NEWS & HAPPENINGS
THE RESIDENTIAL MARKET IS MAKING A
By Rachael Raymond
SLOW COMEBACK
January 2020, Malaysia – Knight Frank
Malaysia launches the latest research report,
Real Estate Highlights 2nd Half of 2019
today which highlights the property trends
and outlook in key markets of Malaysia.
2019 saw the Tun Razak Exchange
(TRX) taking shape with the completion
of Menara Prudential and Exchange
106. Complementing these commercial
developments, Core Previous Development
Sdn Bhd, a joint-venture between China-
based China Communication Construction
Group
(CCCG)
and
Malaysia’s
WCT
Holdings Bhd, seized this opportune
time to launch Core Residence @ TRX.
Other notable residential projects
unveiled during the second half 2019 are
Conlay, a joint development by Eastern
& Oriental Berhad and Mitsui Fudosan
Group, and Agile Embassy Garden, the
third project of Agile Group Holdings.
“
the prime areas of Kuala Lumpur City – Bukit
Bintang, Ampang Hilir / U-Thant, Mont’ Kiara,
Bangsar and Damansara Heights / Kenny
Hill. In addition to these prime areas, there
are also some established neighbourhoods
/ upcoming hotspots that are drawing the
attention of the upper-income population
and high-net-worth individuals (HNWIs).
They include Desa ParkCity, Taman district
of Imbi / Pudu - Tun Razak Exchange (TRX).”
In the general residential segment,
several key policies as announced under
the National Budget 2020 such as lowering
of foreign buyer price threshold from RM1
million to RM600,000 for unsold high-rise
properties in urban areas, introduction of
Rent-to-Own financing scheme, revising
the base year for RPGT to January 1, 2013
for assets acquired before the date, from
January 1, 2000 previously amongst others
are expected to further stimulate the market.
These new launches are selling
between RM1,900 per sq ft and
RM2,200 per sq ft on average.
Sarkunan Subramaniam, Managing
Director of Knight Frank Malaysia, says,
“The Kuala Lumpur high-end residential
market is believed to have bottomed out
mid-last year and this has set the right mood
for the segment to make its way back slowly
evident by the higher number of launches
in the second half of 2019. Furthermore,
we observed an increase in foreign buyer
interest in Malaysian properties from Hong
Kong, Taiwan, Japan, China, Singapore, USA,
Australia, UK, Germany and other European
countries.”“Moving into 2020, we expect to
see more new launches and transactions in
”
PROPERTY360DIGEST
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