Local property market to pick up
Knight Frank Malaysia managing director Sarkunan Subramaniam said foreign investors are expected to return in the first quarter of 2019 on the back of more transparent policies with the new government.
“Rents of high-end condominiums will stabilise and prices will hold. As for the office market, rents will remain competitive due to oversupply in certain locations, with the exception of Penang, which has a robust office market with limited existing and incoming supply.
“The industrial and logistics sector is primed for growth into 2019 as Malaysia continues to draw healthy levels of investment in the manufacturing and services sectors,” he said in a statement today.
According to the Real Estate Highlights 1st Half of 2018 research report by Knight Frank Malaysia, there were some notable commercial investments which will continue to strengthen the property market.
As for the residential market, residential sales and leasing associate director Kelvin Yip noted that market sentiments improved in 1H2018 while buyers and investors are genuinely seeking good bargains now.
“Developers are now becoming more aggressive in promoting their products by conducting nationwide roadshows. Based on the current trend, we expect the residential market to record more transactions in 2H2018,” he said.
Executive director of corporate services Teh Young Khean said rail infrastructure within Greater Klang will continue to drive demand for office space in established and upcoming decentralised office locations.
He said the segment will continue to see active enquiries and leasing activities from co-working operators exploring new set-up or expansion in prime office buildings, in tandem with rising demand for flexible work space.
Meanwhile the retail market, which was subdued in 1H2018, is expected to show clear signs of recovery in 2019 if the economy performs well in 2H2018.
Associate director of retail leasing and consultancy Rebecca Phan said e-commerce will not disrupt the retail and shopping mall industry as it is unable to offer experiential shopping and suggested that mall operators invest more in entertainment and service-related trades.
Source: TheSunDaily.my
But according to the Penang NGOs, the overhang is just horrible and yet keep “approving to build” ? Who is lying ?
The good ones are all snapped up fast….overhang are those?
Young buyers are more incline to buy new dev from developer as they do not require high downpayments and legal fees.
However in comparison these buyer are paying premium price for their inkling .example one can get a relatively new condo at 450 to 500psf for completed unit as compare to 650 to 900psf from developers unit. These poor buyers DO not realise that they are paying interest for the building whilst construction and incuring a huge commitment to pay for life for a prop that just do not justify its value and investment. As an agent I would advice them to rent than to buy
Cos you can get an apartment for 2200 to 3000 for prop that are worth 800k to 1m . Do yr maths and you wil realise how foolish one is being conned thinking owing a property is much better than renting.
Average yrs for a condo to sustains its attraction is 10 yrs to 15 yrs.
Stop excessive developments in Penang, we want better and greenery living conditions ! Penang gov is too developers friendly, to an extent of conspiracy even !
Everyone grow one pot of plant, those with landed plant trees, problem solved.
Buy landed property in the new growth area – south west district
All over the globe, developments are imminent and part of evolutions. Those “old is good” mindsets don’t evolve as time is passing by ! Call it – 老不死 ！
@Sing
why are you here ? Are you home buyer or investor/speculator who intend to buy 1,2,3,4,or more properties? if you are the latter, then you are part of this excessive development problem…
Why choose the crowded and expensive premium areas? Why be constantly under duress from financial burdens? When one can choose cheaper options in the peaceful suburbs, you can still buy and not rent, yet can affod a more relaxed lifestyle, buy a better car and take a slow ride into town.
@Singing
There’s always a spectrum of people with different needs, ,financial resources and desires in a society. People do things for various reasons, some for a useful purpose, some for vanity and some just their way of life. Some people like it slow, some people like it slightly faster (I wouldn’t use “fast” as nothing is actually fast in Penang). So if we go back to your questions of why this and why that, I’d say it’s a stoopid question.
@Singing
Haha y u bought honda car? Buy proton better?
@==
Penang doesn’t need many cars on the road ! Wise people say : – MOVE PEOPLE NOT CARS !
LRT monorail please,
People in Penang aren’t agreeing with the Penang gov anymore, just because there are NGOs keep spreading negative news on the state. Obviously they are deliberately creating a Tacitus Trap !
Stop all massive projects in Penang ! Dubious PIL in question !???
@LOL
People in Penang aren’t agreeing with the Penang gov anymore??? You sure? How come they voted so overwhelmingly for the rocket during last election?????