Property Marketing Report 2016 indicates property prices remain steady

April 19th, 2017 No comments

jpph-reportsHouse prices have remained steady despite a slowdown in property sales and a huge overhang of unsold units.

According to the Valuation & Property Services Department’s (JPPH) Property Market Report 2016, prices of residential property continued to grow, albeit moderately despite the current market glut.

“The Malaysian House Price Index (MHPI) continued its moderating trend. As at the fourth quarter of 2016, the MHPI stood at 243.3 points, up by 5.5% on an annual basis.

“The responsible lending measures by the central bank have shown a positive outcome in ensuring sustainable price growth in years to come.”

On quarterly movements, the report, which was launched here yesterday had shown a contraction of 0.7% in the fourth quarter of 2016.

It added that the slow market absorption of the primary market led to the increase in the residential overhang.

“There were 14,792 overhang units worth RM8.56bil, up by 43.8% in volume and 70.7% in value, against 2015. About 42% (6,052) of these overhang units were in the price range of RM500,000 and above.

“By state, Johor saw an increasing overhang market share of 24.8%, which mainly was made up of two- to three-storey terraced houses priced at RM500,000 and above (43.2%).”

It said unsold units under construction and not constructed had also succumbed to an increase of 29.3% and 44.7% to 64,077 units and 11,622 units, respectively.

“Selangor, Johor and Penang held more than half of these unsold under construction units, which were predominantly made up of double-storey terrace and apartments/condominiums priced at RM500,000 and above.

“As for the unsold units not constructed, Kuala Lumpur (27.2%) and Penang (25.1%) held the most, which were mainly apartment/condominium units.”

According to JPPH, the Malaysian property market would endure another challenging year in 2017 as the enduring global political uncertainty and low domestic economic growth will continue to have an impact on the sector.

However, it said the performance of the local property market will continue to be sustained with the implementation of various property-related incentives and accommodative monetary policy.

At the launch of the Property Market Report yesterday, JPPH director-general Rahah Ismail said developers would need to come up with the right product and pricing to withstand the property market slowdown.

“The main segment would be the affordable housing segment. That is what is most in demand and the developer has to respond to that need,” she said.

According to JPPH, affordable houses continued to be in demand last year, with more than 65% of the residential transactions within RM300,000 and below.

Deputy Finance Minister I Datuk Wira Othman Aziz did not provide a timeline of when he expected the local property sector to improve, saying only that the market is cyclical and should recover over time.

“It’ll take a while, and will depend on the global performance.”

According to the Property Market Report 2016, the local property sector recorded a 11.5% decline in volume and a 3% drop in value last year compared with 2015.

“The residential sub-sector dominated the overall market, with a 63.4% contribution in volume and 45.1% in value.”

There were 203,064 transactions worth RM65.57bil last year compared with 235,967 transactions worth RM73.47bil in 2015. The performance of all states recorded declines in market activity except for Kelantan.

New launches in the primary market dropped 9.8% to 52,713 units last year, with sales performance hitting a low of 31.4% compared with 42.1% in 2015.

“By property type, condominiums/apartments formed the bulk (37% share), followed by two to three-storey terraced houses (36.2%), which were mostly priced in the range of RM500,000 to RM1mil,” said JPPH’s report.

It said all states saw substantial declines in their new launches last year except for Johor, Penang, Melaka, Terengganu and Sabah.

“For Kuala Lumpur, nearly all its new launches comprised condominiums/apartments, whilst Selangor saw a fair share of two to three-storey terraces and condominiums/apartments. Both states saw sales performance below 40%.”

The report said construction activities remained on a low tone, which reduced by 15.1% to 121,326 units.

“All major states except Kuala Lumpur recorded lower commencements. Completions were up by 9.3% to 78,216 units, whilst new planned supply units saw an 11.3% increase to 120,089 units.

“As at end-2016, there were 4.95 million existing residential units with nearly 830,000 in the incoming supply and 600,000 in the planned supply categories.”

The report also said the residential rental market in Kuala Lumpur portrayed mixed movements.

“Residential units that are within the vicinity of the LRT and MRT routes as well as higher learning institutions experienced rental gains, whilst those in older neighbourhoods saw downward rentals.

“Similar upward trends were seen in Selangor, where schemes located along the MRT routes have the advantage of fetching higher rentals.”

In the office and retail sector, vacancy continued to increase, with Kuala Lumpur and Selangor recording 2.74 million sq m of vacant office space, an increase of 16% compared with 2015.

Vacant retail space also increased to 2.7 million sq m, which was an increase of 11.9% against 2015.

Source: TheStar.com.my

 

Categories: Property News Tags:

The Ship Campus (ALC College)

April 17th, 2017 16 comments

the-ship-campus

The Ship Campus (ALC College) is an upcoming university campus in Batu Kawan, combining an eco-friendly campus with a dynamic blend of technology and innovation to enable professional learning.

The 5-acre campus is strategically located at the southern part of Batu Kawan and it is part of PKT’s “One Auto Hub” project. It designed like a ship and able to accommodate about 5,000 students. The campus is expected to be ready by end of 2018.

This development will see the construction of a 9-storey campus and 4 blocks of 8-storey hostel for students.

Learn more about development at Batu Kawan

Location Map:

 

Reclamation report to cover locals’ concerns

April 17th, 2017 No comments

The reclamation project’s second service centre in Gertak Sanggul.

The Environmental Impact Assessment report for the reclamation on Penang island’s southern coast will be submitted to the Department of Environment by the end of this month.

State Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said the report would comprise various studies on the impact of the reclamation on fishing, society, heritage, marine traffic and other assessments.

“We were told by the consultant that this would be the most comprehensive study ever and it is the benchmark for others to emulate,” Chow told a press conference after opening the reclamation project’s second service centre in Gertak Sanggul recently.

Chow said the report would include the issues and concerns raised by the local fishermen and communities during dialogue sessions and the mitigation measures that have to be taken.

“We approached the public as we want the people to be part of the project. Without their support, the project will fail.

“But we cannot expect 100% support from the people as we know a certain segment may be impacted more than the rest and it is natural for them to put forward their views and concerns.

“Let the Department of Environment’s panel of experts evaluate our report.

“We hope we can convince them (those who opposed the project),” he said.

Chow added that the project would not be carried out until approval had been given by the Department of Environment.

Batu Maung assemblyman Datuk Abdul Malik Abul Kassim, who is also Penang Task Force for Fishermen Issues chairman, said they found that individual fishermen were more open-minded than those from fishermen’s associations.

“However, my task force is set up to engage the fishermen and come up with plans to mitigate the issues raised by them.”

SRS Consortium project deputy director Azmi Mohamad said 2,200 people visited the first service centre in Permatang Damar Laut set up in May last year.

He added that 80% of them were fishermen and from the local community.

“A total of 542 gave their feedback and 506 people applied for the 1,000 job vacancies available for the reclamation project.

“Some of them were young fishermen who wanted a change in career,” he added.

Source: TheStar.com.my

Categories: Property News Tags:

Nafiri @ Val d’Or

April 15th, 2017 No comments

nafiri-val-d-or

Nafiri @ Val d’Or, an upcoming light industrial development by GUH Holding at Sungai Bakap. Strategically located next to 156.5km of North-South Expressway, adjacent to Valdor Industrial Estate. It is just a short drive away from Hijauan Valdor housing scheme by Asas Dunia.

This development will feature 58 units of 3-storey semi-detached light industrial factories, with two types of layout to choose from: Type A, has an approximate built-up of 4,534sq ft and Type B has about 7,624sq ft.

Project Name : Nafiri @Val d’Or
Location : Sungai Bakap
Property Type : Light Industrial factory
Built-up Size: 4,534 sq.ft. & 7,624 sq.ft.
Total Units:: 58
Tenure : Freehold
Developer : GUH Realty Sdn. Bhd. (GUH Holding Bhd.)

Register your interest here

Location Map:

 

 

UPCOMING: Batu Ferringhi / Orientside Development (Q)

April 14th, 2017 1 comment

proposed-batu-ferringhi-orientside

Proposed high-rise residential development by Orientside Development Sdn. Bhd. in Batu Ferringhi, Penang. Part of the company’s 13.3ha development next to the island’s tourism belt in Batu Ferringhi and adjacent to Uplands International School.

The latest proposal comprises a 47-storey building with 8 levels of carpark and 2 residential towers. The first tower (Q1) consists of 110 condominium units whereas the second tower (Q2) will offer another 146 units.

This project is still pending for approval. More details and photos to be available upon project launch.

Property Project : (to be confirmed)
Location : Batu Ferringhi, Penang
Property Type : Condominium
Total Units: 256
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Orientside Development Sdn. Bhd.

Register your interest here

Location Map (approximate):