An oversupply situation, as well as cautious buyer sentiment will see the luxury condominium segment remain subdued for the rest of the year.
According to Savills Malaysia’s latest Asian Cities report, there were 21,069 luxury residential units priced above RM800 per sq ft in Kuala Lumpur as of end-2014.
Luxury condo market to remain subdued
The heart of housing issue is affordability
Rajan: ‘The heart of the housing issue is what really constitutes an affordable price range and to which demographic this applies.’
National housing policies must change to reflect new realities and concerns. Today, the debate is shaped by concerns about housing affordability, particularly for the middle- and lower-middle-income group.
UEM Sunrise eyes up to RM500mil sales from campaign
Property developer UEM Sunrise Bhd aims to secure sales worth RM300 million to RM500 million during its two-month Signature Selection campaign, said managing director and chief executive officer Anwar Syahrin Abdul Ajib.
The campaign, which runs from Sept 1 to Oct 31, offers customers property projects with a gross development value of RM800 million launched two years ago in Mont'Kiara in Kuala Lumpur, Cyberjaya and Nusajaya, Johor.
Naza TTDI plans RM440m project
Naza TTDI Sdn Bhd is targeting to launch a residential project in Kwasa Damansara by the end of next year.
Naza TTDI was awarded 12.7 acres of freehold land in Kwasa Damansara, a land formerly owned by the Rubber Research Institute, after fulfilling the criteria set by master developer Kwasa Land Sdn Bhd following a bid involving other local developers.
Naza TTDI bags Kwasa Damansara Project R2-1
Kwasa Land Sdn Bhd has awarded the Project R2-1, a proposed residential development covering 12.7 acres in Kwasa Damansara, to Naza TTDI Sdn Bhd.
Kwasa Land Sdn Bhd, which is the master developer for the 2,330-acre iconic township, said on Wednesday that Naza TTDI’s proposal comprised of thematic park, contemporary designs, private green courtyards and recreational club facilities.
SDB to take conservative approach
Property developer Selangor Dredging Bhd (SDB) will be taking a more conservative approach over the next six to 12 months in light of the challenging economic conditions.
“For the past few months, sales have been very slow. People have been more unwilling to part with their money because of the ringgit depreciation,” explained managing director Teh Lip Kim.
Mah Sing scales back property launches, revises sales target
Mah Sing Group Bhd, which posted a net profit of RM90.49mil in the second quarter ended June 30, has scaled back property launches and revised its sales target in view of the challenging market condition.
In the notes accompanying its financial results, the developer said the “operating environment in the short term was expected to stay challenging”.
Houses in KL too expensive
Khazanah says its latest report housing in Penang is also severely unaffordable
While housing in some states in Malaysia are more affordable than others with a well-functioning median multiple of three times, Kuala Lumpur and Penang are “severely unaffordable”, Khazanah Research Institute (KRI) said.
Basics of buying a house
Starproperty.my recently held a two-part “Own It” forum for first-time housebuyers at Tropicana Metropark’s Property Gallery.
There were three speakers – seasoned journalist Khalil Adis, who also has his own consultancy business; IQI Holdings vice-president of financial education Alexander Woo (who spoke on both days); and Nick and Alex from Nu Infinity.
‘Quite sizeable’ office market
Greater KL office space is expected to reach 100 million sq ft this year
Despite a rapidly growing supply and intensifying competition amid a tenant’s market where opportunities to shop around are plenty, good offices in central locations, especially within Greater Kuala Lumpur (KL), will continue to do well.
Effect of yuan devaluation on Johor property market
Johor-Based KGV International Property Consultants (M) Sdn Bhd director Samuel Tan Wee Cheng says it is “too early” to gauge the impact of yuan devaluation on the Johor property market.
“The top range of well-heeled Chinese buyers tend to buy in the United States, Hong Kong and countries with more stable currencies. Malaysia and other South-East Asian destinations will attract the less wealthy of the lot.”
3 TRX parcels under negotiations
On-site progress is the near-completion of RM163mil worth of infrastructure works
The development of the Tun Razak Exchange (TRX) is on schedule, with negotiations underway with investors for three more parcels, according to 1MDB Real Estate Sdn Bhd (1MDB RE).
RM1.55bil highway project gets green light
Aerial view of the Ampang Forest Reserve with markings showing the proposed alignment of the Kuala Lumpur Outer Ring Road - Eastern Route. A total of 106.65ha will be used for the proposed project.
The controversial East Klang Valley Expressway (EKVE) project has been approved by the Ampang Jaya Municipal Council (MPAJ) albeit with several conditions in place.
Eco World to start work on Bukit Bintang City Centre by Q1 2016
Eco World Development Group Bhd is expected to start construction of the RM8.7bil Bukit Bintang City Centre (BBCC) project by the first quarter of 2016, once it has obtained the development approval from the Kuala Lumpur City Hall.
Its CEO Datuk Chang Khim Wah said on Wednesday the company would prepare the pre-marketing for the launch of the project by year-end.
Taking KL skyline to new heights
The upcoming integrated development, KL118, is expected to be the next icon to shine the spotlight on Jalan Maharajalela.
The artist’s impression of KL118, soon-to-be tallest building in Malaysia.
Thematic integrated developments
Developers have been incorporating themes into their integrated developments to enhance the surroundings.
The number of integrated development has been rising in Malaysia over the past several years. Integrated development is known to be on a smaller scale compared to township development, and it usually combines residential, retail, office and commercial components in one compact area.
Canadian pension fund invests in JV with Pavilion Group
The largest pension fund manager in Canada will invest RM485mil for a 49% interest in its joint venture (JV) with Pavilion Group to develop Pavilion Damansara Heights – a mixed-used property in Kuala Lumpur.
This is Canada Pension Plan Investment Board’s (CPPIB) first direct real estate investment in the region.
UMLand eyes land acquisition in Iskandar Malaysia
United Malayan Land Bhd (UMLand) is exploring opportunities to acquire land in Iskandar Malaysia as part of its future plan, says chief executive officer Charlie Chia.
He said that the company was in the midst of talks to buy a piece of land, between 80.937 hectares to 121.406 hectares in the Iskandar region.
OSK’s bold game changer
A mini conglomerate is on the way, but first Ong has to convince shareholders
When the buyout deals of OSK Property Holdings Bhd and PJ Development Holdings Bhd (PJD) were announced last October, it left minority shareholders befuddled.
Investors’ profit margin may be affected under new law
Property has topped the list of investment options for those who have extra cash. Property investors and those who prefer other instruments, are trying to gain maximum returns on their hard earned money.
Property investment has gained momentum because of the price boom in the last 10 years as seen by the massive development and high take-up rate.
Real estate remains a sound investment, says MIEA
The depreciation of the ringgit will not lead to real estate prices crashing.
The Malaysian Institute of Estate Agents (MIEA) president Eric Kho said property remained a sound investment despite the current economic climate.
Affin Bank buys TRX land from 1MDB to build new HQ
Affin Holdings Bhd’s banking unit, Affin Bank Bhd, will buy 1.25 acres of land in the Tun Razak Exchange (TRX) from 1Malaysia Development Bhd (1MDB) to build its new headquarters.
The price it will pay KLIFD Sdn Bhd, a subsidiary of 1MDB Real Estate Sdn Bhd (1MDB RE), is RM255mil. This works out to about RM4,699 per sq ft (psf) for the land. 1MDB RE is the master developer of TRX and a wholly owned subsidiary of 1MDB.
Garment maker Yong banks on property
Garment manufacturer Yong Tai Bhd is growing its presence in the property development market despite the current soft market.
It has entered into memorandum of understandings (MoUs) with five vendors to launch property projects with a combined gross development value (GDV) of RM7bil over the next eight years. The proposed projects are in Malacca, the Klang Valley and Johor.
90,000 apply for houses under MyHome plan
The National Housing Department has received about 90,000 applications to buy houses under the MyHome housing scheme.
Its deputy director-general (Development) Rohani Omar said they had also received 98 applications from housing developers to build 108 projects involving 26,461 units since it was launched in April.
Banking through malls
The malls in Bandar Utama and Mid Valley were among the first to make a difference in the retail property market, mainly because of their size.
The two were shining examples that malls do provide a steady and growing source of recurring income for their owners. Mid Valley Mega Mall was touted as South-East Asia’s largest at one time.
MKH in new Kajang project with GDV of RM1bil
MKH Bhd will undertake a property project with an estimated gross development value of RM1bil next to its existing Kajang 2 township development in Selangor.
The property developer (known as Metro Kajang Holdings Bhd prior to April 2011) told Bursa Malaysia that its unit, Suria Villa Sdn Bhd, had signed a joint-venture agreement with landowners Sim See Hua group of companies to carry out housing and/or other types of development on the latter’s 103.05 acres.
Lai Meng school land in Jalan Ampang for sale at RM400mil
Prime land: The front view of the Lai Meng property at Jalan Ampang. At RM3,500 psf, the buyer will have to fork out about RM400mil for the land. James Goh(inset pic) of Rahim & Co’s investment section told StarBiz: “While we have a target price of about RM3,500 per sq ft (psf), we are open to all reasonable offers.”
Magna Prima Bhd’s Lai Meng school property, located along Jalan Ampang, is still up for sale. It is looking for offers from interested buyers within a timeframe of about 1½ months.
EcoFirst's RM145mil land acquisition in Gombak delayed
EcoFirst Consolidated Bhd said the acquisition of 25ha of freehold land in Ulu Klang, Gombak, worth RM145mil, had been delayed by three months due to technical issues on land alignment.
In a statement yesterday, the property developer said that the extension was mutually agreed with the vendor, Zurich Insurance Malaysia Bhd.
Yong Tai signs 5 MoUs involving 5 property projects with GDV of RM7bil
Garment-maker-turned-property developer Yong Tai Bhd has entered into five separate memorandums of understanding (MoUs) to acquire land and businesses that can provide the company with five potential property development projects in the Klang Valley, Malacca and Johor.
Yong Tai told Bursa the five projects were expected to carry a combined gross development value (GDV) of RM7bil over the next eight years.
UEM Sunrise: Rising up to the challenge
UEM Sunrise land bank and affordable housing projects give it the edge
At the end of August, Anwar Syahrin Abdul Ajib would have been the managing director and chief executive officer of UEM Sunrise Bhd for one year.
Space abounds in Ceria Residences
The low density project offers multiple amenities
Almost two decades after its inception, Cyberjaya has reached a tipping point in terms of infrastructure development and population growth.
Iskandar property cooling down
Ask any developer or real estate agent about the Iskandar region and they’ll tell you that the property “heat” in Johor has cooled down. But that was from a high base some two years back.
That time, high-profile land deals had hogged the limelight from time to time and developers were busy launching projects in different areas of the Iskandar region. Any developer with Johor exposure would get investors’ attention.