch Manager Gerard Arthur Pereira Licenced Auctioneer Fazida Amir BLE (Hons) (Aberdeen) Tham Wai Ping B. Sc (Hons) Const. Mgt. (USM) Norrushidah Zakaria Adv Dip in Est. Mgmt. (ITM) Chong Ying Haan B.Sc (Hons) Prop. Mgt. (UTM) Rosli Mansor Dip in Est. Mgmt. (ITM) JOHOR BAHRU

BATU PAHAT Mohd Talhar Abdul Rahman FRICS FISM MSISV APEPS Tew You Kian Group Chairman B.Surv (Hons) Prop. Mgt (UTM) MISM APEPS Danny S K Yeo Director Assoc. Dip in Val (RMIT) MISM APEPS Director

BUTTERWORTH Goh Boon Guan B.Surv (Hons) Prop.Mgt. (UTM) Tony Lee Eng Kow Senior Assistant Manager (Valuation) B.Sc (Hons) Est. Mgt. MISM APEPS Director Abdul Jalil bin Hashim B.Surv (Hons) Prop. Mgt. (UTM) Fook Tone Huat Assistant Manager (Valuation) B.Sc (HBP) (Hons) MISM Senior Assistant Manager Kho Jit Keau B.Surv (Hons) Prop. Mgt (UTM) Mohd Radi B. Hj. Mohd Noh Assistant Manager – Project/Investment B.Surv (Hons) Prop. Mgt (UTM) Market

Azlan Bin Yusof Linda Lee Choon Huay (E428) B.Surv (Hons) Prop. Mgt. (ITM) Assistant Manager (Estate Agency) Dip. Est. Mgt. (ITM) Norsiyati Mamat @ Nawi B.Sc (Hons) Est.Mgt. (Liverpool) IPOH Mohd Rasyidi Bin Mohd Salleh Heng Kiang Hai B.A (Hons) Est. Mgt (ITM) B.Surv. (Hons) Prop. Mgt. (UTM) MBA (Real Estate, UWS) MISM APEPS Cheng Wui Kiang Director B.Surv(Hons) Prop.Mgt. (UTM)

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Nawal Dato’ Khudzairi Eva David B.(Hons) Est. Mgt (UM) B.A (Hons) Adelaide Manager (Research & Corporate) Mohd Diah Md Tahir B.Sc (Hons) Prop. Mgt. (UTM) Ang Nooi Kiang Manager (Finance) Lee Kun Thye B.Sc (Hons) Prop. Mgt. (UTM) Ma Ying Shy ACIS Manager (Human Resource) KOTA BHARU Michelle Chong Sau Ying Muhd Kamal bin Mohamad Manager (Administration ) Adv Dip. Est. Mgt. Reg. Valuer & Reg. Est. Agent. MISM APEPS Vincent Wong Yuen Koong Branch Manager Head (Commercial & Industrial)

Wan Alida Fairuz Bin Wan Daud Anna Wong Kok Ling B.Surv (Hons) Prop. Mgt (UTM) Head (Residential) Assistant Manager Shuraiya Abdul Rahman Mat Nori Bin Mat Yusoff B.LE (Hons) (Aberdeen) Dip in Est. Mgt. (UiTM) Head (Marketing)

Mokhtar Hj Mahmud KUALA LUMPUR Adv. Dip. Est. Mgt (ITM) Senior Assistant Manager (Relationship)

John S C Loh KMN SSA PJK M.Sc (NUS), MBA(Finance) (Hull) FRICS Tan Ka Leong

FISM APEPS ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ B.Surv (Hons) Prop. Mgt (UTM) Managing Director Senior Assistant Manager (Valuation)

Goh Tian Sui Celine Tan Paik Hoon B.Sc (Hons) Est. Mgt (Reading) FRICS FISM ACIS ACSM APEPS Senior Assistant Manager Deputy Managing Director Personal Assistant (Finance Director)

P.A. Chong SMP William Wan Chee Pan B.Sc Est.Mgt (Leicester) FRICS FISM APEPS Dip. in Prop Mgmt Director Senior Assistant Manager (Prop Mgmt)

Muhammad Baharuddin Mustafa Carol Billy Spencer B.Surv (Hons) Prop. Mgt (UTM) MISM B.Sc (Hons) Urb Est. Mgt (Northumbria) MMIM APEPS Senior Assistant Manager Director Marlene Padan Aziah Mohd Yusoff B.Com (Hons) Prop. Econ (UWS) BLE (Hons) (Aberdeen) Senior Assistant Manager MBA (Real Estate, UWS) MRICS MISM APEPS Chen Chee Weng Director B.(Hons) Est. Mgt. (UM) Assistant Manager (Webmaster) Abdul Halim Othman B.Sc Est.Mgt (Reading) FRICS FISM APEPS Wong Fook Choy Consultant Dip. in. Electrical / Electronics Assistant Manager (P & M) Carol Chin B.A. Econs (Hons) (B’ham) MIM Ainuddin Jalaini Ismail Manager (Business Development) B.Sc (Hons) Urb. Est. Mgt. (Liverpool) Assistant Manager

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Yeo Kian Aun KUALA TERENGGANU MBA (Finance) (CSU) B. (Hons) Est. Mgt. (UM) Mohd Firdaus Bin Idris Assistant Manager B.Sc (Hons) Est.Mgt. (Lond) MISM APEPS Branch Manager Tan Shu Yuen B.(Hons) Est. Mgt. (UM) Hasniyati Hamzah Assistant Manager B. Sc Land Mgt (Reading) Assistant Manager Alexander Manyin B.Sc (Hons) Land Mgt (Reading) Muhamad Haneef Bin Ali Assistant Manager B.Sc. Real Est. Mgt. (UTM)

Burhan Salleh Nik Mohd Nazirin Nik Zakaria B.Bs (Prop. Mgt.) (RMIT) Dip. in Val (UTM) Assistant Manager (Valuation)

Wong Huey Feng KUANTAN B.Sc (Hons) Est. Mgt. (UM) Assistant Manager (Development & Hj Wan Nordin Hj Wan Salleh Consulting) Dip Val. (Auckland) Dip Est. Mgt. (UiTM) MISM APEPS Azizul Rahman Bin Mohammad Director B.Sc (Hons) Est. Mgt. (UiTM) ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Pek Kok Hing Azam Abdul Aziz B A Econs (Hons) UM B.Sc (Hons) Est. Mgt.(UK) Dip.in HE (Law) UK Liom Hong Sang Registered Estate Agent (E-535) Lim Chai Yin B.(Hons) Est. Mgt. (UM) Md Anizam Bin Md Muis B.Sc Prop. Mgt. (UTM) Lam Tuck Kiong B.Sc (IT) (Queesland) Fauzan Bin Ismail B.Sc Prop. Mgt. (UTM) Nathalene Bong Sim Peng B.Bs (Tasmania) MELAKA Vasantakumar Machap B.Sc Real Est. Mgt. (UTM) Foo Gee Jen B.Surv (Hons)Prop,Mgt (UTM)MISM APEPS Wendy Choy Ching Woon Director M.Com (Funds Mgmt) UNSW B.Com (Prop Econ) UWS Hazni bin Hassan B.Sc ULE (Sheffield) Mohd Fazli A Majid B.Sc Est. Mgt. (UiTM) Mok Thai Thong Dip. Val (UTM) Yong Sook Fun B (Hons) Est. Mgt. (UM) Ab. Razak Bin Abdullah Dip. Est. Mgt (ITM) Tan Say Keat M.Sc Real Estate (UK) Azlan Abd. Hamid B.Sc Est. Mgt. (UM) Dip. Est. Mgt (ITM) BBA Hons (Marketing) (UiTM) Yap Kin Ling M.Sc (Housing) USM B.Soc Science (Econ) USM

Irwati Mas Ayu Binti Dahili B.Sc (Prop Mgmt) (UTM) C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

PETALING JAYA SABAH

P’ng Soo Theng B.Sc Val. & Est. Mgt (Bristol) FRICS MISM KOTA KINABALU APEPS Director Chong Choon Kim B.Sc Est. Mgt. (Reading) MRICS FISM Sabariah Bte Eni Managing Director WTW (Sabah) Adv. Dip. in Est. Mgt (ITM) Assistant Manager Agnes Lee Siew Ngoh B.Sc (Hons) (UM) B.Sc (Hons) Est. Mgt Mujahid Bin Sulaiman (Reading) MISM B.Sc in Est. Mgt. (UiTM) Business Development Manager

Khaw Eng Leng Victor Yong B.Sc (Land Mgmt) (UK) B.Eng (Mech Eng) (Oxford Brookes)

Ramlee Bin Hj Puteh Anna Vun Mei Na Dip. in Est. Mgt (ITM) B.Sc (Land Admin & Dev)

Wong May San Azizan Bin Idris ACCA Dip – Est. Mgt.

Benjamin V K Mu PENANG B.Sc (Hons) Urban Prop Surveyor

David Khoo Tiang Huat Chen Yen Ping FRICS FISM APEPS B.Bus Economics & Finance Director

○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Eric Chong Chen Loong Kenny Koay Chin Kean (E888) BBs (Val & Prop Mgt) Senior Assistant Manager (Property Management) Vivian Cham Sen Yun B.A (Hons) Marketing Ooi Huey Fen B.Sc (Hons) Est. Mgt (UM) Chan Mon Hueg B.Sc (Hons) Est. Mgt. Tee Shy Ming B.Sc (Hons) Land Admin & Devt (UTM) Chua Teck Ong B.Com (Prop) SEREMBAN LAHAD DATU Ku Fuziah Ku Hamzah B. Sc (ULA) (P’mouth) MISM APEPS Leong Shin Yau Director B.Comm (Canterbury) MISM APEPS Director Azahari Bin Alias B.Sc (Prop Mgmt) (UTM) SANDAKAN Abd Razak Bin Mohd Haron Dip in Val (UTM) Robin Chung York Bin BSc (Est.Mgt.) (CNAA) MBA (Reading) Kunasuntaree a/p Purumal Dip. Proj. Mgt. MRICS FISM B.Sc Prop. Mgmt (UTM) Director

Raymond Chu Tai Keung B.Sc (London)

Al Fazli Bin Mohd Salleh B.Surv (Hons) & M.Sc (Prop.Mgt.) (UTM) C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

TAWAU SIBU

Frederick Victor Kilos Wong Ing Siong B Sc (London) IRRV MISM APEPS B.Sc. (Hons) Est. Mgt (Reading) MISM IRRV Director ARICS APEPS MMIEA Managing Director WTWY (Sarawak) Desmond Liew Vui En Bsc Est. Mgt (London) MIRI

LABUAN Hj Radzali Bin Hj Alision B.Sc. Est. Mgt (Southbank) MRICS MISM Doreen Lee APEPS BSc Est. Mgt. (Herriot – Watt) MISM APEPS Director Director Vincent Tiong Eng Ming B.Sc. (Valuation & Est Mgt) (Bristol) MISM SARAWAK Registered Valuer

Henry Yeo Hap Soon Teri Lee Yun Chew B.Sc Est. Mgt (Reading Dip. SCM FRICS B.Com (Banking, Finance & Risk Mgmt) IRRV MISM APEPS MMIEA (Queesland) Founder Managing Director Stanley Anyie ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Dip. Investment Analysis (ITM) KUCHING Samsudin Abang Alan Chew Dip in Banking (UTM) B.Sc Est. Mgt (Reading) FRICS FISM APEPS MMIEA Lee Yun Chew Director B. Com (Banking & Fin) (Queesland)

Sim Guan Hiong Dip. Mech. Eng & Dip. Rub. Process (IPM) BINTULU Manager (Plant & Machinery) Robert Ting Kang Sung Elaine Tan Li Hui B.Bus (VLE) (Perth) B.A Econs (UM) Director (Alternate to Henry Yeo) Prop Management & Research William Kong Chan Jui Hui B.Sc(Hons) Urban & Regional Planning B.Bus Prop. (RMIT) (UTM) Registered Planner with the State Shafiza Jaya Planning Authority B.Sc. (Land Mgt)) (P’mouth)

Kenneth Wong Cheng Ai WTW BOVIS SDN BHD B.Bus (Prop) (RMIT) Mohd Talhar Abdul Rahman Nurul Shaffiza Mohammad FRICS FISM MSISV APEPS B Sc (Hons) Urban Land Economics Chairman

Ho Liew Chin Dinesh K. Nambiar B Computer Science (Wollonggong) B.Sc (Hons) Bilg. Econs & Q.S. PMI (USA) Managing Director

Muhammad Baharuddin Mustafa B.Surv (Hons) Prop. Mgt (UTM) MISM MMIM APEPS Director

C H Williams Talhar & Wong ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○

Leonard Lee Edwin Yip B.Econs (Accounting) B Bldg Chief Accountant Project Manager

Goh Han Siang Roslan Othman B.Tech (Hons) B.Sc(Hons) QS RICS Senior Operation Manager Cost Manger

Rajeevan K. Azami Ismail Senior Construction Manager B .A. (Hons) Architectural Assistant Project Manager Oh Teik Min B.Sc (Hons) QS ARICS Rakesh Aravind Senior Commercial Manager B.Sc (QS) Manager - Business Development David Goh B.Sc (Eng) Andre Kadarusman Project Manager – MEP Cert. of Technology in Building Construction Clarence Boudville Chong Construction Manager Dip Elect. Eng Project Manager – IT BRUNEI See Hunt Soon B. Applied Sc ANZIQS Cornelius Koh Project Manager B.Sc (Hons) Est. Mgt. (Reading) MRICS IRRV Associate Director Suresh Thambyiah B.Eng (Hons) Civil MBA Kathy Lim Cheau Chiann

Project Manager ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ B.Sc (Hons) Prop Mgmt & Inv

C H Williams Talhar & Wong