International Property 2003 - wtwy.comwtwy.com/files/reports/wtw-property-report-2003.pdf ·...

ContentsFOREWORD

KUALA LUMPUR

SELANGOR

JOHOR

JOHOR BAHRU

BATU PAHAT

PENANG

PENANG ISLAND

SEBERANG PERAI

NEGERI SEMBILAN

MALACCA

PERAK

PAHANG

KEDAH

ALOR SETAR

SUNGAI PETANI

LANGKAWI

KULIM

TERENGGANU

KELANTAN

SABAH

KOTA KINABALU

LAHAD DATU

SANDAKAN TAWAU

LABUAN

SARAWAK

KUCHING

SIBU

MIRI

BINTULU

WTW BOVIS

BRUNEI

InternationalProperty

2003


2003S E R V I N G T H E P R O P E R T Y I N D U S T R Y N A T I O N W I D E S I N C E 1 9 6 0

C H Williams Talhar & Wong

PROFESSIONAL SERVICES

WTW NETWORK

BRANCHES

ASSOCIATED OFFICES

PROFESSIONAL STAFF

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FOREWORDInternational

Property2003




Waiting for Godot would bestdescribe the local property

market as it presently lies.Happenings contrived to move themarket are virtually ephemeral innature and in outcome. They tend tojust paper over apparent cracks inthe walls. There is a danger of thelatent cracks spreading andbecoming more and more difficult tomake good.

Manifestation of the causes of the stateof the market have been expressed in ourown PMR over the last six years, and in mostother written materials on the subject ;overbuilding, mismatch of supply anddemand, and over-competition in the industry.What is direly needed is a deeper insight intothe underlying reasons behind theseapparent overbuilding and mismatch. TheFederal Government Special Committeelooking into this may well have identified themany fundamental issues that requireresolving. NAPREC has initiated a series ofresearch papers to help ease the industry outof this quagmire. These will hopefully identifythe many underlying reasons and maysufficiently enable the formulation of land-use policies, and the administrativemechanism to deal with those reasons.

In the interim, there is a need to deal withempty, vacant and unoccupied buildings.Empty, vacant and unoccupied buildings donot invite buying prospects. The longer thesestay empty the more off-putting they become,and the faster the rate of obsolescence to thepremises, and to the neighbourhood. Not onlydoes this debilitate the physical aspect of anarea, unoccupied buildings undermine theconfidence of the investment community atlarge. This situation cannot be solved withoutconcerted and coordinated effort. Theheterogeneity of real estate development issuch that there is no short cuts and standardtreatment. Taking detailed inventory of suchbuildings and assessing the likelihood of their

being occupied and therefore rendering themeconomic would be the very first step.

In the longer term, measuresrecommended are likely to involve thereformulation of the way in which public andprivate partnerships can work in concert; inthe manner in which the high risk elementinherent in real estate development isaccepted by all concerned; that thedeterminant factor in managing that risk is theutility of the developed units, not thetransaction – the occupation of the units , notthe saleability.

Because of the heterogeneous nature ofreal estate development, it would be morebeneficial to look at development planning asa regional exercise rather than along parochiallines. Developability and suitability of use arenot defined by set boundaries of lots, Mukims,Districts or even States. Demographic studiesbased on regional and impact areas beyondsuch set boundaries would more accuratelydetermine catchment areas for developmentschemes. Land-use planning effected throughregional land policy considerations can achievebetter optimisation of land resources.Reformulation of our land policy will need toenable this to be achieved.

While we look for bogeymen to blame,white knights to succour us, we will continueWaiting for Godot. Let us not just work out thefigures, let us all figure out how we, in theindustry, can work it out together.

Mohd Talhar Abdul RahmanChairman C H Williams Talhar & Wong

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KUALA LUMPURInternational

Property2003



C H Williams Talhar & WongSdn 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]

Whilst the residential and hotel sectors provided some cheer to the 2002Kuala Lumpur property market scene, other sub-sectors remained

considerably inactive largely due to the oversupply situation and the presenteconomic climate. Both the office and retail markets face similar problems withthe surplus expected to take some time to clear.

OFFICE

Kuala Lumpur remains as the majorcommercial and financial hub in Malaysia,providing 84% of the Klang Valley office space.

In the Kuala Lumpur Central Area (KLCA),three new buildings with a cumulative supplyof 95,410 square metres entered the marketnamely, TH Perdana (35,670 square metres),Maju Junction (33,440 square metres) andSelbourne City (26,300 square metres),bringing the total supply to 4.7 million squaremetres of office space. However, thisadditional stock has not adversely affected theoccupancy rate as a large portion of the newspace was immediately taken-up bygovernment offices and other businessestablishments upgrading from lower gradebuildings.The general occupancy rate hasimproved slightly from 73.3% to 75.5%. KLCAand the Damansara Business District (DBD)recorded better occupancy rates at 83.7% and85.2% respectively. Occupancy rates amongstoffice buildings in secondary locations in theKuala Lumpur Metropolitan (KLM) areahowever remained low at around 50%.

Take-up rate for 2002 has improvedtremendously by 132,800 square metres to175,500 square metres. 56% of the total take-up is for buildings within the KLCA.

Average gross rentals for prime buildingsin KLCA and DBD maintained at RM48.00 toRM54.00 per square metre and RM34.50 toRM37.70 per square metre respectively.

Three major office transactions took placein 2002; Wisma Time along Jalan Tun Razakwas transacted at RM3,900 per square metrein October 2002, Bangunan CIMB on JalanSemantan was sold in May 2002 for RM4,400per square metre and Wisma Equity togetherwith two adjoining vacant lots at Jalan Ampangwent for a total consideration of RM45 millionin June 2002.

In 2003, three buildings are expected tobe completed providing another 75,760 squaremetres. These are Menara Marinara, YayasanTun Razak and a yet unnamed buildingdeveloped by Percon at Jalan Raja Laut.

Wisma Time Bangunan CIMB Wisma Equity

Future supply of retail

space is estimated at

364,200 square metres

by the end of 2003

from Berjaya Times

Square, Vision City,

Galaxy Shopping

Centre, 1 Utama Two

and Pantai (Tower D).

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RETAIL

Maju Junction, located at the junction ofJalan Tuanku Abdul Rahman and Jalan SultanIsmail, was completed in the second quarter2002 adding 27,400 square metres of retailspace to the existing 2.18 million squaremetres retail space in Klang Valley.

The overall occupancy rate remainedstable at 86%. Centres which are well locatedand well managed continue to achieve nearzero vacancies. These include KLCC Suria,Sungai Wang Plaza, MidValley Megamall and1 Utama. These centres are also able tocommand good rentals and in fact somerevised their rent upwards with increases ofbetween 20% to 30%. The occupancy rates ofretail centres in the outskirts of Kuala Lumpurarea is 82%.

Prime ground floor rentals range fromRM215 to RM380 per square metre per month.

Future supply is estimated at 364,200square metres by end of 2003 from BerjayaTimes Square, Vision City, Galaxy ShoppingCentre, 1 Utama Two and Pantai (Tower D). Asfor 1 Utama Two, Giant Hypermarket has beenreported to be the the anchor tenant.

The development of the Bukit BintangGirls School (BBGS) site into KL Pavillion willalso add some retail space in Klang Valley,and this is in addition to the expansion ofMidValley MegaMall and Sunway Pyramid.

A major transaction in 2002 is that of ananchor space within the Starhill ShoppingCentre that was transacted for a totalconsideration of RM77 million or at RM5,230per square metre.

SHOPHOUSES

Most owners of shophouses within theprime shopping strips in Kuala Lumpur suchas Jalan Tuanku Abdul Rahman, Bangsar Baru(Telawi), Desa Hartamas, Brickfields and JalanIpoh continue to hold on to their properties.One of the few transactions include adjoiningunits together with a corner unit at Bangsarwas sold at RM14 million to a financialinstitution.

Rentals of ground floor shops are as follows:

Shophouses / offices in secondarylocations continued to experience highvacancy rates.

RESIDENTIAL

The residential sector was active in 2002.The ready demand is aided by the stamp dutywaiver in the first half of the year and easier,available home financing at low interest rates.

High end properties in selected locationswere in good demand and developers haveresponded to this particular subsector by offering

MajuJunction

completed in2002

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ludbAuknauTnalaJ)emirp(namhaR

000,52-000,02MR

aidnIdijsaM 000,52-000,02MR

)iwaleT(uraBrasgnaB 000,21-000,8MR

samatraHaseD 000,6-000,5MR

sdleifkcirB 000,5-000,3MR

hopInalaJ 000,4-000,3MR


Jalan Raja Laut

P O Box 12157

50768 Kuala Lumpur

Tel : 03 – 2693 8888

Fax : 03 – 2693 6565


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There is little activity

in this sector of the

market. Demand for

industrial premises

stayed weak with

many buildings

remaining unoccupied

despite the low rental

levels.


innovative features in their developments suchas Desa Parkcity parkhomes, Valencia, BangsarHill, Tijani and others.

Prices of bungalows in prime residentiallocations in Bangsar, Damansara Heights andKenny Hills have generally recovered to pre-crisis levels while in other locations, priceshave generally remained at 2001 level.

Terraced houses continued to be popular.Secondary market for 2-storey terracedcommand the following prices:

Demand for apartments andcondominiums have consolidated with pricesremaining stable as follows:

INDUSTRIAL

There is little activity in this sector of themarket. Demand for industrial premisesstayed weak with many buildings remainingunoccupied despite the low rental levels.Prices of vacant industrial land are as follows:

The situation is expected to persistthroughout 2003.

HOSPITALITY & LEISURE

The year 2002 saw the completion ofrenovation works at the Shangri-La KualaLumpur in April, the opening of Prince Hoteland Residences in July and the launch of 255rooms of the Putrajaya Marriott Hotel.Subsequent to its purchase by a new owner,the Mandarin Pacific Hotel (previously knownas Mandarin Hotel) was opened in June 2002.Renovation work is underway at the MutiaraHotel Kuala Lumpur (formerly the KL Hilton).Its tentative reopening is set for April 2003.Construction work is ongoing at the KL Sentraldevelopment housing two hotels, Hilton KLSentral and Le Meridien. Also underconstruction are the Westin along Jalan BukitBintang, and the Putrajaya Shangri-La .

Another hotel which has been renamed isHotel Fairlane; now called the Coronade KualaLumpur.

Occupancy rates in the first three quartersof 2002 were high despite the setbackexperienced last year. This could be attributedto the number of international events held inKuala Lumpur during the year. Among thesewere the Petronas Malaysian Grand Prix 2002,the World Amateur Inter-Team GolfChampionship, 1st G-15 Task Force Meeting,Strongest Man & Women in the WorldCompetition, KL International Towerthon, 21stPan Pacific Real Estate Congress, MultimediaAsia 2002. This could be an indication ofimprovement in travellers’ confidence leadingto a better than expected start to the year.

Generally, the occupancy rate for 3-5 starhotels in Kuala Lumpur averaged at 68%. Theaverage occupancy for 5-star hotels in KLworked out at 70%. The room rate averagedout at RM204 per night.

noitacoL egnaRecirP

rasgnaB 000,026MR-000,054MR

liamsIrDnuTnamaT 000,085MR-000,024MR

sarehChadiMnamaT 000,023MR-000,082MR

samatraHirS 000,007MR-000,055MR

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liamsIrDnuTnamaT 003,3MR-006,2MR

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noitacoL egnaRecirPsertemerauqsrep

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sevaCutaB 045MR-034MR

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Jalan Raja Laut

P O Box 12157

50768 Kuala Lumpur

Tel : 03 – 2693 8888

Fax : 03 – 2693 6565


The office sector is

unlikely to show any

marked improvement

in 2003 with the level

of business uncertainty

that still exists.

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2003 MARKET OUTLOOK

The residential sector which has beenthe pillar of the property market sincethe 1997 crisis is expected to continueto be the market’s mainstay in 2003.With apparent new-found confidenceamong developers there could bepossible overbuilding. Developersoffering innovative features in theirdevelopments could still achieve goodsales as buyers looking to upgrade arestill in the market.

Generally, the competition amongstretail centres is anticipated to intensifywith the projected supply ofapproximately 362,300 square metresin the pipeline. Shopping centres intraditional commercial locations arefacing stronger competition fromgrowth of hypermarkets in the country.Despite this apparent challenge,established shopping centers haveindicated a contraction of averagevacancy rates over the past four years.

The weaker retail trading results havealso not deterred owners of primeretail centres from increasing theirrents in 2002.

The office sector is unlikely to show anymarked improvement in 2003 with thelevel of business uncertainty that stillexists. Rental levels are expected toremain at current as only a few officebuildings are expected to be completedby year end.

The hospitality sector would benefitfrom the RM1.009 billion which hasbeen allocated for the tourism industryunder the 8th Malaysia Plan and as partof the government’s stimulus packageto increase its allocation for tourismindustry. With the active support bythe Government and its agencies,tourism is expected to become a veryimportant foreign exchange earner forthe country, boosting not only theperformance of it’s the hotel sector butthe retail sector as well


Jalan Raja Laut

P O Box 12157

50768 Kuala Lumpur

Tel : 03 – 2693 8888

Fax : 03 – 2693 6565


SELANGORInternational

Property2003




15.03 15th Floor, Menara MPPJ

New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


Aerial Photo of Sunway

There is not much improvement in demand for commercial and industrialproperties 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 PurchaseAgreements and loan agreements of sales from developer until 30th June 2002and the attractive mortgage packages offered by financial institutions andInsurance Companies.

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

The first property backed asset securitisation in Malaysia was made by SunwayCity Berhad on 22nd October 2002. The sale of RM892 million of propertiesand shares was made to a special purpose vehicle ABS Real Estate Berhad.The assets to be securitised are Sunway College, Sunway Lagoon Resort Hotel,Menara Sunway, Sunway Hotel Penang, Sunway Hotel Seberang Jaya, plantand equipment in the Sunway Lagoon Theme Park and redeemablepreference shares in Sunway Pyramid.

The sale consideration for Sunway College, Sunway Lagoon Resort Hotel andMenara Sunway, all of which are located in Bandar Sunway were at RM135 million,RM340 million and RM125 million respectively.

Transactions of

purpose-built office

suites are not

encouraging in year

2002. Transactions of

Phileo Damansara, one

of the primary 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.

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MenaraSunway

transactedfor RM125million inJune 2002

gnidliuB htnomrepertemerauqsreplatneRsegrahcecivresfoevisulcni

ycnapuccOetaR

1002 2002

MSCaraneM 02.03-09.62MR 76.73MR %09

JPPMaraneM 41.03MR 41.03MR %49

PEUamsiW 07.73MR-19.62MR 38.93MR-41.03MR %001

amsiWayaJgnabuS

01.03MR-08.52MR 76.73MR-09.62MR %001

araneMyawnuS

02.03MR-09.62MR 03.23MR %69

gnidliuB htnomrepertemerauqsreplatneRsegrahcecivresfoevisulcni

ycnapuccOetaR

1002 2002

araneMASBM

09.62MR-07.32MR 09.62MR-35.12MR %58

azalPmalasaM

67.32MR-73.91MR 09.62MR-86.32MR %08

araneMmitiraM

03.23MR-01.92MR 31.03MR %07

OFFICE

Petaling Jaya/Subang Jaya

The existing stock of purpose-built officepremises as at year 2002 stands atapproximately 748,000 square metresremaining unchanged compared to year2001. Some prime office buildings like WismaUEP and Wisma Subang Jaya command anoccupancy rate of 100%.

Rentals of purpose built office space isencouraging when compared to 2001. Rentaland occupancy rates of selected purpose builtprime office buildings in Petaling Jaya/SubangJaya as at year 2002 are as follows:-

Current rental rates for office suites inPhileo Damansara I range from RM12.38 toRM19.37 per square metre per month (fullyfitted) inclusive of service charges. Servicecharge is RM2.15 per square metre per month

Transactions of purpose-built office suitesare not encouraging in year 2002. Transactionsof Phileo Damansara, one of the primary

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

Menara Sunway Sdn Bhd, an associatedcompany of Sunway City Berhad had on 16th

May 2002 entered into a conditional Sale andPurchase Agreement with ABS Real EstateBerhad for the disposal of Menara Sunway at asale consideration of RM125 million.

Shah Alam

The supply of purpose built office premisesin Shah Alam in year 2002 is approximately221,900 square metres, remaining unchangedcompared to year 2001.

Rental and occupancy rates of selectedpurpose built office buildings in Shah Alamare as follows:-

Klang

A new purpose built office tower, IntanMillenium Square was completed in year 2002with a net lettable area of 13,585 squaremetres. The supply of office premises in Klangin year 2002 is 35,500 square metres.

A new shopoffice development known asMenara Klang was launched recently and thefive storey strata shopoffices are for sale fromRM1,211 per square metre.

Generally, rental rates of purpose builtoffice premises in Klang remained stable inyear 2002. Current rental rates of purposebuilt office premises in Klang Town rangefrom RM14.53 per square metre toRM25.83 per square metre per monthinclusive of service charges. The occupancyrate for purpose built office premises isbetter in North Klang when compared withSouth Klang.


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


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Hypermarkets are still

popular as they

provide a full range of

merchandise and due

to bulk purchasing,

cost savings are

perceived to filter

down to purchasers.

However in March

2002, the Cabinet

has ordered Selangor

to stop new

applications for

hypermarkets.


leveLroolF 1002latneRylhtnoMertemerauqsrep(

)egrahcecivresevisulcni

2002latneRylhtnoMertemerauqsrep(


dnuorGrewoL 71.921MRot85.46MR 71.921MRot28.35MR

dnuorG 75.742MRot50.34MR 38.546MRot50.34MR

tsriF 06.771MRot19.62MR 06.771MRot25.12MR















RETAIL

The take up rate for the retail sectorappears to have improved in 2002. Theexisting popular shopping centres havemanaged to secure occupancy rates in excessof 90%. Rentals appear to remain stabledespite a slight overall increase in occupancyrates. This can be attributed to the lingeringoversupply situation.

Hypermarkets are still popular as theyprovide a full range of merchandise anddue to bulk purchasing, cost savings areperceived to filter down topurchasers. However in March2002, the Cabinet has orderedSelangor to stop newapplications for hypermarkets.However, the government alsowants hypermarkets andsupermarkets operating in thecountry to help develop theretail industry by marketing locally-madeproducts and franchising their business.

With the government efforts inpromoting our tourism industry and thetravel restrictions imposed by the UnitedStates and Canada on visitorsfrom the Middle Easterncountries have drawninternational visitorsespecially from the MiddleEast to visit our country. Thisis further enhanced by theMega Sale Carnival organizedby the Ministry of Tourism.The promotions organised by thegovernment and the increasing number ofvisitors have improved the retail industry.

The operators of existing malls andshopping complexes have introduced newconcepts/ innovations/anchor tenants to fillvacant retail space and this has succeeded insome shopping centres.

Lion Subang Parade Sdn Bhd, a whollyowned subsidiary company of ChocolateProducts (Malaysia) Berhad had on 21 October2002 accepted the Letter of Offer from OnyeeHoldings Sdn Bhd for theproposed disposal of SubangParade for a cash considerationof RM223.41 million.

Petaling Jaya/Subang Jaya

Shooping complexes in Petaling Jaya/Subang Jaya recorded a high occupancy ratein excess of 90% for the established centres.

The existing supply of retail spaceremains unchanged when compared with2001 at approximately 356,534 squaremetres as no new shopping complexeswere completed.

Rental rates of retail space in selectedshopping complexes are as follows:-

Shah Alam

The existing supply of retail space remainsunchanged when compared with 2001 atapproximately 59,104 square metres as no newshopping centres were completed.


Klang

The existing supply of retail space remainsunchanged when compared with 2001 atapproximately 138,684 square metres. The retailactivity in Klang will be further boosted with theopening of Tesco and Giant hypermarket inBandar Bukit Tinggi.



New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


Despite the present

economic slowdown,

demand and prices for

modern shophouses

and shopoffices in

prime established

locations remained

stable.

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SHOPHOUSES/SHOP OFFICES

Despite the present economic slowdown,demand and prices for modern shophousesand shopoffices in prime established locationsremained stable.

Petaling Jaya

Prices have not changed from year 2001.Supply for choice shophouses within theestablished sub-urban localities such asDamansara Utama, SS 2, Section 14, SS 15,Subang Jaya and USJ 10, UEP-Subang Jayais limited, hence, the demandremains relatively strong.

Aman Suria Damansarawhich is located adjacent toTropicana and Bandar Utama haslaunched its sale of commercialproperties in August 2002 witha price range of RM688,000 fordouble storey and RM898,000for three storey shopoffices.

Shah Alam

With the establishment ofhypermarkets and shoppingcentres within Shah Alam,demand for shophouses has been dampened.

Perbadanan Kemajuan Negeri Selangor(PKNS) are offering double storeyshophouses for sale at Section 24,Shah Alam at RM370,000.

Klang

The pattern of shoppingwithin the township of Klang haschanged dramatically fromtraditional shophouses tomodern concept and designsoffered by shopping complexesand hypermarkets.

The traditional commercial shophouses arecentered within the town centre andestablished sub-commercial centres such asBayu Perdana and Bandar Baru Klang. Newschemes/developments such as Bandar BukitTinggi, Bandar Botanic and Taman Pendamar IIprovide shophouses but mainly forneighbourhood shopping/convenience.

Bandar Puteri Klang, developed by IOIProperties Bhd is offering for sale doublestorey shophouses with a land area of143.06 square metres at prices starting fromRM359,800.

Completed four storey shopoffices locatedat 2nd mile, Jalan Meru, Klang developed byPerbadanan Kemajuan Negeri Selangor arebeing offered for sale at prices starting fromRM684,000 per unit.

Recorded transactions of shophouses/shopoffices within selected areas are as follows:-

Concluded rentals of shopoffices inselected and popular commercial areas ofPetaling Jaya are as follows:-

RESIDENTIAL

The residential sector still remained thebest performer of the whole propertymarket. Landed properties in primelocations still remained the most popular.The market has turned price sensitive andinto a buyers market. In order to enticebuyers, developers are incorporatinggoodies such as autogate, built ins, airconditioners and smart home features in

noitacoL foepyTytreporP

eulaV

1002 2002

ayaJgnilateP

2SS yerotselbuoD ot000,056MR000,018MR

000,008MR

2SS yerotseerhT ot000,015,1MR000,007,1MR

ot000,009MR000,008,1MR

,51SSayaJgnabuS

yerotseerhT ot000,008MR000,031,1MR

ot000,031,1MR000,053,1MR

arasnamaDamatU

yerotsruoF ot000,053,1MR000,055,1MR

ot000,063,1MR000,054,1MR

gnalK

uyaBanadreP

yerotsruoF ot000,006MR000,007MR

000,086MR

leveL/ytreporP latneRylhtnoM)aeraelbattelten(

htnomrep/ertemerauqsreP

skrameR

ayaJgnabuS,51SS

dnuorGtsriF

dnoceS

80.65MR51.9MR66.2MR

egelloCitnIetisoppO

ayaJgnabuS-PEU,01JSU

dnuorGtsriF

dnoceS

51.61MR09.11MR

08.6MR

elgnairTnapiaT


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


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With sales of landed

properties remaining

positive, developers

with large landbanks

are capitalising on this

trend and continue to

develop mainly landed

residential components

in their self-contained

township development.


their launches. With sales of landedproperties remaining positive, developerswith large landbanks arecapitalising on this trendand continue to developmainly landedresidential componentsin their self-containedtownship development.

Transactions haveslowed down in thesecond half of 2002.Flatted residentialdevelopments have lost their lustre and appealand take up rates have subsided.

Terraced houses

This is the most popular and affordable typeof landed property. Transactions indicated thatthe prices have stabilised.

The new mega housing schemeslaunched by the developers for sale includeSunway Kayangan, Bandar Botanic Klang,Bandar Puteri Klang, Bukit Bandaraya ShahAlam and Kota Damansara.

New launches withinexisting housing schemesinclude Kota Damansara,Bukit Rimau, BukitJelutong, TTDI Jaya ShahAlam, Putra Heights USJand Ara Damansara.

The demand for landedproperties within housingschemes developed byestablished and reputable developers stillremains encouraging.

Developer’s selling prices of doublestorey terraced house in selected schemesare as follows:-

Transactions of landed residential propertyin selected locations are as follows:-

Semi-detached/Detached houses

The market for semi-detached/detachedhouses in prime locations still remainedpopular due to limited supply.

In Petaling District, most of thetransactions are centred in Petaling Jaya,Subang Jaya and Shah Alam which recordeda slight increase in prices.

Developer’s selling prices of semi-detached and detached houses in selectedschemes are as follows:-

noitacoL )sertemerauqs(aerAdnaL )tinu(morFegnaRecirP

,cinatoBradnaBgnalK

60.03153.931

000,902MR008,932MR

,iretuPradnaBgnalK

53.931 008,961MR

,ayaradnaBtikuBmalAhahS

60.031 333,552MR

,ayaJIDTTmalAhahS

60.031 )imub(846,552MR

,amatUireSarasnamaDatoK

92.35127.371

000,023MR016,133MR

foepyTytreporP

noitacoL aerAdnaL)sertemerauqs(

)tinU(egnaRecirP

1002 2002

yerots-elbuoDesuohdecarret

ayaJgnabuSPEU3JSU 84.111 ot000,812MR000,022MR

ot000,322MR000,932MR

ayaJgnabuSPEU6JSU 84.111 ot000,071MR000,042MR

ot000,052MR000,562MR

amatUarasnamaDayaJgnilateP

660.341 ot000,713MR000,063MR

ot000,003MR000,063MR

dehcated-imeSsesuoh

ayaJgnabuS71SS 44.433 ot000,005MR000,805MR

000,005MR

ytreporPfoepyT noitacoL aerAdnaL)sertemerauqs(

ecirP)tinU(egnaR

dehcated-imeS nasiraW:epyTgnotuleJtikuB

77.696ot61.316 ot000,852,1MR000,864,1MR

gnidaGireS:epyTgnotuleJtikuB

22.347ot61.316 ot000,395,1MR000,008,1MR

sesuohdehcateD 2AdnaAepyTmalAhahS,uamiRtikuB

39.1201ot61.316 ot000,119MR000,051,1MR

hadnIarasnamaDemoHtroseR

sdrawno10.206 ot000,008,1MR000,621,3MR


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


On the supply side,

developers have

resumed participating

in the housing

industry with more

caution. This is

because of the over

supply situation,

slowdown in the

economy and

saturation in the

residential sector.

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Vacant bunglow lots

With growing affluence and upgrading byhome owners, vacant bunglow lots in goodlocations are proving to be popular.Transactions of bungalow lots in selectedschemes are as follows:-

Condominiums/Apartments

With the scarcity of land fordevelopment of landed properties,developers are concentrating on apartment/condominium developments. Newlaunches of apartments/ condominiums inselected schemes are as follows:-

Transactions of condominiums/apartmentsdepending on orientation, level, density,services and facilities in selected locations areas follows:-

Demand and supply forecast

On the supply side, developers haveresumed participating in the housingindustry with more caution. This is becauseof the over supply situation, slowdown inthe economy and saturation in theresidential sector. As a result of this,developers will have to provide morequality houses with better layout, design,finishes and theme to fulfill the buyersneeds. Currently, financial institutions arewaging a war to offer the best financingpackages in order to lure buyers. Developers

are also offering buyers nominalprofessional fees/absorbing professionalfees and low downpayments to securebuyers.

Well planned designs, location, accessibility,facilities and amenities are the main factorsconsidered by the purchaser.

INDUSTRIAL

There are no major changes in prices forindustrial properties in year 2002. Prices haveeased for most of the industrial propertiesexcept for selected prime locations. Most ofthe transactions involved owner occupiers.

Transactions of industrial properties inselected locations are as follows:-

Concluded rentals of factory/warehousingpremises in selected prime areas are asfollows:-

AGRICULTURE / DEVELOPMENTLAND

Transactions of development land/estateshas been particularly active in the Klanglocality. Transactions of estates forcomprehensive developments/land banks inthe north and south of Klang Town haveindicated prices ranging from RM37.57 persquare metre to RM74.13 per square metre.

ytreporPfoepyT noitacoL aerApU-tliuB)sertemerauqs(

morFegnaRecirP

tnemtrapA ,yawnuSamirPayaJgnilateP

00.58 000,001MRwoleB

,iretuPirSmalAhahS

82.601 868,551MR

muinimodnoC anadreParasnamaD 41.78 007,312MR

hsanoMyawnuS 93.231morf 000,313MRmorf

foepyTytreporP

aerAdnaL)sertemerauqs(

eulaVecirP

1002 2002

yrotcafdecarret½1eiramnelGmociH

ot98.16285.603

ot000,035MR000,055MR

000,535MR

eulaVdnaLdesylanA/dnaLlairtsudnItnacaV

ayaJgnilatePayaJgnilateP,15noitceS

ot54.841,6975,71

00.969MR 30.500,1MR

ayaJgnabuSkraPlairtsudnIayaJgnabuS31SS

66.511,01 63.106MR 52.405MR

malAhahS51noitceS

723,82 00.373MR 44.443MR

gnalKgninumeKtikuBnalaJ

364,04 liN 73.881MR

kraPlairtsudnIstiartSgnalKhtroN 22.864,04 ot28.271MR77.612MR

25.402MR

troPtseW,hadnIualuP 51.961,12 ot39.351MR26.181MR

52.902MR

noitacoLlatneRdedulcnoC

)htnomrep/ertemerauqsrep(

ayaJgnilateP15noitceS

29.21MR

malAhahS22noitceS

16.8MR

gnalKstiartSgnalKhtroN

troPlairtsudnI16.8MR

foepyTytreporP

noitacoL egnaRecirP)ertemerauqsrep(

1002 2002

muinimodnoC ,rewoTitisrevinUayaJgnilateP

501,2MR 882,2MR

tnemtrapA ,8truoCraeydooGanadrePgnabuS

373,1MR ot373,1MR635,1MR

irSradnaBarasnamaD

ot866,1MR130,2MR

ot406,1MR908,1MR

noitacoL aerAdnaL)sertemerauqs(

morFegnaRecirP)ertemerauqsrep(

,uamiRtikuBA1esahPmalAhahS

30.929ot24.755 dna)imub(69.845MR)imub-non(10.295MR

,uamiRtikuBB1esahPmalAhahS

30.929ot24.755 dna)imub(03.426MR)imub-non(21.876MR

dnafloGanaciporTtroseRyrtnuoC

491,1ot907 ot00.261,1MR87.773,1MR


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


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Unfortunately with the

incident in Bali,

Indonesia and the

bombing of two

shopping complexes in

the Philippines, the

tourist industry is

expected to be adversely

affected.


Estates or large tracts of development landare being sought by developers to develop intotownship developments or as land banks.Demand would be for lands in close proximityto highway networks/interchange.

HOSPITALITY AND LEISURE

In the year 2002, the total number of 3 to5 star hotel rooms numbered 3,767 in PetalingJaya, 1,277 in Shah Alam and 1,022 in Klang.Generally, hotel room numbers increased inKlang but decreased in Shah Alam. This ismainly due to the conversion of hotel roomsinto meeting rooms and amalgamation ofsmaller hotel rooms to accommodate largerrooms. Immediately after the September 112001 terrorist attack in the United States, touristarrivals have reduced substantially. However,tourist arrivals improved in the second quarterof 2002 due to the efforts of the governmentin promoting our tourism industry andrestrictions imposed by European and UnitedStates on tourists from the Middle East.Unfortunately with the incident in Bali,Indonesia and the bombing of two shoppingcomplexes in the Philippines, the touristindustry is expected to be adversely affected.

The number of 3 to 5 star hotels inPetaling Jaya, Shah Alam and Klangremained unchanged with no new hotelscompleted in 2002.

The average occupancy rate of 3 to 5 starhotels in Petaling Jaya, Shah Alam and Klangare as follows: -

Sunway Resort Hotel Sdn. Bhd. and SunwayResort Hotel Land Sdn. Bhd., subsidiarycompanies of Sunway City Berhad had on 16May 2002 entered into a conditional Sale &Purchase Agreement with ABS Real EstateBerhad for the disposal of Sunway LagoonResort Hotel at a sale consideration of RM340million.

Bankers Hotel, Amcorp Trade Centre inPetaling Jaya has been converted into servicesuites known as Amcorp Service Suite. Thesale was launched on 27th September 2002.

For the past two years, Malaysia hasbeen receiving more tourists as comparedto Singapore and Thailand. Malaysia has alsoemerged as a favourite holiday destinationfor the people of the Middle East as theresult of massive advertising campaign inthe Arab Media.

EDUCATION

Due to the current economic scenario andthe weakened local currency, parents aredirecting their children to local educationalinstitutions or colleges with “3 + 0” programmeinstead of sending them overseas. Anotherfactor that drives the demand further is thedevelopment of the K-economy. To ensure asmooth transition of the nation to aknowledge-based economy, the nationrequires more skilled and knowledgeablemanpower. It is inevitable to have aneducational system that generates more andenhances the quality of skilled manpower. Thedemand is further enhanced due to thetightening of issuance of student and travelvisa by western countries and moreinternational students studying in Malaysia.

The efforts of the government include theimplementation of vision schools, integratedschools, smart schools, community collegesand greater collaboration between thegovernment and the private sector. In theBudget 2003, the government has allocated27% or RM29.6 billion of the total budget ofRM109.8 billion to the education sector. Thiswill have spillover effects on educational

developments wheremore schools andaccommodation will bebuilt, benefitting morestudents and attractingmore privateinvestments to thissector. According to theEconomic Report 2003,

the direction of lending will be channelledtowards private capital formation, particularlyin services including tourism, health andeducation as well as agriculture.

According to the Department of PrivateEducation, there are 537 private highereducational institutions in Malaysia whichcomprise 517 colleges, 11 universities, 1university college, 3 local branch campusesand 5 foreign branch campuses. Out of the517 colleges, 119 colleges or 23% of the totalcolleges are located within Selangor and 5

retrauQtsriF retrauQdnoceS

1002raeY 2002raeY 1002raeY 2002raeY

sletohrats5 %95 %95 %16 %06

sletohrats4 %55 %55 %16 %95

sletohrats3 %24 %74 %94 %05


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


The light at the end of

the tunnel for Malaysia

is the current attractive

oil palm and

petroleum prices which

will sustain and

generate the local

economy.

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universities or 45% of the total universities inMalaysia are also located in the same state.

University Tunku Abdul Rahman (UTAR),launched in August 2002, which is locatedalong Jalan 13/6, Petaling Jaya, Selangor isleasing part of The Star’s premises for theircampus. According to the Kuala LumpurStock Exchange daily announcement, TheStar Publications (Malaysia) Berhad has on23rd March 2002 entered into a TenancyAgreement with University Tunku AbdulRahaman Sdn. Bhd. to rent the abovepremises for a 3 year tenancy commencing1st June 2002 until 31st May 2005. UTAR willhave an option to renew for another 3 years.The annual rental payable is RM594,000 fora total lettable area of 3,065 square metres,which analyses to about RM16.14 per squaremetre per month.

Stellar Destiny Sdn. Bhd., a subsidiarycompany of Sunway City Berhad had on 16th

May 2002 entered into a conditional Sale &Purchase Agreement with ABS Real EstateBerhad for the disposal of Sunway Collegefor a sale consideration of RM135 million.

In the light of the above factors, theeducation sector is expected to grow andattract more private investors to invest in thissector. As a result, suitable sites in good locationsare in demand and sought by private investorsand educational institutions.

2003 MARKET OUTLOOK

The regional and global economic andpolitical scenario looks uncertain. Thisis further aggravated by the fall inForeign Direct Investments intoMalaysia and the increasing possibilityof the US war against Iraq which willgive rise to grave implications to theworld economy and stability.

The light at the end of the tunnel forMalaysia is the current attractive oilpalm and petroleum prices which willsustain and generate the local economy.

The Government has been activelypromoting domestic consumption andproperties specially developed anddesigned or adapted for thesepurposes will attract effective demand.

With the first successful propertybacked asset securitisation in Malaysiaby Sunway City Berhad, this will pavethe way for other establisheddevelopers to have another option/avenue for a new form of financing.


New Town Centre

46200 Petaling Jaya

Tel : 03 – 7956 9211

Fax : 03 – 7957 8049


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JOHORInternational

Property2003




Unit 18B Level 18

Menara Ansar

65 Jalan Trus

P O Box 320

80000 Johor Bahru

Tel : 07 – 224 3388

Fax : 07 – 224 9769


JOHOR BAHRU

The year started with much anxiety over the waragainst terrorism. The immediate actions of the

government helped sustained confidence in themarket, especially the residential sector for the firsthalf of the year through the waiver in stamp duties.

Several noteworthy events that have taken place overthe year included the commencement of theconstruction of the new CIQ and the bridge that willeventually replace part of the causeway located withinthe Malaysian waters. This project upon completionwill change the future growth directions of the city.

Other notable events that have taken place in the year include transactions ofseveral large tracts of land in Ulu Tiram and the second link area, the opening oftwo new hypermarkets, ie Jaya Jusco and Giant and the acquisition of a commercialsite by another hypermarket chain.

OFFICE

The office market activity was generallyspearheaded by the public sector. Inner citybuildings in general achieved higheroccupancy rates compared to the previousyear. Conversely, the office buildings locatedin the city fringe experienced a drop inoccupancy rate. These buildings are generallyoccupied by the private sector.

The continued competition for tenants aswell as pressures by major tenants seekingbetter terms and rates have further depressedrental rates in most buildings.

The completion of three new buildings, theCustoms & Excise Building along Susur TunRazak in year 2002, TNB Building along JalanYahya Awal and Menara MAA along Jalan DatoAbdullah Tahir in year 2003 will add an

sgnidliuBeciffOdetceleSfosetaRycnapuccOdnasetaRlatneR

sgnidliuB etaRlatneR)htnomrepertemerauqs/MR(

ycnapuccOetaR2002

1002 2002

gnidliuBefiLaisA 02.71 02.71 %04

snoS&gnaPnanugnaB 05.12 05.12-04.91 %54

dnisirePnanugnaB 57.42 07.32 %57

erauqSytiC 00.82 00.82 %06

gnidliuBFPE 07.32 07.32-04.91 %55

rasnAaraneM 57.42 09.62-07.32 %59

kramdnaLaraneM 09.62-05.12 05.12 %07

.tnEkawaraSaraneM 05.12-50.51 05.12-50.51 %53

rewoTsiloporteM 57.42-05.12 57.42-05.12 %75

Menara MAA

The retail sector in

Johor Bahru is

experiencing a shift

with the emergence of

two new hypermarkets

and a new regional

shopping mall.

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additional 12.2% or 66,114 square metres ofoffice space into the market. These will causefurther vacancies and pressures on rental inthe various office buildings.

The outlook for year 2003 continues to belacklustre with further downward trend.

RETAIL

The retail sector in Johor Bahru isexperiencing a shift with the emergence oftwo new hypermarkets and a new regionalshopping mall. The two hypermarkets, JayaJusco in Taman Universiti and GiantHypermarket, along Jalan Skudai in Tampoi aretargetted to capture the population masslocated along the Skudai corridor as well asSingaporeans utilising the second link. Thenew IOI Mall located in Bandar Putra Kulaiwhich was completed and operational in 2002received an average response but is expectedto improve.

Well-managed single ownership retailcentres in the Central Business District areacontinued to enjoy high occupancy and rental

appreciations. The same cannot be said aboutthe retail centres such as Plaza Bestworld,Pacific Mall and Kemayan City which havebeen mothballed and is unlikely to be revivedwithin the near future. The Waterfront CityLot 1 was not spared as occupancy declineddue to low number of shoppers and the closingof several mini anchor tenants.

With the growing number ofhypermarkets, city retail centres would facehigher competition and the need tospecialise to satisfy shopper requirements.The few leading retail centres shouldhowever, continue to achieve highoccupancy rates in 2003.

SHOPHOUSES/SHOPOFFICES

The shops within the Central BusinessDistrict peripheral areas experienced someimprovements in terms of rental as well ascapital values in 2002. The outer suburb areason the other hand continued to experience adrop in value due to completion of similar unitsfrom the new developments generating newcompetition for occupants.

sertneCliateRdetceleSfosetaRycnapuccOdnasetaRlatneR

ertneCliateR setaRlatneR)htnomrepertemerauqs/MR(

ycnapuccOetaR2002

1002 2002

dnuorGroolF

reppUroolF

dnuorGroolF

reppUroolF

erauqSytiC 03.881 07.08 55.402 07.08 %99

azalPyadiloH 51.991 02.95 51.991 02.95 %59

RATMOK 33.57 57.54 01.68 57.54 %59

ayaratoK 55.99 02.95 55.99 02.95 %29

kramdnaLaraneM 59.96 01.34 58.35 03.23 %54

anasgnAazalP 04.161 58.69 06.771 06.99 %29

kesaTazalP 02.921 02.95 02.921 02.95 %39

1toLytiCtnorfretaW 04.811 53.57 04.811 53.57 %53

IOI Mall,Bandar Putra

Kulai

Unit 18B Level 18

Menara Ansar

65 Jalan Trus

P O Box 320

80000 Johor Bahru

Tel : 07 – 224 3388

Fax : 07 – 224 9769


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The demand for the

limited supply of shops

within the established

peripheral city area is

expected to be stable

due to uncertain

business sentiments.


Numerous launchings of new shops werereleased into the market in 2002 by ongoingprojects. These shops are generally withinself-contained housing estates and are to caterto the local surrounding population.

The demand for the limited supply ofshops within the established peripheral cityarea is expected to be stable due to uncertainbusiness sentiments. The outer suburb areashowever, is unlikely to witness much activitiesin the foreseeable future due to presence ofundeveloped landbanks.

saerAdetceleSnIsesuoHdecarreTyerotS2-1gnitsixEfoleveLgnicirP

noitacoL decarreTyerotS-elgniS decarreTyerotS-elbuoD

)000'MR(ecirP )000'MR(ecirP

1002 2002 1002 2002

aerAialuK-ianeS

ialuKirtuPnamaTaruphadnI

031-39 021-09 081-051081-051

061-041081-061

aerAgnaduGrisaP

malAireSradnaBiasaMatoK

631-031001-58

041-031001-58

012-071061-041

022-071051-041

aerAmariTulUgnotnelP

ayaJrohoJnamaTgnalremeCaseDnamaT

361-051051-031

051-531051-031

002-071052-281

022-071052-081

aerAialuPrakgnaK

itisrevinUnamaThanimAnuTukgnUnamaT

061-011061-031

041-011041-021

002-061002-081

081-061091-071

aerAkniLdnoceS

gnilrePnamaThadnItikuB

881-051551-831

071-051061-041

062-832802-881

042-022002-081

aerAiopmaT

adUuraBradnaBhadnIiopmaTnamaT

061-631 061-041 082-042522-091

042-022081-061

yerotS3-2gnitsixEfoleveLgnicirPsaerAdetceleSniseciffopohS/sesuohpohS

noitacoL )000'MR(ecirP

1002 2002

ignalePnamaT)yerots3(

009-008 000,1-538

yrutneCnamaT 087-517 088-038

gnilrePnamaT 004-563 073-563

ukgnUnamaThanimAnuT

024-523 004-523

ayaJrohoJnamaT 053-033 083-053

itisrevinUnamaT 024-053 004-053

seciffopohS/sesuohpohSfosehcnuaLweN

noitacoL esahP epyT eziStoL ecirPgnilleS

kraPssenisuBialuK tnemtrapapohS '07x"22 008,821MRmorF

anadrePialuPirS 2C-11 eciffopohsyerots-2 '07x'02 000,003MRmorF

iniRaraituMnmT C2 eciffopohsyerots-2 '07x'22 000,903MRmorF

uarbeTaseDnmT B3 eciffopohsyerots-2 '08x'02 000,833MRmorF

iasaMatoK 3egakcaP eciffopohsyerots-2 '07x'22 888,862MRmorF

hadnIignalePnmT 2B-2S1enoZ eciffopohsyerots-2 '001x'42 000,084MRmorF

artuPradnaB ayajagaiN eciffopohsyerots-2 '08x'42 009,992MRmorF

artuPradnaB ayajagaiN eciffopohsyerots-3 '08x'42 000,994MRmorF

hadnIaiteSnmT samhadnI eciffopohsyerots-2 '57x'42 008,803MRmorF

hadnIaiteSnmT samhadnI eciffopohsyerots-3 '57x'42 008,824MRmorF

ayaJiratseBasuNnmT eciffopohsyerots-3 '07x'42 000,063MRmorF

keloMnmT B3 eciffopohsyerots-3 '08x'42 000,827MRmorF

Unit 18B Level 18

Menara Ansar

65 Jalan Trus

P O Box 320

80000 Johor Bahru

Tel : 07 – 224 3388

Fax : 07 – 224 9769


The worst recession

ever experienced by the

island state of

Singapore and the

expectations of higher

unemployment and

later then expected

turn around in the

economy is likely to

have an equally

adverse impact on the

Johor Bahru overall

economy.

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saerAdetceleSnisdnaLlairtsudnIfoleveLgnicirP

aerA )ertemerauqs/MR(ecirP

1002 2002

)HL(aerAialuK-ianeS 261-921 261-921

)HL(aerAgnaduGrisaP 491-261 271-151

)HF(aerAiopmaT 962-512 323-962

RESIDENTIAL

The residential market continued to be themost active sector in Johor Bahru for 2002.The value of transactions compared to 2001for selected schemes however indicated adrop in values, particularly for houses locatedin the outer suburb areas.

There were several launches of single anddouble storey terraced houses and someapartments/condominiums. Prices of theseunits launched weregenerally belowRM200,000 except forthose located withinprime areas.

With the number ofunits available for sale bythe developers, buyers arespoilt for choice.Developments which aregood value for money andprovides quality finishingscontinue to capture thelimited demand.

INDUSTRIAL

The industrial sectorcontinued to be soft in2002 despite some smallrelocation of businesses into Johor Bahru.Prices of most industrial properties continuedon a downward direction with only limitedtransactions bucking the trend.

Comparisons of industrial land prices andindustrial factory/workshops in selected areasfor year 2001 and 2002 are listed as follows:-

Industrial prices are expected to be morestable in year 2003.

saerAdetceleSni)pohskroW/yrotcaF(seitreporPlairtsudnIfoleveLgnicirP

noitacoL )m.qs(eziS )tinurep000'MR(ecirP

1002 2002

kraPlairtsudnIanadrePBJ 61.523 082-552 053-872

nitsuAtnuoMnamaT 58.982 092-052 013-052

gnalremeCnairtsudnirePnamaT 08.7331 0031-0811 0011

itisrevinUnamaT 24.755 514-014 024-063

lairtsudnIthgiLialuKirtuPnamaT 00.322 533-662 062-002

HOSPITALITY

The Johor Bahru hospitality sector in 2002improved marginally as compared to 2001 interms of occupancy rate. Most hotels achievedbetween 50% - 70% occupancy rates.

Year 2003 is expected to see a boost inthe hospitality sector as it is the “Visit JohorYear 2003”. A host of activities and incentiveshave been planned throughout the year toattract tourism into Johor in the coming year.

2003 MARKET OUTLOOK

The worst recession ever experiencedby the island state of Singapore and theexpectations of higher unemploymentand later then expected turn around inthe economy is likely to have an equallyadverse impact on the Johor Bahruoverall economy.

Year 2003 is expected to be anotherdifficult year for the Johor Bahruproperty market. Retail, low-end housingand hospitality are expected to be activewhile other sectors remain stable.

sletoHdetceleSfosetaRycnapuccOdnasmooRforebmuN

letoH ratSgnitaR

fo.oNsmooR

egarevAetaRycnapuccO

1002 2002

cificaPnaPiretuPehT 5 674 %34 %34

ycnegeRttayH 5 393 %94 %15

araituM 5 033 %55 %35

floG&troseRmlaPletifoS 5 113 %35 %35

nedraGnedE 5 004 %54 %15

evaWeulBdnarG 4 481 %77 %58

latnenitnoCdnarG 4 582 %07 %37

nworClatsyrC 3 642 %07 %27

ecAeruceM 3 901 %05 %64

aisyalaMireSletoH RN 681 %05 %06

Unit 18B Level 18

Menara Ansar

65 Jalan Trus

P O Box 320

80000 Johor Bahru

Tel : 07 – 224 3388

Fax : 07 – 224 9769


The Bintang Walk of

Batu Pahat, which was

completed in the

second half of 2002,

brought about a new

landscape and a

livelier night scene to

Jalan Rahmat.

Meanwhile, Jalan

Bukit Pasir reinforced

its position as the new

satellite township of

Batu Pahat.

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37-4B, Jalan Rahmat

83000 Batu Pahat

Tel : 07 – 434 6122

Fax : 07 – 431 6921

E-Mail: [email protected]

BATU PAHAT

The tender exercises by Danahartaexcited the market for a while but

the actual bidding by the public waslukewarm.

Generally, the market wasconsolidating in the year under reviewwith activities confined to thetraditional residential market.

OFFICE/RETAIL

The Bintang Walk of Batu Pahat, which wascompleted in the second half of 2002,brought about a new landscape and a liveliernight scene to Jalan Rahmat. Meanwhile, JalanBukit Pasir reinforced its position as the newsatellite township of Batu Pahat. Prices ofthree storey shophouses in Taman Bukit Pasirstabilised at around RM480,000 per unit in2002, about 5% up from the level in 2001.The price of a double storey shophouse inthe same neighbourhood peaked atRM380,000 in 2002.

Amongst transactions in the traditionaltown centre, prewar shophouses werechanging hands in the region of RM340,000to RM380,000 per unit, which is slightly abovethe level of the previous year.

In prime commercial locations, tenanciesfor ground floors of typical shophouses weregenerally renewed at monthly rentals ofRM1,800 to RM2,200 per unit, marginallyhigher compared to 2001 level.

Within residential areas, prices of twostorey shophouses remained at RM200,000 toRM250,000 per unit, virtually unchanged onyear to year basis.

In the short and medium term, prices areexpected to consolidate at current levels.Sellers and buyers alike were watching themarket with little commitment.

Within the office sector in particular, themismatch between supply and demandcontinued into 2002. Overall, rentals wereweakened by a noticeable overhang in themarket.

RESIDENTIAL

There was a gradual return of confidence.Interest was mainly centered on single anddouble storey terraced houses. Residentialprices gained between 2% to 5% from the2001 level but rentals remained stable.

Jalan Tanjong Laboh emerged as a newresidential area with the launching of TamanBukit Flora. This scheme is still opened forbooking at the following prices :

Bintang Walk ofBatu Pahat onJalan Rahmat

epyT ecirPegarevA

tsocmuidem-wolyerotselbuoD 059,94MR

decarretyerotselgniS 008,29MR

decarretyerotselbuoD 008,941MR

The residential market

is seen to be gradually

regaining its strength.

The momentum for

further recovery would

however hinge on the

overall strength of the

industrial sector in

Batu Pahat.

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One of the major events in the residentialsector was the launch of Evergreen Height nearthe Bukit Banang Golf And Country Club inthe last quarter of 2002. The developer’sselling prices were as follows:

On average, residential prices within threekilometre radius of the town is as follows:

Most banks continued with special housingloan packages to promote demand and lendsupport to the residential sector. We believethe market has become more stable andpredictable.

INDUSTRIAL

Batu Pahat experienced virtually no majorindustrial development or activity in the yearunder review.

Transactions of vacant industrial sites wereconfined to new phases of KawasanPerindustrian Sri Gading. 60-year leases weregenerally released into the market at RM 80to RM86 per square metre in 2002, which wasthe same rate offered in 2001.

Prices of industrial properties with readybuildings registered minimal changecompared to the level in 2001. Within popularindustrial schemes, values were maintainedat the following levels in 2002:

Amongst industrial schemes in outskirtareas, there was little improvement in theoccupancy rate. The market continued to beweighed down by oversupply. It becameapparent that many of these early purchaseswere driven by pure speculation.


There was little to justify any new venturesor proposals in this sector in 2002.

The market is essentially business ratherthan tourist based. At the upper end of themarket, there was some improvement in theoccupancy rate.

2003 MARKET OUTLOOK

The residential market is seen to begradually regaining its strength. Themomentum for further recovery wouldhowever hinge on the overall strengthof the industrial sector in Batu Pahat.Low interest regime should provide thenecessary relief and impetus forgenuine buyers or local developers.

epyT ecirPgnilleS

decarretyerotselbuoD 008,931MR

dehcated-imesyerotselbuoD 008,332MR

wolagnuByerotselgniS 008,542MR

wolagnuByerotselbuoD 003,323MR

epyT egnaRecirP

decarretyerotselgniS 000,521MRot000,501MR

decarretyerotselbuoD 000,091MRot000,071MR

dehcated-imesyerotselgniS 000,591MRot000,571MR

dehcated-imesyerotselbuoD 000,062MRot000,532MR

TNEMPOLEVEDFOEPYT TINUREPECIRP

yrotcaFdecarreTyerotS½1 000,022MRot000,051MR

yrotcaFdehcated-imeSyerotS½1 000,003MRot000,052MR

yrotcaFdehcateDyerotS½1 000,054MRot000,053MR

37-4B, Jalan Rahmat

83000 Batu Pahat

Tel : 07 – 434 6122

Fax : 07 – 431 6921

E-Mail: [email protected]

PENANGInternational

Property2003




35, Green Hall

P O Box 1161

10850 Penang

Tel : 04 – 263 3377

Fax : 04 – 263 0359


Beach Street - Officebuilding in traditionalCBD Area sold by Tenderat RM2.45m

PENANG ISLAND

As the country recovered from the recession to register a reasonable growthfor 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 marketsentiments were mixed. While the general sentiments continued to remain weakand cautious with people having a tendency to put off decisions or delaydevelopments, some were in fact finding new uses for old properties and wereacquiring investment properties. The low housing loan cost had helped keep theproperty market stable and provide an important source of strength to theeconomy. Auction sales were on the rise but demand was still weak and thus theirsuccess rate was still poor.

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

On the opportunity side, the movers and shakers were also at work. The yearended with an announcement involving one of largest real estate transactionsin Penang – the decision to sell the Penang Turf Club 110-hectare land forRM488 million.

OFFICE

The office sector remained soft in arelatively quiet market. Old buildingswhich were put in the market for sale, hadreceived mixed responses. While those inthe old CBD of Beach Street had receivedsome interest and were transacted, thosein poorer locations had not attracted any

interest. Old office blocks were purchasedfor owner occupation rather than forinvestment purposes.

Two old bank office buildings at BeachStreet were transacted in 2002. One fetcheda price of RM5.48 million, while another wassold at RM2.45m in October. Besides new officebuildings, old refurbished pre-war buildings

While the sector was

still in the

consolidation stage

adjusting to oversupply,

poor sales, less tourists,

the irony was that a

few shopping centre

groups were planning

to come into this

market and were

planning to build and

inject even more supply

into the market.

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were beginning to filter into the market. Theyare limited in supply and were beginning toattract ‘collectors’ for use as boutique officesand shops. Two-storey type at the old CBDarea was transacted at prices betweenRM500,000 (without improvements) toRM650,000 per unit.

Two new office buildings along JalanSultan Ahmad Shah, having a total area of230,000 square metres were placed in themarket. A new up-market office block wasavailable to let at RM48 per square metre forthe ground floor and RM28 per square metrefor the upper floors. It remains vacant. Therental market remained soft with landlordshaving to compete to hold on to theirexisting tenants and competing with newoffices. The average asking rental for goodoffice space stands at RM20 to RM28.00 persquare metre. With the new supply, rentalsare expected to remain soft or remain stableat the low rent and the overall vacancy ratefor office would increase. Furtherconsolidation is anticipated.

COMMERCIAL

Two old cinemas on Penang Road wererefurbished during the year. One wasrefurbished and reactivated for use again asa cinema while the other was renovated foruse as a wholesale / retail store. They werelet at a rent of approximately RM11 to RM15per square metre per month.

Old two-storey shophouses werebeginning to find new uses, which includewholesale showroom / retail shops andrestaurants. A few old terraced houses whichwere renovated to let at RM2,000 per monthfor commercial use are still vacant.

At Bandar Bayan Baru two-storeyshophouses were offered for sale atRM535,000 onwards.

RETAIL

There were no new additions this year.Amidst a weak consumer sentiment anddispersion of consumers to the various retailoutlets, the market was adjusting slowly tothis change. Prime shopping centres werestill showing good occupancy and take uprate. While occupation of new blocks inpoorer locations were not as good as it wasbefore and old centres were experiencingeither falling rents and or rising vacancy.

While the retail sector was still in theconsolidation stage adjusting to oversupply,poor sales, less tourists, the irony was that afew shopping centre groups were planningto come into this market and were planningto build and inject even more supply intothe market.

RESIDENTIAL

The residential sector was more activewith an increase in the number of newproject launches:

Leith Street - rented @RM12,000 per month

epyT noitacoL secirPgnilleS

yerots-3dehcated-imes

hagnuBgnujnaT 000,036-000,834MR

yerots2sesuoHnwoTxelpuD

hagnuBgnujnaT 000,013-000,862MR

yerots½2sesuoHdehcated-imeS

sukiTualuP sdrawnom56.1MR

yerots-3esuoHdehcateD

uraBnayaB sdrawno000,097MR

yerots-3esuoHdehcated-imeS

uraBnayaB sdrawno000,585MR

yerots-2esuohdecarreT

arAiegnuS 000,825-000,813MR

yerots-2esuohdecarreT

gnuaMutaB sdrawno000,063MR

tnemtrapAtsoCmuideM gnubiNiegnuS 000,501-000,89MR

yerots-2esuoHdehcated-imes

ihgnirreFutaB sdrawno000,007MR

yerots-3esuohdehcated-imes

ihgnirreFutaB sdrawnom1MR

tolesuohdehcateD ihgnirreFutaB 001,1MRertemerauqsrep

tnemtrapA gnotuleJ 000,021-000,88MR

35, Green Hall

P O Box 1161

10850 Penang

Tel : 04 – 263 3377

Fax : 04 – 263 0359


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Towards the end of

2002, the outlook

became misty again.

There were many

events outside our

control but it could

affect us as they changes

in 2003.


The condominium market saw moreintroduction of the ‘super Condos” - a morespacious and luxury class of units. GurneyDrive were launched at prices between RM1.1 million to 1.4 million and have a floor areaof 370 square metres.

As at the third quarter 2002, there wereabout 270 auction cases recorded and ofthese only 18 units were sold. The successrate for auction is therefore only 6.6%.

INDUSTRIAL

This sector was experiencing an‘imbalance’ between the incoming of newhigh-tech factories that requires well trainedscientists and engineers and the slow butsteady closing of factories that requirelabour intensive production workers.

By the end of the year there were sixfactories of varying sizes and having a totalbuilding area of nearly 55,000 square metresup for sale at prices between RM6.5m toRM22m. Sentiments in this sector was weak.There was no user demand in the market.

A new scheme at Jelutong launched itsindustrial shop-office and factory project. Theirselling prices were:

During the mid-year Danaharta sale, ablock of 6 units of 1 ½ storey factories weresold at RM2.42m at the Diamond ValleyIndustrial Estate, Batu Maung.


This sector was expected to take a few yearsto recover from the September 11, 2001incident and as confidence of foreign touristslowly returns, the region suffers from anothershock - the Bali bomb blast. More efforts haveto be done to reassure and inject in confidenceto encourage tourist travel. While new marketswere being explored, former repeaters whoknow Penang well were being courted tocome back.

Penang has also to repackage its touristproduct to ensure continuing inflow oftourists. Eco-tourism, cultural tourism,medical and dental tourism and evenwedding tourism are being considered.

2003 MARKET OUTLOOK

Towards the end of 2002, the outlookbecame misty again. There were manyevents outside our control but it couldaffect us as they change in 2003. Worldpolitical events, the fragile economy ofthe developed world, and the structuralchange the island is facing all add up tothe cautious sentiments.

epyT secirPgnilleS stinU

eciffo-pohslairtsudnIyerots-3 000,098MRmorF 92

yrotcaFyerots½2 000,005MRmorF 42

yrotcaFyerots½-1 000,054MRmorF 03

Astec PG2 - Industrialbuilding in FIZ Phase 2 ForSale @ RM9.84m

35, Green Hall

P O Box 1161

10850 Penang

Tel : 04 – 263 3377

Fax : 04 – 263 0359


Conventional landed

residential properties

still remained the

preferred choice of

buyers whilst flats and

apartments were active

only in urban areas.

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SEBERANG PERAI

The property market in SeberangPerai remained stable in 2002.

The residential sub-sector was activebut with prices remaining at theprevious year’s level while thecommercial and light industrial sectorswere soft.

The year also witnessed the launchingof a few small and medium scalehousing schemes with responsesgenerally reported to be fair.

OFFICE

The office market in Seberang Peraigenerally remained at the previous year’s levelwith rentals generally remaining unchanged.

Existing office buildings in Seberang Peraiare NB Tower, Wisma UMNO, Wisma Peladang,Wisma Suria and Wisma Pantai in Butterworthand Sunway Business Park and Bangunan KWSPin Seberang Jaya with asking gross rentalsranging from RM8.60 to RM16.15 per squaremetre per month. The occupancy rate of thesebuildings range between below 10% to 85%.

No purpose-built office building wascompleted during the year.

RETAIL

There was no new addition of commercialcomplexes in Seberang Perai during the year.

The Megamal Pinang CommercialComplex and the BM Plaza still remained thetwo commercial complexes in Seberang Peraiwhich are still in active operation.

The ground floor of the Megamal PinangCommercial Complex is nearlyfully occupied whilst the upperfloors are approximately 10% to50% occupied.

Rental rates generallyremained at the previous year’slevel.

SHOPHOUSES

The property market for traditionalshophouses in 2002 was generally stable.

In Chai Leng Park, a single storeyshophouse located along Lebuh Kurau 5with a land area of approximately 121square metres was sold for RM320,000while in Bukit Mertajam, two adjoining unitsof double storey shophouses with a totalland area of 223 square metres and locatedalong Jalan Dato Ooh Chooi Cheng weresold for RM650,000.

In Juru, the 2 and 3 storey shopoffices inJuru Jaya Business Park were for sale by thedeveloper at RM238,888 and RM368,888respectively.

In Seberang Perai Selatan, the doublestorey shophouses in Taman Bakap Jelitawere for sale by the developer atRM178,800 while the double storeyshophouses in Taman Cendrawasih Indahwith a land area of 130 square metres werefor sale at RM229,800.

RESIDENTIAL

The residential sub-sector was active in 2002especially for those priced below RM100,000.

Prices generally remained at the 2001 level.

Conventional landed residential propertiesstill remained the preferred choice of buyerswhilst flats and apartments were active onlyin urban areas.

The year also witnessed the launching of afew small and medium scale housingschemes. The details are as follows :-

noitacoL epyT ecirP

hadnInukuSnamaTmajatreMtikuB

decarreTyerots-2 888,371MR

matreBartuPradnaBsataBalapeK

decarreTyerots-2dehcateD-imeSyerots-2

000,041MR000,042MR

ecalPruobraHhtrowrettuB

stnemtrapA 015,911MRevobadna

hadnInidnaMkaMnamaThtrowrettuB

decarreTyerots-2 000,502MR

nupmureSnamaTmajatreMtikuB


000,891MR000,872MR

hadnIhisawardneCnamaTlabeTgnobiN



dehcateDyerots-2

000,821MR008,981MR

008,98MR008,931MR000,923MR

No. 33, Jalan Todak 4,

Pusat Bandar Seberang Jaya

13700 Seberang Jaya

Tel : 04 – 398 1188

Fax : 04 – 397 1188


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The overall property

market in 2003 is

expected to consolidate

further given the

current economic

situation.


INDUSTRIAL

The industrial sub-sector in Seberang Peraiis still in the doldrums.

In Prai Industrial Estate, a detached factorylocated along Tingkat Perusahaan 3 with a totalland area of 1.723 hectares was sold for RM4.3Million while in Seberang Jaya Industrial Park,a factory located along Lorong Jelawat 2 witha land area of 2,703 square metres was soldfor RM3.5 Million.

Another detached factory in PraiIndustrial Estate located along LorongPerusahaan Baru 6 with a land area of 0.397hectare held under a freehold title was soldfor RM2.65 Million.

No new industrial scheme was launchedduring the year.


There were no new additions of hotelsin Seberang Perai during the year.

The existing major hotels in Butterworthand Bukit Mertajam are Sunway HotelSeberang Jaya, Pearl View Hotel and PrescottHotel with a total of 518 rooms.

The occupancy rates of these hotels werein the region of approximately 40% to 55%.

2003 MARKET OUTLOOK

The overall property market in 2003 isexpected to consolidate further giventhe current economic situation.

Demand for commercial and industrialsectors can be expected to be soft dueto prevailing over supply and marketuncertainties except for certainstrategic locations which may seesustained demand.

The deluge of foreclosure actions bythe financial institutions on propertieswhere titles have not been issued yetcan be expected to have a downwardpressure on value/price of such type ofproperties.

No. 33, Jalan Todak 4,

Pusat Bandar Seberang Jaya

13700 Seberang Jaya

Tel : 04 – 398 1188

Fax : 04 – 397 1188


NEGERISEMBILAN


2003




1st Floor, Kompleks Negeri

7-A, Jalan Dr Krishnan

70000 Seremban

Tel : 06 – 763 7373

Fax : 06 – 765 3360


The performance of the property market in Negeri Sembilan remained weakwith no impending signs of recovery from a bearish market scenario. The

residential sub-sector continued to dominate much of the market activity. Othersub-sectors remained relatively quiet throughout the year. The overhang situationfor the commercial and industrial properties have not shown any markedimprovements for year 2002. Many notable abandoned projects have yet to berevived and a few of the large development lands offered for sale through tendersby Danaharta have not been successful even though the sale prices have beendiscounted by more than 30% in comparison to year 2000 prices.

In general, the prices of the residential and commercial properties remainedquite stable with some of the popular areas showing slight increases in thevalue compared to year 2001 prices. Industrial properties, on the other handhave a mixed response in terms of prices. The large industrial propertiesgenerally recorded a marked depreciation in value while the prices of smallto medium scale properties in the established schemes in Seremban remainedrelatively stable .

Some of the prominent infrastructure works that were implemented/on-going in2002 include the opening of the new Nilai interchange in October 2002, theupgrading of the Seremban – Kuala Klawang trunk road, the expansion of thePort Dickson Highway exit at the 4th mile Jalan Pantai and the construction of theRM64 million market in Taman Bukit Kepayang.

Notable landmarks making their debut in the Negeri Sembilan propertylandscape include Dataran Teluk Kemang in Port Dickson and DataranSenawang and the first McDonald drive through outlet near the SenawangCommercial Park in Seremban.

SenawangCommercial Park

No new industrial

schemes were launched

in 2002. The industrial

schemes in Seremban

maintained a fairly good

demand whilst the

industrial properties in

the Nilai corridor is still

experiencing weak

demand.

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OFFICE

The existing stock of purpose-built officespace in Seremban remained status quo incomparison to the preceding year. In thepipeline slated for completion by year 2003is the office block within the Terminal Onedevelopment which has commencedconstruction recently after stalling for anumber of years.

Rental rates of purpose-built officebuildings in Seremban remainedcomparatively low. The rates of selectedbuildings are generally as follows :

RETAIL

Terminal One Shopping Centrecontinues to maintain its statusas the leading retail centre inSeremban town followed bySeremban Parade. Othercomplexes in the town are verymuch secondary in nature. Theproposed Kemayan ShoppingMall and Seremban Mallremained unrevived.

Rental rates in Terminal One ShoppingCentre have shown an upward trend whilethe rental levels of other centres remainedrelatively stable with some experiencing adrop in rental.

Terminal One Shopping Centrecommands a ground floor rentalbetween RM 77 to RM 113 per squaremetre per month whilst for SerembanParade, its ground floor rates rangesfrom RM 43 to RM 86 per square metreper month. Both centres enjoy goodoccupancy levels of above 90%.

Shophouses in the town centrecontinued to sustain good rentals and prices.The prices and rental of shophouses in andaround Seremban town are as follows:

RESIDENTIAL

Affordable housing in the form of low-medium to medium cost houses remainpopular and was the most active segmentin the market. This can also be seen fromthe various launches held within the yearby the developers. Most of the newhousing stock released in the market areterraced houses with prices belowRM150,000 per unit. The demand for thenew stock appeared to be relativelyaverage with sales at around 40% to 60%.

The demand for the existing stockremained stable although slantingtowards the buyers’ market scenarioespecially so for the high-endproperties. Condominiums inSeremban continue to experiencesluggish demand as landedproperties are the preferred choicefor most of the home buyers.

Prices and rental of houses in Serembanare as follows :

INDUSTRIAL

No new industrial schemes were launchedin 2002. The industrial schemes in Serembanmaintained a fairly good demand whilst theindustrial properties in the Nilai corridor is stillexperiencing weak demand. Prices of some ofselected schemes are as follows :


The leisure industry in Port Dicksonremained subdued. The prices of resort

condominiums remained weak.Hotel occupancy stil l hoversroughly at about 40%. The StateGovernment has been actively

epyT noitacoL tinurepecirP tinureplatneR

yerotS-owT emirP 000,057MR-000,055MR 007,4MR-005,3MR

yradnoceS 000,003MR-000,002MR 002,2MR-006,1MR

yerotS-eerhT emirP 000,009MR-000,087MR 005,5MR-002,4MR


ytreporPfoepyT egnaRecirP htnomreplatneR

decarreTyerotSelgniS 000,031MR-000,07MR 004MR-052MR

decarreTyerotSelbuoD 000,091MR-000,021MR 055MR-053MR

dehcated-imeSyerotSelgniS 000,032MR-000,041MR 006MR-004MR

dehcated-imeSyerotSelbuoD 000,053MR-000,071MR 007MR-005MR

semehcS )ertemerauqsrep(secirP

kraPlairtsudnIdnalkaO 00.502MR-00.561MR

kraPlairtsudnIgnawaneS 00.391MR-00.271MR

kraPlairtsudnInaisyalaMbarA 00.171MR-02.921MR

etatsElairtsudnIialiN 03.471MR-02.921MR

gnidliuB setarlatneRertemerauqsrep

SNMPDamsiW 03.81MR-00.41MR

nalibmeSiregeNnasayaY 04.91MR-02.71MR



70000 Seremban

Tel : 06 – 763 7373

Fax : 06 – 765 3360


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The outlook for year

2003 looks bearish as

there is no fresh leads

to rejuvenate the

Negeri Sembilan

property market. The

current pace in the

price and rental

movements will

prevail throughout the

year.


promoting the town as a local touristdestination and these promotion measuresappear to be continuing into year 2003.

EDUCATION

The Nilai corridor is shaping itself as oneof the prominent education centres inMalaysia. Besides Inti College Malaysia andNilai College, three other new colleges willbe setting up their establishments along thecorridor in the very near future. Theseinclude Kolej Universiti Islam Malaysia and

Metropolitan College to be located in theBandar Baru Nilai and Universiti TeknologiLagenda at Bandar Universiti Mantin , Mantin

2003 MARKET OUTLOOK

The outlook for year 2003 looksbearish as there is no fresh leads torejuvenate the Negeri Sembilanproperty market. The current pacein the price and rental movementswill prevail throughout the year.



70000 Seremban

Tel : 06 – 763 7373

Fax : 06 – 765 3360


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MALACCAInternational

Property2003




178 Jalan Merdeka

Taman Melaka Raya

75000 Melaka

Tel : 06 – 281 2288

Fax : 06 – 284 6399


Overall, the performance of the property market in Malacca during the yearwas mixed with moderate gains in some categories of the more dominant

residential and agricultural sub-sectors while industrial and commercial propertiesshowed either consolidation or depreciated in value. There was a flurry offoreclosures on condominiums and apartments as well as some commercial andindustrial properties fuelling bargain hunting in the market.

There were a number of property disposals through private tenders particularlyDanaharta’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 ofdevelopment 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 forsale in Melaka during the 6th Property Tender conducted by Danaharta. Of these,development and agricultural lands formed the bulk (48%) while industrialproperties accounted for 33% of the total. The overall response was reported tobe good with some bids at about 40% to 100% above Danaharta’s indicativevalue.

There were nine properties valued at RM10.710 million for disposal in thesubsequent (7th) tender sale. Industrial units were the majority, forming about56%.

OFFICE

The office sub-sector remained stablewithout significant changes in rental orsupply. The total space in purpose built officebuildings is around 200,500 square metresand the overall occupancy rate is about 92%.Two office buildings with a total space of12,400 square metres are presently underconstruction.

Of the 69 existing office buildings inMelaka, 28 with a total space of 73,000square metres are Government owned. Theyare fully occupied while the occupancy ofprivately owned premises was lower, atapproximately 87%.

The monthly average rentals stillremained at between RM15 to RM20 persquare metre.

RETAIL/SHOPHOUSES

The existing number of shoppingcomplexes as at the second quarter of theyear was 17 with a total space of 185,000square metres.

The overall occupancy rate was reportedto be 73%, a drop from last year's 78%.

The current year saw the opening ofTesco hypermarket along Jalan PanglimaAwang in Pringgit.

The Mahkota Parade was reported soldin the last quarter of the year for RM146.59million or RM3,100 per square metre. The saleprogress of retail lots at Dataran Merdeka,which were earlier launched in 2001, hasbeen reported to be slow.

The residential sector

continued to dominate

the market with slight

rise in price levels

though rentals in most

areas remained

unchanged. There were

several launches during

the year and the

response was generally

favourable especially

for the medium-low

cost types.

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Prime development landadjoining Multimedia

University - sold by WTW

The price levels of shophouses in Melakaare as follows:-

Unsold shopoffice units in Plaza Mahkotaare offered at large discounts of up to 30% bythe developer. There were reported ‘fire-sales’of 3 storey shophouses in Taman Melaka Rayafor below RM200,000 per unit.

There are no commercial launches duringthe year except for a block of 4-storeyshophouses along Jalan Ong Kim Wee whichare mainly developed for rental.

MAIM revived its commercial project ofshophouses on a site opposite the State Mosque.

One of the abandoned commercialprojects, Bandar Utama Melaka, may be revivedas a mixed development.

Other abandoned or planned commercialprojects viz. Bendahara Boulevard, MalaccaCity Square in Pringgit and Ayer KerohBusiness Centre, are yet to be revivedor launched.

RESIDENTIAL

The residential sector continued todominate the market with a slight risein price levels though rentals in mostareas remained unchanged. There

were several launches during the year and theresponse was generally favourable especiallyfor the medium-low cost types.

As at the second quarter of the year, theexisting residential housing stock in Malaccastood at around 104,000 units with anotherfuture supply of about 57,000 units. Of thelatter 3,000 units were starts and 13,300units under construction. Melaka Tengahdistrict was the most active having 76% ofthe existing stock.

Taman Merbok Phase 4 in Ayer Kerohcomprising about 304 units of shops andresidential houses was launched recently. Thedouble storey terraced houses (open title)with better finishes are priced fromRM192,000. We understand that there wasgood response for the terraced houses .

Following the successful launch of the initialphase of Taman Angkasa Nuri in Batu Berendamin the last quarter of 2001, the second phasecomprising around 100 units of double storeyterraced houses with plot size of 22 feet by 70feet and priced at RM159,800 each waslaunched in October 2002 .

The average prices of various types ofhouses are as follows:-

noitacoL ecirPgnilleS)tinurep(

epyT

yerotSelbuoD emirP 000,082MR-000,052MR

yradnoceS 000,002MR-000,071MR

yerotSeerhT emirP 000,064MR-000,063MR

yradnoceS 000,003MR-000,032MR

epyT noitacoL )tinurep(ecirPgnilleS

decarreTyerotS-1 risaPgnujU 000,051MR-000,021MR

gnaurBtikuB 000,041MR-000,59MR

milaM 000,001MR-000,09MR

decarreTyerotS-2 napaLgnopmaK 000,052MR-000,022MR

litaKtikuB 000,051MR-000,041MR

horeKreyA 000,061MR-000,541MR

yerotS-1dehcateD-imeS

uraBtikuB 000,002MR-000,061MR

milaM 000,081MR-000,051MR

yerotS-2dehcateD-imeS

kobameS 000,853MR-000,003MR

gnabelK 000,054MR-000,023MR

178 Jalan Merdeka

Taman Melaka Raya

75000 Melaka

Tel : 06 – 281 2288

Fax : 06 – 284 6399


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The property market

trend in industrial sub-

sector continued in

2002 with limited

inquiries for new sites.

These industrial estates

experience varying

occupancy rates from

around 30% to fully

occupied depending on

factors such as location,

pricing, supporting

infrastructure, etc.


Pangsapuri Bunga Raya, anapartment project in BukitBeruang designed to meet thehousing needs of the Multi-media University nearby waslaunched in June 2002. The 120apartments were priced fromRM98,000 while the ground floorshop lots are from RM230,000.

The market for up-marketcondominium remained weakcharacterized by low occupancyand foreclosures. Prices havegenerally slipped to around 40% to50% below the peak of 1995/96.

A condominium project along Jalan AyerLeleh in Malacca town appears to have stalled.

INDUSTRIAL

According to National PropertyInformation Centre (NAPIC), the existing stockof industrial units is approximately 3,914 unitswith a planned supply of 5,000 units. Theproperty market trend in industrial sub-sectorcontinued in 2002 with limited inquiries fornew sites. These industrial estates experiencevarying occupancy rates from around 30% tofully occupied depending on factors such aslocation, pricing, supporting infrastructure, etc.Most of the abandoned industrial projects haveyet to be revived.

Prices of industrial land in prime areasgenerally consolidated between RM140 persquare metre and RM170 per square metrewhile those in poorer locations fell toaround RM60 to RM70 per square metre.Sales of SMI units in the outskirts of townremained poor.

The prices of vacant industrial land inselected areas are as follows :

The Honda Malaysia car manufacturingplant which entailed an initial investment ofRM180 million and built on a 32.4 hectare sitein the Pegoh Industrial Estate beganproduction at year end. Investments in thisproject are expected increase to RM347million by the year 2005.

Composite Technology ResearchMalaysia has reported being awarded anRM800 million contract by Airbus to designand manufacture wing components in theirfactory in Batu Berendam.

An international computermanufacturer’s plant in Cheng wassuccessfully sold by tender in early 2002 forRM6.4 million. It was subsequently resold inJuly 2002 for RM10.1 million.

The state is also seeking MSC statusfor its multi-media incubator projectbeside the Malacca International TradeCentre in Ayer Keroh.


Currently there are 68 hotels in Malaccawith a total stock of about 5,300 rooms. Theoverall average occupancy rate was around48% though higher rates of 60 to 70% wereachieved by some of the hotels. The roomrates remained unchanged.

No new hotel development is expected inthe next 2 – 3 years. The abandoned 300 roomAmbassador Hotel remains in abeyance.

The total tourist arrivals as at October 2002grew to 2.4 million from 2.1 million last yearagainst the current target of 3 million.

New private collegealong Jalan Kubu -deal concluded byWTW

noitacoL )msp(secirP

gnehC 061-031

horeKreyA 571-011

iabmaRtkB 58-56

uamilreM 06-54

hajaGrolA 08-06

madnereButaB 561-001

gnoburK 521-09

178 Jalan Merdeka

Taman Melaka Raya

75000 Melaka

Tel : 06 – 281 2288

Fax : 06 – 284 6399


Demand for resort and

up-market residential

properties is expected to

remain sluggish. Short

term investments and

profit taking is

expected to continue as

there are still foreclosed

properties available.

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One of the tourism projects which is theHang Tuah Mall, an open air mall along JalanHang Tuah costing RM8.8 million was officiallyopened by the Prime Minister in October2002. The Selandar Tropical Fruit Farm wasalso opened by the Prime Minister during thesame period.

The year also saw the opening of theMalacca Pier comprising restaurant andretail lots in the renovated Malacca Jetty anda renovated ferry.

A 112-room hotel with retail space,Grandhill Hotel along Jalan Tun Ali wasreported sold for RM7.6 million in 2002. Thehotel now operates as Naza Hotel.

EDUCATION

There are currently more than 20institutions of higher learning in Malaccawith an estimated enrollment of around20,000 non-local students. Site works hascommenced for a MARA ProfessionalCollege in Tiang Dua while a 28.5 hectare sitein Ramuan China has been acquired for theconstruction of a MARA college.

A community college was also openedin Bukit Beruang.

AGRICULTURE

The agricultural sub-sector showedcontinued improvements due to demandparticularly for smaller sized plots.

The average price of smallholdings inMelaka Tengah, being the most developeddistrict, was around RM160,00 toRM200,000 per hectare while the other 2districts of Jasin and Alor Gajah recordedlevels of about RM80,000 and RM90,000 perhectare respectively.

INFRASTRUCTURE

Major infrastructure projects initiated bythe Government during the year included theSungei Udang-Bertam - Krubong-Ayer KerohHighway and the upgrading of the north-southtrunk road from Simpang Ampat to Muarincluding the construction of several flyoversin town and new stretches of roads.Construction works on both of these projectshave commenced.

Construction works are also in progressfor a new outstation bus terminal in Pringgit,and along Jalan Tun Razak ring road.

2003 MARKET OUTLOOK

The property market is expected toimprove albeit with caution in view ofuncertainties.

There is still an overhang in thecommercial and industrial sectors.Medium cost terraced houses willcontinue to dominate the market.Developers are cautioned not to jumpinto the band wagon and create furtherpressure on the property marketparticularly in the residential sectorwhere there seem to be an oversupplyof double storey terraced houses.

Demand for resort and up-marketresidential properties is expected toremain sluggish. Short terminvestments and profit taking isexpected to continue as there are stillforeclosed properties available.

The tourism industry is expected tocontinue to suffer from the hangoverof a slump in foreign tourist arrivalscaused by recent events in Bali.

178 Jalan Merdeka

Taman Melaka Raya

75000 Melaka

Tel : 06 – 281 2288

Fax : 06 – 284 6399


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PerakInternational

Property2003

S E R V I N G T H E P R O P E R T Y I N D U S T R Y N A T I O N W I D E S I N C E 1 9 6 0


13A, 1st Floor,

Jalan Panglima

P O Box 562, 30760 Ipoh

Tel : 05 – 241 0611

Fax : 05 – 255 6536



2003

The Perak property market is stillfacing uncertainties in 2002 except

for residential market which is tryingto keep up its momentum. The generalpublic is more cautious on spending andis either looking for a ‘cheap’ buy oradopting a “wait and see” attitude.Stimulants such as low interest ratesand attractive payment terms offeredby banks have to some extent helpedto improve the market situationparticularly in the residential sector.

Generally, the office market in Ipoh isfacing a marginal over-supplysituation. There is not much change inthe occupancy rate and the rental valueas compared to year 2001.

Established shopping complexescontinued to enjoy good occupancieswhile complexes in secondary locationsremained unpopular.

The industrial sector is still sufferingfrom low demand, decreased capitalvalue and low rental yield

OFFICE

The strategic location of GreentownBusiness Centre which is surrounded by theFederal Building, KWSP Building, City Council,hotels, banks and securities firms is stillattracting a large number of corporations tobe located in the vicinity.

Wisma Greentown 3, which is locatedwithin Greentown Business Centre, isexpected to be completed in early 2003 andwill accommodate the influx of more newbusinesses into this area.

Some of the office rental rates in Ipoh areas follows :

Wisma Greentown 3

gnidliuB ertemerauqsreplatneRhtnomrep

tsurTnabyaMnanugnaB 00.41MRmorF

ijaHgnubaTnanugnaB 04.91MRmorF

gnidliuBA&M dnuorG 34MR

sroolFreppU 07.32MR

auHkaePamsiW dnuorG 03.81MR

sroolFreppU 09.21MR

gnidliuBPSWK dnuorG 03.64MR

roolFts1 57.42MR

ertneCssenisuBnwotneerG roolFts1 04.91MR

Bandar Baru Tambun

is a prime residential

area where its earlier

launches had been

completely sold out.

Many buyers are still

looking for properties

in this area.

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C H Williams Talhar Wong SdnBhd

RETAIL / SHOPHOUSES

There was no new retail centre added tothe market in 2002. Despite the slow demand,rentals remained stable. Most of the newerbuildings managed to achieve an averageoccupancy rate of around 70%. However, theolder buildings have not recovered from thedeteriorated occupancy rate.

There are two established retail centres ;Kinta City and Ipoh Parade. Kinta City isenjoying near full occupancy whilst theoccupancy of Ipoh Parade has improvedcompared to 2001. Retail centres withoutanchor tenants or a good tenant mix havecompromised with lower rentals.

The relocation of retail outlets and officesfrom old town to Greentown Business Centrehas forced down rental value in this area. Therental and capital values of shopoffices inGreentown Business Centre are improvingdue to good demand.

The selling prices of shopoffices withinwell established commercial areas in Ipohare as follows :

RESIDENTIAL

The residential property market in Perakhas shown improvements in terms of numberand value of transactions. The demand formixed housing development land in superiorlocations with close proximity to housingschemes and amenities is on the rise.

Sunway City has revived its developmentof residential properties in Tambun, Ipoh. Thefirst phase of semi-detached houses knownas Garden Villa which were priced atRM199,888 were completely sold out.Subsequently the price has been increased toRM208,888 for the later phase.

Bandar Baru Tambun is a prime residentialarea where its earlier launches had beencompletely sold out. Many buyers are stilllooking for properties in this area. Currentlythe new phases are being constructed.

Some of the housing schemes launchedduring the year are as follows:-

There is no substantial change in rentalrates. Certain established housing estateswhich have good demand such as Ipoh Garden,Canning Garden, Bandar Baru Tambuncontinue to command higher rental ratescompared to others.

Bandar BaruTambun

noitacoL epyT ecirP

nedraGhopIhtuoS

)dlo(eciffopohsyerots-2 000,053-000,072

)wen(eciffopohsyerots-2 000,004-000,073

eciffopohsyerots-3 000,025-000,005

uraBradnaBnadeM


hopIradnaBayaR



nwotneerGertneCssenisuB



semehcS aerAdnaL ecirP

esuohdehcated-imesyerots-elbuoD

nedraGtsriFehT '09x'53 000,853MR

ytiCyawnuS,alliVnedraG '56x'23 888,802MR

esuohdecarretyerots-elbuoD

nedraGtsriFehT '07x'02 000,891MR

hamiThonorTnamaT '07x'02 008,321MR

akapmeCaseDnamaT '07x'02 008,841MR

,enitnelaVyrtnuoChetuPrisaP

'07x'02 009,361MR

nubmaTuraBradnaB '57x'22 000,391MR

,aiRnaudaprePnamaTmahcreB

'07x'02 008,821MR

,iamrePhopInamaTtsaEnedraGhopI

'07x'22 008,971MR

esuohdecarretyerots-elgniS

asotneSnaudaprePanerA '07x'02 008,48MR

,enitnelaVyrtnuoChetuPrisaP

'07x'02 000,89MR

uajiHhonorTnamaT '07x'02 008,76MR

hadnIkarePnamaT '07x'02 088,38MR

13A, 1st Floor,

Jalan Panglima

P O Box 562, 30760 Ipoh

Tel : 05 – 241 0611

Fax : 05 – 255 6536


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The industrial market

is experiencing a

sluggish period with

both demand and

supply recording low

activities. Prices remain

unchanged in the more

established industrial

estates.

C H Williams Talhar Wong SdnBhd

Prices of development land and residentialproperties are expected to be slightly upwardin the near future.

INDUSTRIAL

The industrial market is experiencinga sluggish period with both demand andsupply recording low activities. Pricesremain unchanged in the moreestablished industrial estates. In general,prices of industrial proper ties areexpected to be stable or on a downwardtrend in the near future.

Prices of industrial land in primelocations like Silibin and Menglembuareas range from RM129 to RM161 persquare metre.

AGRICULTURAL

The agricultural property market inPerak is modestly active due mainly to theoil palm industry which has improved.Aggressive marketing efforts backed byappropriate policy initiatives of thegovernment have managed to successfullyincrease exports substantially.

The domestic price outlook of crudepalm oil this year also looks promisingwith steady export demand. The entry ofChina into World Trade Organisation( WTO) and the higher palm oil importquota will brighten the demand outlookfor palm oil. The lower growth in world oilsand fats production would also tightenglobal supplies of vegetable oils andsupport an upward trend for vegetable oilprices in the world market. In view of the

anticipated strong market fundamentals,the average domestic crude palm oil priceis expected to rise.

The price of agricultural land in primelocations in Taiping, Sitiawan and Teluk Intanrange from RM20,000 to RM40,000 per acre.


The occupancy rate of touristdestinations such as Pangkor Island andLumut is modest. Economy-class hotels withroom rates ranging from RM50 to RM70 pernight are still popular. There is no expansionof existing hotels nor new hotels being builtthroughout Perak.

Saleability of golf club membership is notencouraging. Prices of golf membership forexisting clubs remain stable.

2003 MARKET OUTLOOK

The overall property market outlookis expected to be stable due to improvedmarket conditions. However, whilstadverse effect of an overhang situationfor the commercial and industrialsectors are expected to remainunattractive unless drastic measuresare taken by the state authorities toattract investors. The modest growthof the hospitality industry within thestate of an abundant historical value isalso another cause of concern asopportunities are not reaped.

The residential sector will howevercontinue to outperform other sectors,generating more interest forresidential lands in popular locations.

13A, 1st Floor,

Jalan Panglima

P O Box 562, 30760 Ipoh

Tel : 05 – 241 0611

Fax : 05 – 255 6536


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PAHANGInternational

Property2003




5th Floor,

Bangunan Hongkong Bank

Jalan Mahkota

25000 Kuantan

Tel : 09 – 515 0000

Fax : 09 – 514 5793


OFFICES

The demand for purpose-built office spacecontinued to remain stable in general with nosignificant changes in the occupancy rates ascompared to the previous year rate of 94%.

Rentals remained unchanged at thefollowing levels :

RETAIL

The market was rather subdued in the firstthree quarters of the year with vacancy ratehigh at 27%. No significant activity was noted

in the sub-sector except towards the year endof 2002 with the opening of Giant Supermarketin Kuantan. This new development costingRM28 million built on a 11,150 square metresite will add another 5,343 square metres ofretail space to the existing stock. It alsoprovides 20 shops, 10 kiosks, 10 foodstalls and4 promotion areas for local operators to rentat the respective rental of RM140 - RM215 persquare metre, RM1,000 - RM1,300 per unit/month (kiosk/foodstall) and RM215 per squaremetre. Giant will provide 350 job opportunitieswhilst the tenants could be offering another150 job opportunities.

Stiff competition is anticipated to generatebetween the newcomer and existingsupermarkets to attract the customers. As aresult, consumers are expected to benefit fromthe scenario.

Rental levels for the retail market havegenerally remained stable except forBerjaya Megamall and Kuantan Parade.

sgnidliuB ertemerauqsreplatneR

CBSH 54.02MR

efiLaisA 00.12MR

mutnureTskelpmoK 73.91MR

nawariwiruP 58.81MR

edaraPnatnauKdnallamageMayajreBtaslatneRtnerruC

llamageMayajreBertemerauqsrep

edaraPnatnauKertemerauqsrep

dnuorgrewoL )tnanetrohcna(02.71MR A/N

roolfdnuorG 53.57MR*-03.23MR 53.57MR*-05.65MR09.28MRotlatnerdeweiveR*

roolftsriF 28.65MR-92.23MR 02.95MR-04.04MR

roolfdnoceS 03.23MR-09.21MR 06.73MR-00.82MR

Despite of the current globaleconomic uncertainties, the

Malaysian economy accelerated at3.5% for the third quarter of 2002and this is expected to augur well forthe property market.

The residential property sector isexpected to lead the way withproperties below RM200,000 per unitbeing the most popular in demand.With continued attractive low interestloans offered by financial institutions,the residential sub-sector isanticipated to remain active.

SHOPHOUSES

The prevailing good demand for 2, 3 and3½ storey shophouses with prices rangingfrom RM350,000 to RM750,000 per unitcontinued to dominate the market. Theshophouse prices generally remained resilientand stable in Kuantan.

The year 2002 also saw the increasingtrend of shophouse developments along JalanAir Putih, Kuantan with new 3 and 3½ storeyshops being developed. The newly built

shophouses selling from RM480,000 toRM650,000 per unit was well received . It isnoted that this locality is coming up fast to bea new growth area for commercialdevelopment in Kuantan. These units alsocommand good rentals ranging from RM3,100to RM4,500 per month.

The rental scenario in the year 2002 didnot slide any further from the 2001 level forthe following properties-

The residential sector

saw good demand the

single-storey and

double-storey terraced

houses priced below

RM200,000. As the

response was

overwhelming in

selected and strategic

locations, 2003 will

see more of similar

properties coming into

the market to meet the

demand.

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RESIDENTIAL

The residential sector saw good demandthe single-storey and double-storey terracedhouses priced below RM200,000. As theresponse was overwhelming in selected andstrategic locations, 2003 will see more ofsimilar properties coming into the market tomeet the demand.

The average prices and rentals of single-storey and double-storey terraced houses inselected Kuantan areas are as follows:-

INDUSTRIAL

In general, the industrial sector remainedlacklustre and sluggish. The oversupplysituation and lack of new major investors toboost this subsector contributed to thegloomy scenario.

Prices in general still remained stable butwith the State Development Corporation(PKNP), the major player and land banker inthis sector undergoing a corporaterestructuring exercise, a review in their selling

prices appears likely.

HOSPITALITY/LEISURE

The average occupancyrate declined slightly from theprevious year level of 64% forthe state of Pahang. The tourismsector is very much dependenton foreign tourists. Adverse

noitacoLhtnomreplatneR

0002 1002 2002

nagnagaDirS 005,3MR 002,3MR 002,3MR

2nagnagaDirS 000,5MR 002,4MR 002,4MR

liamsInuTgnoroL 000,5MR 008,4MR 008,4MR

hareseBnalaJ 005,3MR 000,3MR 000,3MR

31/2 storey shophousesalong Jalan Air Putih

epyTecirpegarevA )htnomrep(latneregarevA

0002 1002 2002 esaercnI 0002 1002 2002

yerots-elgniSdecarret

000,09MR 000,001MR 000,011MR %01 083MR 034MR 054MR

yerots-elbuoDdecarret

000,061MR 000,071MR 000,581MR %8.8 007MR 007MR 057MR

5th Floor,


Jalan Mahkota

25000 Kuantan

Tel : 09 – 515 0000

Fax : 09 – 514 5793


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However, taking into

consideration of the

high degree of

uncertainties of the

global economy and

external influence, the

positive property

market outlook for

2003 could also be

under threat.

publicity about Malaysia have thereforeaffected the state’s tourists arrivals where inthe last quarter of 2002, statistics on touristsarrivals showed a drop from 1,300,000 to aslow as 1,000,000.

In view of the external factors influencingthe tourist arrivals, the outlook forhospitality/leisure could be adverselyaffected for the coming year.

AGRICULTURAL

The overall market activities remainedsteady with commodity prices at sustainablelevels to keep the agricultural property pricesstable in general.

Transactions and asking prices of oilpalm plantations ranges from RM20,000to RM49,400 per hectare in pricesdepending on size, location, planting,terrain, etc. Demand for these plantationscontinued to be good with the reboundin the CPO/FFB price.

EDUCATION

Apart from the various primary andsecondary schools under rigorousconstruction process to meet theircompletion deadline all over Pahang, theeducation sub sector is also expanding intheir growth for the higher institutions.

The UNITEN Campus in BandarMuadzam Shah, RM600 million UniversityPahang in Pekan, International IslamicUniversity Medical Campus in Bandar InderaMahkota and IKIP are among the majoreducational institutions located in Pahang.There are many more smaller scale colleges &institutions of higher learning such as KolejShahputra, Cosmopoint, Olympia, Kuktem andCommunity College.


Terraced Houses in BukitSekilau / Bukit Ubi

With ample suitable land at competitiveprices to offer to institutions of higher learningeither to newly build, expand or relocate theirexisting operations the prospects for thissubsector in Pahang looks promising.

2003 MARKET OUTLOOK

Based on the positive nationaleconomic growth rate at an average of3.5% up to the third quarter of 2002and the possibility of achieving 6.0%growth in the final quarter, theproperty market looks to be headingfor a more optimistic year in 2003.

This is supported with the rigorousongoing infrastructure developmentslike construction of new highway/newroads, schools/institutions of higherlearning, clinics/hospitals amongstothers in the state. The Governmentwill also be gearing to boost the stateeconomy in 2003 in view of the pendingelection year 2004.

However, taking into consideration ofthe high degree of uncertainties of theglobal economy and external influence,the positive property market outlookfor 2003 could also be under threat.

A war between in Iraq, could have anegative impact on the local economyand property market. A slowdown inthe economy, a drop in touristsarrivals and reduction of local andforeign investors could result. Hencethe global economic environment isalso a major influence on theperfomance of the local propertymarket in 2003.

5th Floor,


Jalan Mahkota

25000 Kuantan

Tel : 09 – 515 0000

Fax : 09 – 514 5793


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KedahInternational

Property2003



2nd Floor, Kheng Chew Assc.

38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200

E-mail : [email protected]


2003

ALOR SETAR

Kedah’s property market recorded amoderate growth in prices for

residential properties whilst the pricesfor office, retail and industrialproperties remained the same as 2001.

New developments are mainlyresidential developments with thedemand for residential propertyremaining strong as evidenced by thegood sales response for newdevelopments.

OFFICES

The rents for the purpose-built office inAlor Star generally remained at the previousyear’s level.

The construction for a 10-storey officebuilding along Lebuhraya Darulamancommenced in 2002 whilst construction worksfor TNB and KWSP Buildings are in progress.

The rentals inclusive of service chargesfor selected office buildings in Alor Star areas follows:-

RETAIL/SHOPHOUSES

The supply of retail space in Alor Star comesmainly from commercial complexes andtraditional shophouses. The occupancy ratesof commercial complexes are about 86% withCity Plaza, Kompleks MPKS and Star Paraderemaining the most popular shoppingcomplexes. Demand for well located units isquite good with selling prices experiencing amarginal increase compared to last year.

In City Plaza and Star Parade Complexes,the selling prices for the ground floor unit arebetween RM8,500per square metre toRM10,770 per square metre while the rentalsare between RM65 per square metre to RM96per square metre per month.

gnidliuB )ertemerauqsrep(setaRlatneRhtnomrep

gnadaleParaneM 07.42MRot08.81MR

takaZaraneM 07.32MRot06.61MR

gnidliuBONMU 05.12MRot03.81MR

gnidliuBKNKP 02.71MRot09.21MR

Star Walk

Land suitable for

residential

development is being

sought after especially

in the locality of Jalan

Kuala Kedah, Tandop,

Jalan Tunku Abdul

Rahman and also

Pengkalan Kundor.

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C H Williams Talhar WongSdn Bhd

The selling prices of the traditionalshophouses are as follows: -

Construction work for three storeycommercial development known as KompleksSultan Abdul Hamid is presently in progress.The developer’s selling prices are fromRM395,000/- per unit.

RESIDENTIAL

The residential sub-sector was the mostactive sector in 2002 with supply increasingto about 45,560 in 2002 compared to 45,344in 2001. Land suitable for residentialdevelopment is being sought after especiallyin the locality of Jalan Kuala Kedah, Tandop,Jalan Tunku Abdul Rahman and also PengkalanKundor.

The selling prices of newly launchedschemes in 2002 are as follows :-

The transacted prices of the houses in AlorStar are as follows: -

Owing to limited supply of completedunits, rentals for houses in prime locations haveincreased. The current rental levels for singlestorey terraced and semi-detached housesranged between RM250 per month to RM330per month whilst double storey terraced andsemi-detached houses are between RM380per month to RM550 per month.

The limited supply of the medium costunits in the market also led to an increase ofabout 5% in house prices compared to theprevious year.

The royal town of Anak Bukit will also bedeveloped into a new township andadministration centre.

INDUSTRIAL

The demand for industrial properties inAlor Star is mainly focussed on threeestablished industrial estates namely MergongBarrage, Mergong I and II Industrial Estate andSri Mergong Light Industrial. The selling pricesof vacant industrial plots in Mergong Barrageare between RM140 to RM215 per squaremetre.

In Sri Mergong Light Industrial Area, theselling prices of double storey light industrialbuildings remained at between RM230,000

to RM250,000 per unit whilst in Sri TandopLight Industrial area, the price ranged fromRM170,000 to RM230,000 per unit.

The recently launched Taman Kristal alongJalan Perak comprises 119 units of 1½ and 2-storey light industrial buildings. Thedeveloper’s selling prices start fromRM188,000 for 1½ storey and RM248,000 for2- storey. The sales response was good withalmost all units taken up.

epyT noitacoL tinUrePecirP

yerots-elbuoDrawerp

emirP 000,026MRot000,083MR

yerots-elbuoDesuohpohs

yradnoceS 000,074MRot000,082MR

yerots-eerhTesuohpohs

emirPyradnoceS

000,018MRot000,066MR000,066MRot000,024MR

yerots-ruoFesuohpohs

emirP 000,051,1MRot000,058MR

tnempoleveD noitacoL epyT secirPgnilleSs'repoleveD)tinurep(

gnunuGnamaTgnadeL

alauKnalaJhadeK

sesuohdecarretyerotselgniSesuohdehcated-imesyerotselgniS

000,021MRot000,68MR000,741MRot000,811MR

gnunuGnamaTnahaT

alauKnalaJhadeK

dehcated-imesyerotselbuoDesuohdehcatedyerotselbuoDesuoh

000,552MR000,093MR

irSnamaT4esahPhadnI

uknuTnalaJnamhaR.dbA

sesuohdecarretyerotselgniSesuohdehcated-imesyerotselgniS

esuohpohsyerotselgniS

005,98MR000,531MR000,511MR

gnunuGnamaTgnatniB

podnaT sesuohdecarretyerotselgniSesuohdecarretyerots½1

009,09MR009,901MR

ayareSaseD podnaT esuohdecarretyerotselbuoDesuohdecarretyerots½2

esuohdehcated-imesyerotselbuoD

071,942MRot008,861MR001,343MRot008,942MR062,883MRot000,862MR

epyT tinUrePecirP

decarretyerotselgniS 000,011MRot000,08MR

decarretyerotselbuoD 000,051MRot000,011MR

dehcated-imesyerotselgniS 000,531MRot000,09MR

dehcated-imesyerotselbuoD 000,062MRot000,061MR


38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200


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There was no

additional supply of

retail space in Sungai

Petani. The existing

shopping complexes

enjoyed an average

occupancy rate of about

70% to 90%.


A vacant industrial land at Kawasan IndustriDarulaman with a land area of 4,316.8 squaremetres was transacted in end 2002 at RM85.70per square foot.


A ground breaking ceremony was held inmid 2002 for a proposed 5 star hotel andserviced apartments/office suites known asBerjaya Perdana Suites in the heart of AlorStar town.

The completion of Star Walk along JalanTunku Ibrahim and the facelift for Pekan RabuComplex are also part of the state governmenteffort to boost up tourism in the state.

The average occupancy rate for hotels inAlor Star from 1998 to 2002 are as follows :-

SUNGAI PETANI

OFFICES

In Sungai Petani the occupancy rate ofoffice space range from 75% to 85%.

The office rentals (inclusive of servicecharges) are as follows: -

RETAIL/SHOPHOUSES

There was no additional supply of retailspace in Sungai Petani. The existing shoppingcomplexes enjoyed an average occupancyrate of about 70% to 90%.

The current rentals of shopping complexesin Sungai Petani are as follows: -

Prices and rentals of double storeyshophouses in prime locations are betweenRM220,000 to RM350,000 per unit andRM1,800 to RM2,800 per month respectively,whilst three storey shophouses were soldbetween RM320,000 to RM400,000 per unitwith rentals at RM2,300 to RM3,500 per month.For 4 storey shophouses the transacted priceswere between RM450,000 to RM550,000while rentals ranged from RM2,500 toRM3,800 per month.

RESIDENTIAL

The residential sub sector continued to bethe most active sector with several launchesof new phases of existing housing estates suchas Bandar Puteri Jaya, Bandar Laguna Merbukand Bandar Amanjaya.

They are as follows: -

Taman Sinar Mentari in Bedong waslaunched towards the end of 2002. Thedeveloper’s selling prices were betweenRM71,000 to RM107,000 per unit for singlestorey terraced, RM112,860 to RM143,952 perunit for single storey semi-detached andRM188,264 to RM195,904 per unit for doublestorey semi-detached units. There are also low-cost houses priced at RM35,000 per unit.

INDUSTRIAL

The demand for industrial sub-sector waslow in 2002. The 7th Danaharta propertytender saw about 10 industrial properties forsale in Kedah with 5 located in Sungai Petani.

raeY etaRycnapuccO

8991 %0.24

9991 %8.15

0002 %5.94

1002 %3.05

2002 %4.05

aisyalaM,CDT:ecruoS

gnidliuB )htnomrepertemerauqsrep(slatneR

roolFdnuorG sroolFreppU

knaBnalaJ,BIOamsiW 06.31MR 08.11MR-06.8MR

knaBnalaJ,idaleKamsiW 03.21MR 05.71MRot09.21MR

miharbInalaJ,azalPP.S liN 00.23MR

hahsildaBnalaJ,aiRamsiW 08.71MR 08.42MR-09.51MR

tnempoleveD )htnomrepertemerauqsrep(slatneR

roolFdnuorG sroolFreppU

erauqSlartneC 05.85MR-09.33MR 04.84MR-06.8MR

azalPP.S 04.74MR-04.12MR 06.82MR-52.4MR

IxelpmoCnamyaC 07.52MR-07.31MR 07.52MR-09.7MR

tnempoleveD epyT ecirPgnilleS

iretuPradnaBayaJ

dehcated-imesyerotselgniSdehcated-imesyerotselbuoD

decarretyerotselbuoDesuohpohsyerotselbuoD

000,131MR000,381MR005,131MR000,842MR

anugaLradnaBkubreM

decarretyerotselbuoDdehcated-imesyerotselbuoD

009,131MR789,732MR

namAradnaBayaJ

decarretyerotselgniSdehcated-imesyerotselgniS

dehcated-imesyerotselbuoD

000,19MR000,521MR888,891MR


38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200


Jetty Point is fully

occupied while

Langkawi Fair only

manage 60% occupancy

rate.

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The selling prices of industrial land inSungai Petani LPK and Bakar Arang IndustrialEstate range from RM58.00 to RM92.00 persquare metre.

Transactions of 1½ storey light industrialbuildings in 2002 are as follows: -

A single storey detached factory with adouble storey office annexe and ancillarybuildings in Kuala Ketil Industrial Estate with aland area of 0.91 hectare was sold atRM1,100,000 during the Danaharta 7thProperty Tender.


The hotels in Sungai Petani include ParkAvenue, Cinta Sayang Golf & Country Club,Swiss Inn, M.S. Garden, Hotel Seri Malaysia,Hotel Sri Malaysia, Sungai Petani Inn, HarvardSuasana Golf & Country Club and PantaiMerdeka Resort.

The hotel occupancy rate in Sungai Petaniwas at 50.5% in 2002. The supply of hotelrooms remained at the previous year figure.i.e. 796 rooms.

LANGKAWI

OFFICE

There was no new office supply inLangkawi in 2002.

The rental rates are between RM8.00 toRM11.00 per square metre per month and theoccupancy rate are between 90% - 95%.

RETAIL/SHOPHOUSES

The retail market remained at the previousyear’s level.

The monthly rentals of the shoplotswithin duty free shopping malls in Kuahtown are as follows:-

Jetty Point is fully occupied while LangkawiFair only manage 60% occupancy rate.

Transacted pr ices of traditionalshophouses in the prime areas of Kuah townare as follows: -

RESIDENTIAL

Century Bay Suria Service Apartment arebeing sold at prices of between RM151,791to RM254,250 per unit.

The selling prices and rentals of residentialproperties in Kuah are generally as follows: -

tnempoleveD ecirPdetcasnarT

gninumeKnaahasurePnamaT 000,032MR

gnakuTiagnuSnaahasurePnamaT 000,533MR

tnempoleveD ertemerauqsreplatneR

tnioPytteJ 00.991MRot00.121MR

riafiwakgnaL 04.84MRot07.9MR

epyT tinUrePecirP

sesuohpohsyerotselbuoD 000,083MR-000,082MR

sesuohpohsyerotseerhT 000,045MR-000,044MR

epyT tinurepecirP htnomreplatneR

decarreTyerotS-elgniS 000,09MR-000,54MR 053MR-052MR

decarreTyerotS-elbuoD 000,051MR-000,001MR 005MR-003MR

dehcateD-imeSyerotS-elgniS 000,521MR-000,09MR 057MR-053MR

dehcateD-imeSyerotS-elbuoD 000,082MR-000,091MR 008MR-007MR

Factory sold underDanaharta tender

sale


38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200


raeY slavirrAtsiruoT ycnapuccOletoH)%(etaR

0002 322,970,1 7.85

1002 359,203,1 8.06

2002H1 293,055 8.94

noitaroproCtnempoleveDtsiruoT:ecruoS

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Transactions of

traditional shophouses

in Kulim was few in

2002. Prices

remained generally at

the previous year’s

level.



The cable car system spanning 2.2kilometres has started operations in the 3rdquarter of 2002.

The number of tourist arrivals and hoteloccupancy rates for Langkawi are as follows :-

In the north-west of the island, phase 1 ofLangkawi Lagoon holiday houses comprises96 hotel suites, 96 villas and 42 bungalowswas completed in 2002. The resort also has asoft opening to introduce the hotel’sattractions and facilities.

KULIM

SHOPHOUSES

Transactions of traditional shophouses inKulim was few in 2002. Prices remainedgenerally at the previous year’s level.

In Bandar Baru Kulim, a 3-storeyshophouse with a land area of approximately185 square metres was sold for RM380,000while in Lunas, four units of 2-storey pre-warshophouses located along Jalan Raya with aland area of approximately 143 square metreseach were sold for RM70,000 each.

Prices of other shophouses in other selectedlocations recorded in 2002 are as follows :-

In Padang Serai, the single storeyshophouses in Taman Serai Wangi with a landarea of 130 square metres were for sale bythe developer at RM89,000 each.

No other major commercial scheme waslaunched during the year.

RESIDENTIAL

The residential property market in Kulimremained stable in 2002. However, there aresigns that the market is getting saturated.

Prices of such properties in a few selectedlocations are as follows :-

In Padang Serai, the Taman Serai Wangihousing scheme was launched during theyear and the selling prices of the houses areas follows :-

INDUSTRIAL

There was no new industrial projectlaunched during the year.

In Taman Perindustrian Makmur, two unitsof 1½ storey factories with land areas of 1,672square metres and 2,047 square metres weresold for RM500,000 and RM880,000respectively while in Suasa SMI Industrial Park,a 1 ½ storey terraced factory with a land areaof 223 square metres was sold for RM165,000.

noitacoL epyT ecirP

anasgnAnamaT esuohpohSyerots-1 000,001MR

gnoiTnamaT esuohpohSyerots-1 000,57MR

gnotuleJnamaT esuohpohSyerots-1 000,76MR

gnokgnaKnamaT esuohpohSyerots-2 000,512MR

karameSnamaT esuohpohSyerots-2 000,081MR

iareSnamaT esuohpohSyerots-2 000,041MR

ijnareKnamaT esuohpohSyerots-2 000,052MRot000,081MR

aiRnamaT esuohpohSyerots-2 000,831MR

epyT noitacoL ecirP

decarreTyerotS-1)tsoCmuideM/woL(

hisaleSnamaT 000,08MR-000,34MR

rumkaMnamaT 000,001MR-000,35MR

nignaneSnamaT 000,311MR-000,87MR

ytiConhceTmiluK 000,08MR-005,86MR

decarreTyerotS-2 arethajeSnamaT 000,031MR

ytiConhceTmiluK 000,511MR

itaJnamaT 000,87MR

epyT ecirPgnilleS

esuoHdecarreTyerots-1)sertemerauqs031(

000,95MR

esuoHdecarreTtsoCwoLyerots-1)sertemerauqs111(

000,53MR

dehcateD-imeSyerots-1)sertemerauqs062(

000,98MR


38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200


The demand for

property market will

continue to focus

mainly on the

residential and

commercial sub sector

especially in Alor Star

and Sungai Petani.

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2003 MARKET OUTLOOK

The demand for property market willcontinue to focus mainly on theresidential and commercial sub sectorespecially in Alor Star and SungaiPetani. For industrial and hotels thedemand will remained at the samelevel especially in Alor Star. More timeis needed for the industrial sector inSungai Petani to be absorbed fully. InLangkawi even though there are not

many new developments launchedduring the year the demand stillremained low.

The Kedah Maju 2010 Action Plan is thestate government efforts andinitiatives in promoting investments tothe state especially the industrial,tourism and commercial agriculturesector. The ongoing infrastructure andpublic utilities projects throughout thestate will also help to boost the demandfor property market.


38 Jalan Putra

05100 Alor Setar

Tel : 04 – 730 3300

Fax : 04 – 730 2200


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TERENGGANUInternational

Property2003




4th Floor, 98, Jalan Banggol

20100 Kuala Terengganu

Tel : 09 – 626 2760

Fax : 09 – 622 2788


The encouraging trend of 2001 continued into 2002, as all property sub-sectorsstabilised except for leisure and retail. Foreign tourist arrival was adversely

affected by post 9-11, thus hampering the hotel/resort performance. Pooroccupancy rates and the cancellation of the Paya Bunga I were main indicators ofthe retail sub-sector. However, the number and scale of proposed/new launchesand recorded sales for residential and commercial sectors displayed strongconfidence for the rest of the market.

The newly completed Fire and Rescue Services Academy in Bukit Payung about15 km to the west of Kuala Terengganu Town Centre will bring about a positiveimpact on the locality, creating a new hub for growth. Already some parcels ofland located adjacent to the Academy has been converted and sub-divided intoresidential plots and some are already being developed.

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

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

OFFICE

This sub-sector remained stable with nosignificant changes in occupancy rates andrentals. A main contributor may be the long-tenancy lease by government departmentsand agencies and the absence of new projectsin the pipeline. Occupancy rates hovered ataround 96% and are not expected to changewith the addition of the new Wisma MAIDAMannexe office space that is currentlyundergoing tenancy negotiations. Wisma SriAmar adjusted to the absence of its previousoffice tenants by renting to non-office users,thus improving its occupancy rate.

Rentals were recorded at RM15.00 toRM24.80 per square metre per month.

The market rental for selected KualaTerengganu prime office space is as follows :-

RETAIL

The lacklustre performance from theprevious year continued into 2002 with theKemaman Centre Point still experiencing highvacancy.

gnidliuB erauqsrep(latneR)htnomrepertem

1002 2002

unaggnereTmalsInasayaY 05.42MR 05.42MR

MADIAMamsiW -01.02MR05.02MR

-01.02MR05.02MR

TNIMREParaneM 03.81MR 03.81MR

Four parcels of vacant

shoplots with a land

area of 146 square

metres each along Jalan

Tok Lam was

transacted at

RM1,500,000 in June

2002.

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The Paya Bunga I, a retail development thatwould have significantly boosted the retailsub-sector, has been shelved despitecontinued demand judging from the influx ofTerengganu shoppers to Kota Bharu andKuantan shopping scene during weekendsand holidays.

Rentals of shoplots in shoppingcentres range from RM10.00 toRM42.50 per square metredepending on level.

SHOPHOUES /SHOPOFFICES

This sub-sector enjoyed the samegrowth as the previous year, in terms ofvolume of transactions and prices. In KualaTerengganu Town Centre, there is amovement away from the densely developedto the less congested Jalan Hiliran. Amongothers are the newly completed 3½ storeyshophouses which were transacted atRM650,000 to RM800,000 in 2000.

Pusat Niaga Paka in Paka Town is aproposed development encompassing 26units of double storey shophouses, 49 unitsof 3 storey shophouses and 1 bazaar. Thetake up rate is reported to be encouraging.It is expected to complete in 2004 and iscurrently awaiting approval from the MajlisDaerah Dungun.

Transacted prices of shophouses areas follows:

Two adjoining units of 3½ storeyshophouse currently utilized as a hotel-cum-café along Jalan Dato’ Isaacs were transactedat RM1,380,000- in October 2001.

4½ storey shophouse prices and rental forKuala Terengganu are as follows :-

Four parcels of vacant shoplots with a landarea of 146 square metres each along JalanTok Lam was transacted at RM1,500,000 inJune 2002.

In Cukai, the newly completedCentrepoint Business Centre comprising 55units of three and four storey shophouses arecurrently awaiting the Certificate of Fitnessfor Occupation.

Elsewhere, double storey shophouses formthe majority of transactions and the prices areas follows:-

noitacoL fooNsyerotS

aerAdnaL)sertemerauqs(

noitcasnarTecirp

noitcasnarTetaD

malaDgKnalaJ 5 532 000,082,1MR 2002beF

malaDgKnalaJ ½4 031 000,027MR 2002beF

uraBsataBnalaJ ½4 941 000,077MR 2002naJ

loggnaBnalaJ ½4 941 000,059MR 1002voN

liamsInatluSnalaJ ½3 011 000,049MR 1002tcO

laniaZnatluSnalaJnidibA

½3 031 000,536MR 2002tpeS

noitacoLsecirP slatneR

2002 1002 2002

liamsInatluSnalaJ 000,000,1MR 000,5MR 000,5MR

maLkoTnalaJ 000,078MR 007,4MR 007,4MR

natluSnalaJdamahoM

00,006MR -000,4MR005,4MR

-000,4MR005,4MR

Newly completed Centrepoint BusinessCentre in Cukai, Kemaman

noitacoL ecirP

nugnuD,aruS 000,042MR

nugnuD,akaP 000,082MR

namameK,iakuC 000,082MR

unaggnereTuluH,lijA 000,081MR



Tel : 09 – 626 2760

Fax : 09 – 622 2788


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Landed properties

remained popular,

especially low, low-

medium and medium

cost units. Detached

plots were also in

demand as people

prefer to build

individually designed

houses.


RESIDENTIAL

Buoyed by relatively low housing loaninterest rates and increased confidence in theeconomy, this sub-sector showed aremarkable performance. The number andscale of new launches increased whilst pricesand rentals remained steady. Landedproperties remained popular, especially low,low-medium and medium cost units.Detached plots were also in demand as peopleprefer to build individually designed houses.An example is Taman Cendering Utama inCendering, an exclusive housing schemecurrently being developed with double storeydetached houses.

Within Kuala Terengganu Town Centre, anew housing scheme located adjoining toTaman Sri Intan, Jalan Sultan Omar iscurrently under construction. It comprises41 double storey terraced houses pricedfrom RM183,999 and 4 units of doublestorey semi-detached houses priced atRM300,000. All the terraced units were sold.

Within the Ibai Golf & Country Resort,response was overwhelming for its doublestorey terraced houses priced from RM195,000.Block A of the Desa Ibai Apartments, also locatedin the Resort, is currently awaiting the Certificateof Fitness for Occupation. Take-up, however, isnot encouraging.

The single and 1½ storey detached housesin Taman KTGR, within the Kuala TerengganuGolf Resort were fully sold.

There is a proposed major developmentlocated in Tok Adis, near the Ibai Golf &Country Resort. It will accommodate 329units of low-cost terraced house priced atRM25,000 to RM30,000, 426 units of low-medium cost houses priced at RM60,000 toRM70,000 and 12 units of double storeyshophouses priced at RM195,000.

Another proposed development issituated in Bukit Bayas, to be developed with118 units of low-cost terraced houses, 68units of double storey terraced housespriced at RM130,000, 86 units of singlestorey semi-detached houses priced atRM120,000, 24 units of single storeydetached houses priced from RM165,000and 10 units of single storey shophousespriced at RM250,000.

There was an improvement in the take-uprate of Pangsapuri Harmoni, located along JalanBatas Baru after the sale was opened to non-Malays. Previously, there was an overhang ofthe 3-bedroom apartments, partly due to itsuntimely launch in late 1997.

In Dungun, a few new small housingschemes may be found near PoliteknikDungun, especially along the KualaTerengganu/Kuantan main road. Another areawhich is fast becoming a residential precinctdue to the expansion of Dungun Town is JalanGong Pasir. Among new schemes includeTaman Sura Jaya Indah which comprises 14units of single storey semi-detached housespriced from RM98,000 to RM150,000.

Phase 2C of Taman Murni Perdana, Pakashowed an improvement in take up rate with80% being sold to date. This phase comprisescompleted double storey terraced housespriced at RM125,000. Phase 3A of the samedevelopment, consisting of 40 units of singlestorey terraced house priced at RM78,000 are80% sold.

INDUSTRIAL

The industrial sub-sector is one of the mostactive sub-sectors with transactions takingplace in Kuala Terengganu, Ajil and a fewscattered locations in the state.

Prices are stable due to the ample supplyavailable in the state’s industrial areas.

Prices of vacant industrial lands inselected state developed industrial estatesare as follows :

In Marang, most of the 1½ storey workhopsin Bukit Kor industrial area that are availablefor rent are still vacant. Two main reasons maybe the distance from amenities and lack ofpromotion among suitable industries. Forinstance, there is no public transport that pliesthe route and shops to support the workforce.

noitacoL ecirP)ertemerauqsrep(

gnulaKkuleT 06

IIIrakaJ 05

kadaBgnoG 54

iareSualuP 54

7utaB 53



Tel : 09 – 626 2760

Fax : 09 – 622 2788


General recovery in

almost all sub-sectors

may continue into

2003 reflective of a

consistent economy.

Strong economic

fundamentals, lenient

bank-lending and low

interest for government

housing loans will

enhance the property

market performance as

a whole.

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At Jalan Feri Lama, Cukai a 1½ storeyworkshop was transacted at RM160,00 inJanuary 2002.

An industrial land in Kampung Labuhan,Kertih with a land area of 31,190 squaremetres was transacted at RM1.358 million inJanuary 2002.


The far-reaching impact of the 9-11 andBali incidents left its mark especially on hotels/chalets catering for foreign tourists as they shyaway from this region. Tanjung Jara Resort inDungun, for example, has an occupancy rateof below 40% compared to the average 60%enjoyed by hotels in Kuala Terengganu thathas a domestic-tourist client base.

However, a few transactions involvingvacant lands with potential chalet use wererecorded within the state.

A parcel of vacant land in PulauPerhentian measuring 0.782 hectare wastransacted at RM200,000 in July 2002.Another lot with a land area of 0.334 hectarewas transacted at RM300,000 in July 2002.In Merabang Likar, Batu Rakit, a parcel ofvacant land with chalet potential measuring0.873 hectare was transacted at RM96,360per hectare in June 2002.

AGRICULTURAL

Activities in this sector were confined toagricultural lands of below 20 hectares. Aparcel of agricultural land in Jerangau,Dungun measuring 16.491 hectares wastransacted at RM13,644 per hectare.

In general, prices of agricultural lands inKuala Berang, Jerangau, Bukit Besi and Setiuareas vary from RM12,000/- per hectare forinterior lots to RM50,000/- per hectare withmain road frontage.

DEVELOPMENT LAND

Small sized vacant lands with developmentpotential, ranging from 0.4 hectare to 0.8hectare, were in demand, especially in Suraand Marang. In Kuala Terengganu, the areaalong the new 4-lane carriageway of KualaTerengganu/Kuala Berang main road i.e. theSimpang Tokku-Padang Midin stretchexperienced a hike in prices.

A vacant land measuring 0.22 hectare inTok Jamal, Kuala Terengganu was transactedat RM113.65 per square metre in May 2002.

A parcel of development land in Merangmeasuring 14.64 hectares was transacted atRM15 per square metre in September 2002.Vacant lands measuring 0.4 hectare to 0.8hectare were sold at RM20 to RM40 persquare metre in Dungun, Marang and KualaTerengganu.

2003 MARKET OUTLOOK

General recovery in almost all sub-sectors may continue into 2003reflective of a consistent economy.Strong economic fundamentals, lenientbank-lending and low interest forgovernment housing loans willenhance the property marketperformance as a whole. Nonetheless,for the leisure sub-sector it remains tobe seen whether the psychologicaleffects of recent attacks at touristhotspots elsewhere in the world wouldfurther depress the market.

Amendments on Laws on Malayreserve land would also significantlyinfluence the direction of the propertymarket. The saturation of non-Malaydevelopable land in the KualaTerengganu Town Centre may beeased, allowing developments in KualaTerengganu Town fringe such asLosong, Kuala Ibai and Simpang Tokku.

The overall outlook for 2003 isexpected to show a continuedimprovement in performance due tothe lenient bank lending andaffordable prices for residentialproperties.



Tel : 09 – 626 2760

Fax : 09 – 622 2788


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KelantanInternational

Property2003



PT 1185, Level 2

Jalan Kebun Sultan

15350 Kota Bharu

Tel : 09 – 748 7070 / 743 1006

Fax : 09 – 744 7545



2003

The property market in Kota Bharu remained stable in 2002. Generally, pricesand 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 theprime areas along Jalan Kebun Sultan, Jalan Mahmood, and Jalan PengkalanChepa . These developments will increase supply of shophouses for year 2003.

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

OFFICE

The purpose built office sector did not seeany change in occupancy in the year 2002. Nonew supply entered the market during theyear. New additions, are mainly from upperfloors of new shophouses. Office space in welllocated premises such as Jalan Kebun Sultan,Jalan Padang Garong, Jalan Pengkalan Chepaand Jalan Pintu Pong continued to be indemand. The total supply of lettable purpose-built office space in Kota Bharu remained atabout 313,275 square metres.

Rentals of purpose built office in primelocations in Kota Bharu town are as follows :-

RETAIL & SHOPHOUSES

The existing supply of retail space in KotaBharu remained unchanged at about 60,955square metres. The asking price of unsold unitsat Kota Sri Mutiara Complex ranged from

RM3,100 – RM5,800 per square metredepending on location. Current rentalsinclusive of service charges at Kota Sri MutiaraComplex are as follows :-

In Kota Bharu Town demand forshophouses remained strong in prime areassuch as Jalan Kebun Sultan, Jalan Pintu Pong,Jalan Pengkalan Chepa and Jalan PadangGarong. Prices of three storey shophousesalong Jalan Kebun Sultan reached RM650,000– RM700,000 while those along Jalan SultanYahya Petra reached RM480,000. Two storeypre-war shophouses in the town centre weretransacted between RM320,000 toRM380,000. Generally prices and rentalsremained stable.

Rentals for the ground floor of two andthree storey shophouses along Jalan KebunSultan are in the region of RM2,500 to RM3,000per unit per month.

ytreporP leveLroolF latneRertemerauqsrep

htnomrep

rarbAamsiWgnidliuByerots-8

roolFdnuorG 05.53MR*

roolFeninazzeM 05.53MR*

natluSnubeKnalaJtnioPerauqSamsiW

roolFht7otroolFts1 09.62MR-05.12MR*

roolFdn2otdnuorG deipuccorenwO

gnidliubyerots-8natluSnubeKnalaJ

roolFht7otroolFdr3 09.62MR

roolFht8 deipuccorenwO

nikaYamsiWgnidliubyerots-4

roolFdnuorG 05.12MR*

roolFts1 08.11MR*

itaMhajaGnalaJnanadabreParaneM

roolFdr3otdn2 08.01MR*

roolFht6 01.51MR*

gnidliuByerots-41karemeSaretuPukgneTnalaJ

roolFht41otroolFht11 02.61MR*

segrahcecivresfoevisulcnilatneR*:etoN

araituMirSatoK

leveLroolF ertemerauqsreplatneRhtnomrep

dnuorG 61.921MR-55.021MR

roolFts1 46.701MR

roolFdn2 11.68MR

roolFdr3 85.46MR

roolFht4 85.46MR-60.34MR

Rentals were also

stable. In the choice

areas of Pengkalan

Chepa, Panji, Kubang

Kerian and Tanjung

Chat in Kota Bharu,

rentals of single storey

terraced houses

increased by 5% -

10% due to limited

supply.

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Prices of shophouses in the variouslocation are as follows :-

RESIDENTIAL

Demand for residential properties in KotaBharu remained strong. Demand was focusedon residential of lower and medium cost typeranging from RM80,000 – RM150,000.

Rentals were also stable. In the choice areasof Pengkalan Chepa, Panji, Kubang Kerian andTanjung Chat in Kota Bharu, rentals of singlestorey terraced houses increased by5% - 10% due to limited supply.

New developments are stillconcentrated on the medium costhouses as the demand for these typesof properties continued to prevail.

Selling prices and rentals of thevarious type of residential propertiesare as follows :-

INDUSTRIAL

With no new supply of industrial sites andlow demand, prices for industrial land hasremained stable for the year.

Generally prices of industrial sites are asfollows :-


The existing supply of hotel roomsremained unchanged in Kota Bharu. Thetwenty (20) existing hotels in Kota Bharuaccommodate 1,465 rooms. The averageoccupancy rate of hotels recorded a slightincrease.

A summary of the performance of hotelsin Kota Bharu is as follows:

DEVELOPMENT LAND

Lands with developmentpotential continued to be in demandespecially those at the fringes of KotaBharu are attracting developers dueto limited supply in the town area.Generally prices for developmentlands within Kota Bharu town were

in the region of RM430 per square metre toRM1,000 per square metre (depending onresidential or commercial use) whilst thoselocated at the fringe ranges from RM250,000to RM495,000 per hectare.

epyT noitacoL tinUrePecirP

yerots2esuohpohs

emirP-urahBatoK 000,053MR-000,082MR

yradnoceS-urahBatoK 000,052MR-000,002MR

gnajnaPuatnaR 000,053MR-000,002MR

saMrisaP 000,052MR-000,051MR

hareMhanaT 000,002MR-000,051MR

gnasuMauG 000,052MR-000,002MR

hetuPrisaP 000,081MR-000,051MR

yerots3esuohpohs



)aeraytudeerf(gnajnaPuatnaR 000,014MR-000,053MR

hareMhanaT 000,003MR-000,002MR

yerots4esuohpohs



epyT ecirPgnilleS)tinurep(

latneRylhtnoM)dehsinrufnU(

decarrettsoc-wolyerotselgniS 000,83MR-000,13MR 002MR-001MR

decarretyerotselgniS 000,57MR-000,45MR 053MR-002MR

decarretyerotselbuoD 000,531MR-000,09MR 005MR-003MR

dehcated-imesyerotselgniS 000,531MR-000,011MR 004MR-053MR

dehcatedyerotselgniS 000,581MR-000,041MR 005MR-053MR

dehcatedyerotselbuoD 000,0094MR-000,002MR 056MR-005MR

muinimodnoC 000,053MR-000,081MR 005,1MR

noitacoL ertemerauqsrepecirP

apehCnalakgnePaerAlairtsudnI

45MR-04MR

)LEIM(gnadnuL 512MR-041MR

hareMhanaT 02MR-01MR

ileJ 02MR-01MR

iarKalauK 02MR-01MR

gnasuMauG 22MR-91MR

letoH ratSgnitaR

fooNsmooR

ffiraT)thgin/MR(

egarevAetaRycnapuccO

letoHanadreP 4 871 006-071MR %34

hcaeBtroseRanadreP 4 711 042-071MR %04

nnIatiluJ 3 07 063-011MR %05

letoHrawaM 3 42 051-001MR %07

egdoLlatsyrC 3 25 612-87MR %58

amirPnnIaretuS 2 09 053-011MR %55

rasnAletoH 2 87 081-501MR %34

nnIytsanyD 2 74 051-001MR %07

PT 1185, Level 2

Jalan Kebun Sultan

15350 Kota Bharu

Tel : 09 – 748 7070 / 743 1006

Fax : 09 – 744 7545


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The property market is

expected to remain in

its present stable

condition especially the

residential and

agricultural sub-sectors.


AGRICULTURAL

The agricultural sector remained most.However, prices remained stable. The generalprices of agricultural lands are as follows :-

2003 MARKET OUTLOOK

The property market is expected toremain in its present stable conditionespecially the residential and

agricultural sub-sectors.Shophouses will continue toenjoy strong demand inselected prime areas whiledemand for developmentlands within prime areasand at the fringe willcontinue to be firm due tolimited supply.

noitacoL yddaP)eratceh/MR(

rebbuR)eratceh/MR(

drahcrO)eratceh/MR(

urahBatoK 000,06-000,03 000,08-000,05 000,001-000,06

saMrisaP 000,04-004,21 000,04-000,42 000,06-000,03

tapmuT 000,53-000,01 000,53-000,71 000,53-000,02

hareMhanaT 000,53-000,01 000,03-000,01 000,04-000,02

ileJ 000,52-000,6 000,52-000,01 000,04-000,02

gnahcaM 000,52-000,01 000,04-000,71 000,06-000,03

iarKalauK 000,52-000,01 000,03-000,01 000,04-000,02

gnasuMauG AN 000,03-000,7 000,53-000,02

hetuPrisaP 000,03-000,01 000,03-000,71 000,04-000,02

PT 1185, Level 2

Jalan Kebun Sultan

15350 Kota Bharu

Tel : 09 – 748 7070 / 743 1006

Fax : 09 – 744 7545


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SabahInternational

Property2003


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

Fax : 088 – 230 826



2003

KOTA KINABALU

The property market in Kota Kinabalu continued to consolidate with nodiscernable 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 baseddevelopments had slowed down. Besides the residential sector, the other sub-sectors remains relatively unchanged; demand for prime retail arcade lots/groundfloor shopoffices remained firm while the market for the office sector continuesto be soft.

OFFICE

The purpose built office sector remainedstable with the exception of slight andgradual improvement in occupancy rates forselected buildings, though rents generallyremained unchanged. Current rental ratesrange from RM16.00 to RM22.00 per squaremetre per month, whilst the rates for thenewer buildings with added facilities rangebetween RM22.00 to RM27.00 per squaremetre per month. Occupancy ratescurrently range between 70% to 90%.

Supply of purpose-built office spaceremained constant during the last few yearswith the only addition coming from a coupleof 5-storey suburban office buildings in2001. Nevertheless, supply is expected toincrease upon the completion of the newFederal Office at the Kingfisher-Likas area(2004-2005) and the AgricultureDepartment off Jalan Penampang (2003).Other additions to the supply of officeaccommodation would be from the upperfloors of suburban shopoffices, among thembeing Plaza Tanjung Aru, Plaza Juta andRiverside Plaza, all of which are in variousstages of completion and are expected tobe completed in year 2003.

With the impending supply and softdemand for office space, occupancy andrental rates in this sub-sector are notexpected to see improvements.

RETAIL

With Kota Kinabalu established as theState’s main retail and service centre,shopping centres in the city centre havegenerally been doing well. Despite that,location, design of the complex and tenantmix continue to play dominant roles in theperformance of shopping centres. As such,Wisma Merdeka and Centre Point Sabah,with the benefit of central locations and largevariety of shops remain highly sought afterwith well-located shoplots commandingpremium prices and rentals. Both of thesecomplexes are operating at full occupancywhilst newer shopping centres like KK Plazahas seen occupancy rates improving from82% to 95% within the last two years.

Elsewhere, the completion of CentralShopping Plaza would add another 5%, or5,950 square metres to the 110,500 squaremetres existing purpose-built retail space.This suburban retail centre is scheduled forcompletion in mid 2003.

SHOPOFFICE

Generally, the shopoffice sector wasstill rather quiet other than lettings in thesecondary market with a few newdevelopments launched in the later partof 2002. There is steady demand forcommercial premises situated withinprime suburban local it ies and wel l -

That aside, a variation

from the conventional

“kopitiam” is the rise in

the number of cafés

within shopoffice

developments, in line

with the trend of

“alfresco dining” that is

fast catching up with

the local market.

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C H Williams Talhar Wong(Sabah) Sdn Bhd

Luyang Perdana, OffJalan Penampang

managed developments whilst there isstill excess capacity for shopoffices insecondary localities.

In terms of new supply, the sector was moreactive during the last quarter of 2002 with thelaunching of a few shopoffice developments,namely Millennium Centre, Bandar Putra andGolden Plaza (the latter being a relaunch), withthe following asking prices:

Meanwhile, several other three to sixstorey shopoffice developments are undervarious stages of construction. Notable onesinclude Plaza Tanjung Aru (47 lots or 238strata units), Plaza Juta (54 lots), InanamBusiness Centre Phase 2 (32 lots, 4-storey)and Plaza Kingfisher (30 lots), which are yetto be fully taken up. The year also saw thecompletion of Plaza Kingfisher Utama (74lots, 2-storey) and part of Plaza Kingfisher(44 lots, 3-storey) which are located withinthe highly-sought after Kingfisher-Likasarea. A brief survey of the commercialdevelopment indicated an occupancy rateof 30% on the ground floor, since thecompletion in the earlier part of 2002.

That aside, a variation from theconventional “kopitiam” is the rise in thenumber of cafés within shopofficedevelopments, in line with the trend of“alfresco dining” that is fast catching up withthe local market. To this end, severalcommercial premises have been convertedinto such outlets while several individually

designed and constructed buildings areexpected to be set up within the city centrefor this purpose.

All in all, the outlook for this sectorwould see shopoffices in well managed andwell sought after locations continuing to dowell, whilst prospects for premises insecondary localities are expected to seelittle improvements.

RESIDENTIAL

The residential sectorremained active throughout theyear, despite a decline in thenumber of units launched from

year 2001 (4,500 units) to 2002 (2,600) units.In 2002, the new developments showed anincrease in the number of landed properties,comprising mostly two-storey terraced houses,at 55% of total units launched, (compared to11% last year) with developer’s selling pricesranging between RM150,000 – RM255,000.A few of these developments had found theirway south-wards, i.e. in the Penampang area,largely due to the improved accessibilityaccorded by the Penampang Bypass.

2002 has also seen the completion ofapproximately 1,500 residential units whilemore than 8,000 residential units are in variousstages of construction. Of these,approximately 75% and 80% consists ofmedium cost apartments/low-cost flats,respectively. Among the developmentscompleted this year are Beverly Hills Phase 5(938 units), Kingfisher II (100 units) and TamanMillennium (69 units) while the apartments/flats developments under construction includeMelinsung Apartments (2,232 units), TelipokRia (1,000 units), Seri Maju & Maju Jaya (1,080

epyT tnempoleveD noitacoL stoL# ecirPgnilleS)tolrep(

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-eerhTyerots

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7203 888,565MR000,836MR

2nd Floor,



P O Box 14414

88850 Kota Kinabalu

Tel : 088 – 248 801

Fax : 088 – 230 826


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The focus of industrial

activities is mainly

concentrated along the

Likas-Inanam and

Kolombong industrial

belt while the setting

up of new individual

industrial buildings are

centred within the

Kota Kinabalu

Industrial Park

(KKIP).


units) and Taman Ser Warisan (440 units). Withthe large impending supply of stratadevelopments, rentals and capital values areexpected to be stable.in the future.

INDUSTRIAL

Like the preceding year, the industrialsector has largely remained stagnant. Onlyone light-industrial development had beencompleted, i.e. Suntech Industrial parklocated in the Kolombong area, which carriesa price tag of over a million ringgit for a two-storey warehouse.

The focus of industrial activities is mainlyconcentrated along the Likas-Inanam andKolombong industrial belt while the settingup of new individual industrial buildings arecentred within the Kota Kinabalu IndustrialPark (KKIP). Meanwhile, five training/researchinstitutions are already in the initial stagesof operation (MARA, MARDI, SIRIM, ILP andSabah Skills and Training Centre), with oneunder construction (KK Polytechnic) and two

more yet to commence operations (IEM andMTIB). Aside from being an the industrial cluster,KKIP is also set to become a hub for industrialtraining supplying the required labour to itsindustries, when operational.

Prices of industrial land lots, withinfrastructure, range from RM129 – 161 persquare metre and for lands located withinthe Commercial Zones, with visibility fromJalan Tuaran, are priced at RM215 per squaremetre. The industrial park had earlier signedup its first batch of foreign investors, with thesix Korean SMIs taking up 6.9 hectares ofindustrial land, purchased at RM161 persquare metre with a RM21.5 per squaremetre rebate should the factories be set upwithin 12 months from the signing of theSales and Purchase Agreement.

Other projects in the pipeline includesmall and medium light industrial buildings,residential and commercial shopoffices,which are likely to take off in 2003.

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46821

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²mrep038,1MR 46022

latoT 736,2

2nd Floor,



P O Box 14414

88850 Kota Kinabalu

Tel : 088 – 248 801

Fax : 088 – 230 826


Despite an optimistic

growth rate projected

for Sabah at 4.3% for

2003, the property

market is expected to

continue to be stable.

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2nd Floor, Lot 2, Block A

RHB Building, Metro Commercial

Centre, Jalan Kiambang

P O Box 60600

91115 Lahad Datu

Tel : 089 – 882 393

Fax : 089 – 885 088



Hotel room supply is expected toincrease with the completion of KK MariottHotel with 292 rooms, increasing the fourand five star room supply in the State Capitalby 7.5% to approximately 3,800 hotelrooms. The earlier part of the year also sawthe launching of The Vista, a high-rise 448-serviced condominium development withinthe Sutera Harbour Residences, targeted attourists and long-term visitors to KotaKinabalu. A first of its kind in the localproperty market, developer’s prices varybetween RM7,860 to RM9,040 per squaremetre with typical unit sizes rangingbetween 111 to 280 square metres and ismarketed as a unique ‘ leaseback’investment with 9% guaranteed returns for21 years to the purchaser.

The tourism industry is currentlyfocusing on intra-Asean and domestictourism and to this end, the governmentcontinues to push for improved air access toSabah from regional-medium hauldestinations while domestic air fares remaincompetitive. Such efforts had increasedvisitor arrivals by some 15% from 700,000(Jan – Sept 2001) to 800,000 (Jan – Sept2002). Reports from National PropertyInformation Centre, Napic, indicate astabilised average occupancy rate of 60%

(after a decline of 8% from the first half of2001) between the second half of 2001 andthe first half of 2002 for the four and five starhotels in the State Capital. For the short term,the continued and concerted efforts by thegovernment to improve air access, addedwith the competitive air rates and theholiday and festive seasons should seearrivals and hotel room sales improvingfurther. In the long term, tourism and itssupporting industry, including the hotelsector, will continue to play an important rolein the economy of Sabah as a major sourceof income and employment.

2003 MARKET OUTLOOK

Despite an optimistic growth rateprojected for Sabah at 4.3% for 2003,the property market is expected tocontinue to be stable. Small andmedium-scale housing projectsshould be the most active, while theimpending supply of apartments andcondominiums would see prices andrentals stabilizing, if not at a slightdecline. Well located shoppingcomplexes will continue to drawpatrons. The office sector andindustrial sectors would howeverremain soft without much distinctimprovement in demand.

LAHAD DATU

The stable Crude Palm Oil (CPO)/Fresh Fruit Bunch (FFB) prices throughout2002 at RM1,100/RM210 per metric tonne improved the confidence in the

property market in general. Transactions of all sectors had in fact gatheredmomentum in the later half of 2002.

RETAIL/SHOPHOUSE/SHOPOFFICE

Traditionally, office space in Lahad Datuoccupies the upper floors of shophouses orshopoffice buildings.

Occupancy rate of office spaceremained at 60% to 70% whiledemand for shopoffices/shophouses were still sluggish asseen from the slow take-up rate ofthe vacant units. Average rentalwas at the 2000 level.

Selling prices and monthly rentals ofshophouses in Lahad Datu are as follows:-

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yradnoceS

yerotS-owT 000,2MR-005,1MR 000,004MR-000,083MR

yerotS-ruoF 000,2MR-005,1MR 000,006MR-000,005MR

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The agricultural sub-

sector, steered by palm

oil, were in a higher

gear due to favourable

Crude Palm Oil

(CPO) prices and

higher demand

worldwide.


RESIDENTIAL

Residential properties had another year ofpositive demand mainly driven by furtherreduction of housing loan interest rate andalso the increasing population.

However there were no newhousing projects being launchedduring the year although therewere many proposed housingdevelopments with approvalsgranted.

Selling prices of residential properties inLahad Datu are as follows:-

INDUSTRIAL

There were few reportedtransactions of industrial lands asdemand was limited mostly to oilpalm-related industries such asfertilizer warehouses, depot for transportationcompanies, workshops for palm oil millsuppliers and contractors.

Demands for small sites with potentialfor light industrial activities along JalanLahad Datu – Sandakan or Jalan TengahNipah remained good.

The demand for workshops from smallto medium scale operation had improvedarising from higher volume of supplies andservices required by the expandingplantation hectarages.

Rentals and capital values improved by10% on year to year basis.

Sabah Economic DevelopmentCooperation (Sedco) had ventured to developa 40-hectare light industrial site into lightworkshops along Km 5, Jalan Tengah Nipah.The project would be launched in year 2003.

Demand for purpose-built warehousesremained weak as witnessed by the numberof vacant units in the Cocoa Export Centre andBDC Warehouses.

Prices of industrial properties in Lahad Datuare as follows:-

AGRICULTURAL

The agricultural sub-sector,steered by palm oil, were in a highergear due to favourable Crude PalmOil (CPO) prices and higher demandworldwide.

Recorded transactions indicatedsome positive changes in pricemovements.

Prices of oil palm estates andundeveloped lands are as follows:-

2003 MARKET OUTLOOK

Lahad Datu is an agricultural driveneconomy and again the 2003 real estateoutlook will be dependent on theperformance of commodity prices inparticular CPO.

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tsoCwoL 000,04MR

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000,58MR-000,05MR

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000,021MR-000,09MR

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dehcateD-imeSyerotSelbuoD 000,052MR-000,081MR

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epyT )tinurep(ecirPgnilleS

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)eratcehssorgrep(

smlaPliOerutaM 000,62MR-000,42MR 000,42MR-000,81MR

dnalelgnujdepolevednU 000,01MR-000,7MR 000,7MR-000,5MR

2nd Floor, Lot 2, Block A

RHB Building, Metro Commercial

Centre, Jalan Kiambang

P O Box 60600

91115 Lahad Datu

Tel : 089 – 882 393

Fax : 089 – 885 088


The purpose-built

office sector in

Sandakan had been

static, without any new

supply of purpose built

office space for the last

14 years, until the

recent launching of

‘Corporate Office’ in

Bandar Utama, Km

10, Jalan Utara, by

IJM Properties Sdn

Bhd in November.

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SANDAKAN

Oil Palm, the “Golden Crop” has regained much of its glitter. In a 4-year rollercoaster 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 aroundRM960/RM170 in 2000, sinking to a nadir of RM658/RM99 per tonne in February2001, 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/RM191 per metric tonne in January, to RM1,500/RM300 per metric tonne towardsthe end of the year. The agricultural and the other sectors of the property marketproved remarkably resilient although sentiments could not help but be affected.Municipal-centre properties continued to be much demanded, the market forsecondary commercial shops was stable; market for residential properties,especially medium-cost terraced houses and low-medium cost flats, was feelingsome surfeit; the office and industrial sectors were little changed.

OFFICE

The purpose-built office sector in Sandakanhad been static, without any new supply ofpurpose built office space for the last 14 years,until the recent launching of ‘Corporate Office’in Bandar Utama, Km 10, Jalan Utara, by IJMProperties Sdn Bhd in November. This,comprising a 3-storey block and a 4-storeyblock of office suites for sale at RM 2,636-3,067per square metre, would add 6,087 squaremetres or 23.3% to the currently existing stockof 26,097 square metres of purpose-builtoffice space.

Up till now, new office space has been fromupper floors of ‘shop offices’. Best example beingthe 234 units of the Bandar Indah shopoffices,completed 1999-2000 adding over 34,200square metres of such secondary office spaceto the market resulting in, and continuing tocause, further voids amongst purpose-built

offices. Sale transactions of purpose built officespace remain scarce and rental levels arecurrently at :

SHOPHOUSES/SHOP OFFICES

The rental values of commercial shophousesin the municipal centre had stabilized withcapital values having increased about 10% to15% over the last one year.

An urban renewal project, “SandakanHarbour Square” (SHS) is set to transform theSandakan Municipal Centre sea front. This, ajoint-venture development between the

latneRylhtnoM)ertemerauqsrepMR(

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dnoc-riAtuohtiW 00.11MR-00.9MR

sroolfreppuspohS 08.5MR-03.4MR

Site (edged red)of the proposed

'SandakanHarbour Square'

Urban RenewalProject by the

MPS and IREKA-Charng Sheng.

WTWSundertook thevaluation and

market studyand will act as

marketingagent.

Room 602, 6th Floor

Lai Piang Kee Building

Jalan Lima, WDT No. 110

90009 Sandakan

Tel : 089 – 217 025

Fax : 089 – 272 850


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toLetaidemretnI toLrenroC

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yerots-4,eunevAdn2 000,008,1MR

yerots-3,SHS 000,399-000,978MR 000,904,1-000,010,1MR

yerots-4,SHS 000,841,1-000,890,1MR 000,956,1-000,841,1MR

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The residential sector,

although softer,

remains active with

several new launches

during second half of

2002, comprising

mainly low-medium

cost apartments and

high cost semi-detached

houses.


Majlis Perbandaran Sandakan and Ireka-Charng Sheng, to be officially launched inJanuary 2003 would be completed over 5-6years. The project will see the Jalan Pryer49,000-square metre site - the existingCentral Market plus another 32,000 squaremetres to be reclaimed from the sea -redeveloped into a modern 3-storey centralmarket, fish jetty, 129 units of 3 and 4-storeyshopoffices, retail shopping and car parkcomplex, with town square and esplanade,and later, convention centre and hotel.

Municipal Centre commercial shop valuesare typified by the following sale transactionsof existing shophouses and proposed sellingprices of the SHS shopoffices:

For secondary commercial properties, Mile4 and Mile 8 Jalan Utara (North Road) continueto be the preferred locations.

The year of 2002 witnessed the launchingand construction of several new shophouses/shop office building developments along themain roads off Mile 6 to Mile 8 Jalan Utara,and/or within established/on-going housingdevelopments.

These 75 units of shops would be the firstnew secondary commercial developmentsalong Jalan Utara since the completion of the‘Liberty Chain’ development in Bandar KimFung Phase II (Mile 4) - of 20 units of 3-storeycommercial shop buildings - in 2001.

Secondary locations (Jalan Utara )commercial shop values are typified by the

following sale transactions of existingshophouses and proposed selling prices in newcommercial developments.

RESIDENTIAL

The residential sector, although softer,remains active with several new launchesduring second half of 2002, comprisingmainly low-medium cost apartments andhigh cost semi-detached houses.

Following the successful sales of the low-medium cost apartments at Indah JayaApartment, several low and low-mediumcost apartments projects had been launchedto supply some 1,400 units to the market.

At the other end of the pricespectrum, the selling price for themost recently launched semi-detached houses are in the regionof RM215,000 to RM410,000.

Whereas the supply of residentialproperties had, hitherto, been well matchedby demand, there appears now some overhangof supply. Of the over 3,000 units -about half,landed properties and the other half, flats/apartments - from the current on-goingresidential development schemes in Sandakanlaunched over the last 2 years, a substantialpercentage is yet to be sold.

INDUSTRIAL

Demand remains good forsmall industrial sites of 1-2hectares on the town fringes.Standard-built light industrialestates in the Mile 8 area isstarting the trend in other partsof the town.

Construction of the LabukLintas, Sibuga Lintas (upgradingof Fook Kim Road) furtherfilliped demand for these 1-2hectare sites. Prices have

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yerots-3,hadnIradnaB 000,055-000,084MR 000,006-000,055MR

yerots-2,hadnIradnaB 000,024-000,073MR 000,054-000,024MR

yerots-2,ayarasaPradnaB 000,004-000,083MR 000,005-000,054MR

yerots-3,gnuFmiK,edaraPytrebiL 000,984MR 000,255-000,735MR

stnempoleveDweN

,3.9mK,gnyTradnaBaratUnalaJ

93 888,972MR 888,637-888,834MR

,1.21mK,anadrePrajaFnamaTtropriAnalaJ

4 000,052MR 000,562MR

,2.21mKffo,hageMnamaTkubaLnalaJ

8 000,823MR 000,863MR

,ayaJagubiSradnaB,M&LskcolBkubaLnalaJ,7.31mK

42 000,033-000,003MR 000,043MR

noitacoL ecirPgnilleSs'repoleveD

stnemtrapAtsoCmuideM

ayajiWnamaT 882,88-882,48MR

alliViiYdesoporP 000,08-000,57MR

sesuoHdehcateD-imeSyerotSelbuoD

IIIesahPhageMnamaTtoLlacipyT

008,842MR

A6esahPrawaMnamaTtoLlacipyT

000,512MR

ONUnaSasaCnamaT 888,153MR-888,082MR

Room 602, 6th Floor



90009 Sandakan

Tel : 089 – 217 025

Fax : 089 – 272 850


Oil palm estate values

remain basically stable

with little variations

from that of the

preceding 2 years and

prices are likely to hold

well into 2003.

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soared to RM100 per square metre for JalanLabuk fronting lots and RM50 per square metrefor Jalan Fook Kim fronting lots. The JalanLabuk frontage sites for Showroom cumWorkshops, the others, as sites of workshopsfor ancillary services to the burgeoningSandakan oil palm industry.

Demand continued to stagnate for largeindustrial sites in Seguntor and Batu Sapi ITC;especially for plywood mills and sawmills,with practically no new entrants to theindustry (new licences for which had beenfrozen since 1996), and mills which hadclosed ‘temporarily’ rarely reopeningnotwithstanding sporadic improvements inplywood prices. The western end of BatuSapi ITC is hopefully “the light at the end ofthe tunnel” for the industrial sector. For thisis the Mowtas area earmarked as the 110-hectare “Palm Oil Cluster”. However, there ispresently only the IJM kernel crusher plantunder construction about 500 metres fromthe existing IOI Corporation Berhad refinery.

AGRICULTURAL

An air of renewed confidence andstability is felt in the agricultural sector withthe rebound of CPO/FFB prices. 2002 saw agradual ascend of CPO/FFB prices fromRM1,180/RM191 per metric tonne at thebeginning, to RM1,500/RM300 per metrictonne towards the end of the year. Thegradual upswing in prices began in July 2001after a 1½ year slide which reached a nadirof RM657/RM99 in February 2001. The risingprice trend is expected to continue into, or,at worst, level out, in 2003. The annualgrowth in hectarages under oil palmcontinues, albeit at a slower pace from therapid growth of the last decade. Newplantings are mainly in the Sugut Area wherethe construction of the “Sugut Highway”,currently in progress, is expected tosignificantly enhance opening of the new oilpalm ‘frontier’. The Sandakan Region(comprising the District of Sandakan,Kinabatangan and Labuk Sugut) accountsfor about 55% of the more than 1.03 millionhectares under oil palm in Sabah andavailable land for new planting in theexisting agriculturural belts is limited.Expansion is now mainly in the Sugut Areaand in future is likely to be towards theinterior in the Pinangah - Sg Melian/Karamuak Area.

Oil palm estate values remain basicallystable with little variations from that of thepreceding 2 years and prices are likely to holdwell into 2003. Notable transactions of largeoil palm estates during the year include thesale of the 5,610 hectares (13,864 acres) AbadiMewah Lokan Oil Palm Estate together withone palm oil mill therein at Bukit Garam,Kinabatangan to Asiatic Development Bhd forRM134 million. Another is the recentlyreported acquisition by Palmco Holdings Bhdof Unilevers’s 85% shareholdings in the 13,455hectares (33,248 acres) Pamol Estate togetherwith a 60 mt/hour palm oil mill at Pamol, LabukSugut District. (the acquisition price of RM 567million being also for Unilever’s 100% interestin a 9,590 hectares oil palm estate togetherwith one 55 mt/hour palm oil mill in KluangJohor.)

Values of oil palm land (per hectare) arenow generally as follows :-

2003 MARKET OUTLOOK

For Sandakan, the agricultural sector,principally oil palm, has replaced thetimber industry as the main pillar of thelocal economy. The “ups and downs” ofthe oil palm industry would alwayshave a ripple effect on the otherproperty market sectors. Hence, therecovery of the oil palm sector wasbeing fervently wished for, not just foritself, but also for its trickle-downeffects on the residential andcommercial sectors of the propertymarket. Apart from the currentlybullish outlook for oil palm, the ‘easy’bank loans and low interests shouldcontinue to be fillips to the market.

,dnalelgnujdepolevednUmlapliorof

005,8MRot000,6MR

mlaPliOerutammI 000,51MRot000,11MR

mlapliognuoy,erutaM)sraey5ot3(

000,12MRot000,71MR

mlaplioemirP,erutaM)sraey21ot6(

000,82MRot000,32MR

Room 602, 6th Floor



90009 Sandakan

Tel : 089 – 217 025

Fax : 089 – 272 850


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The sentiment in this

sub-sector remained

bearish and the

relatively weak

demand for office space

in Tawau could

continue to persist well

into and beyond year

2003.


305, 1st Floor

Leong Hua Building

Dunlop Street,

P O Box 60394

91013 Tawau

Tel : 089 – 774 349

Fax : 089 – 762 287


TAWAU

Generally, the property market in Tawau in the year 2002 remained stablewithout any discernible changes in all the property sub-sectors. In the housing

sector, the attractive packages and benefits offered by financial institutions hasresulted in constant improvement in the demand for houses in Tawau. In theagricultural sector, the improvement in crude palm oil (CPO) and the impressivecocoa dry beans (DBE) prices for the year have regained confidence for agriculturalinvestors in this sub-sector.

OFFICE

The sentiment in this sub-sector remainedbearish and the relatively weak demand foroffice space in Tawau could continue to persistwell into and beyond year 2003. There is nosignificant purpose built office space added

to the market in 2002. Overall, lettings mainlydominate the interest in the office sector.Letting activities have remained fairly stable.The general unfurnished office rentals inTawau for 2002 are as follows:-

Tawau Township2002

noitacoL )htnomrepertemerauqsreP(latneR

roolFdnuorG sdrawnoroolFts1

pihsnwoTdlOuawaT

taDamsiW 56.71MR 08.01MR-08.11MR

SDamsiW 00.81MR 06.8MR-03.4MR

iaT&iaTamsiW 09.02MR 09.5MR-04.4MR

gnihSgnoTnaMamsiW 07.83MR 02.9MR-03.4MR

niHgnoYamsiW 07.32MR-09.21MR 04.5MR-02.3MR

IInoisnetxEuawaT

xelpmoCrajaF 00.52MR-04.91MR 04.5MR-03.3MR

ertneCmmoChoFpaH 05.12MR-04.91MR 04.5MR-03.3MR

aerAmmoCnoclaT 05.12MR-04.91MR 05.6MR-03.3MR

AAMamsiW 04.91MR 05.6MR-03.5MR

iuKniSamsiW 09.52MR 07.21MR-63.9MR

ONMUamsiW 05.12MR 06.8MR-04.5MR

uraBnaradnaBertneClaicremmoC

06.82MR-07.52MR 03.01MR-09.3MR

odnibaSradnaB

odnibaSradnaB 00.72MR-05.51MR 07.7MR-05.3MR

azalPodnibaS 09.82MR-51.32MR 03.91MR-34.51MR

Shophouses in the

Municipal Centre

Commercial Area

continue to sustain

good rentals and prices,

while the demand of

shophouses at secondary

and decentralized

locations are relatively

stable.

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RETAIL/SHOPHOUSES

Shophouses in the MunicipalCentre Commercial Areacontinue to sustain good rentalsand prices, while the demand ofshophouses at secondary and decentralizedlocations are relatively stable.

The shophouses along Jalan Chester andJalan Dunlop at the Old Municipal Centrecontinue to sustain high occupancy ratesand good rentals, while the demand forretail space and rental are stable in Sabindoarea and improving well at FajarCommercial Complex. Meanwhile, theSabindo Plaza shopping complex occupancyhas improved gradually with occupancy ratereaching 90% to date.

The 3-storey Milimewa Superstore (grossarea of 4,863 square metres) and the 4-storey Servay Hypermarket and ParkwellDepartmental Store (gross area of 8,622square metres) are more prominent anddominant in this sub-sector.

The current ongoing or near completiondevelopment in Tawau are as follows:-

About 80% or 40 units have been sold. Theremaining available units are 3 units cornerand 7 units intermediate. It is a jointdevelopment between Majlis PerbandaranTawau (MPT) and Classic Strike Sdn Bhd.

The proposed site is a commercial seafrontand currently under reclamation and piling. Theproject is a joint venture between Sabah ChineseHigh School (land owner) and San Hin PropertySdn Bhd (developer)

RESIDENTIAL

The relaxation of lending policies coupledwith attractive packages offered by financialinstitutions have led to improvements in thedemand for houses especially those pricedbelow RM160,000. However, demand forbetter design and finishes of new semi-detached houses appeared to have stabilised.Overall, there is still room for expansion in thishousing sector, especially for double storeyterraced house priced below RM160,000.

Prices and rentals of houses (unfurnished)are as follows:

New development of semi-detachedhouses in Tawau are offered for sale atRM250,000 onwards and reaching up toRM400,000 depending on land size, locationand building construction and design.

tcejorP noitacoL epyT aerAputliuB)mqs(

tinU ecirPgnilleS

3(erauqSodnibaS)sesuohpohsyerots

nalaJgnolApolnuD

dehcated-imeS 96.784-53.843 4 -000,897MR000,829MR

noitelpmoc%53- renroC 96.784-72.323 21 -000,547MR000,897MR

etaidemretnI 53.843 43 000,027MR

latoT 05

Sevay Hypermarketand Parkwell

Departmental Store

tcejorP noitacoL epyT aerApu-tliuB)sertemqs(

ecirPgnilleS

)desoporP(puorGniHnaSfoegatslaitinI-

tnempoleved

uawaTnalaJamaL

yerots2eciffo/pohs

)stinu17(

69.362-44.102 -099,993MR099,706MR

epyT ecirPgnilleS)MR(

latneRylhtnoM)MR(

decarreTyerotS-1 000,021-000,77 005-004

decarreTyerotS-2 000,002-000,09 006-005

dehcateD-imeSyerotS-1 000,071-000,021 008-006

dehcateD-imeSyerotS-2 000,083-000,081 008-007

dehcateDyerotS-2 evoba&000,052 005,1-058

305, 1st Floor

Leong Hua Building

Dunlop Street,

P O Box 60394

91013 Tawau

Tel : 089 – 774 349

Fax : 089 – 762 287


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The performance of the

industrial sector for the

past one year has

remained static without

any visible signs of

improvement. The

demand for industrial

shophouses continued

to remain soft with

occupancy rates

hovering around 50%

to 70%.


Kuhara Court, a proposed condominiumto be fully serviced with modern facilitiesalong Jalan Kuhara is open for sale. Todate,about 21.4% or 39 units of 182 units haveeither been sold or booked. This project isexperiencing slow demand from investorsas it is a new concept in the Tawau market.The prices and floor areas for Kuhara Court areas follows:-

INDUSTRIAL

The performance of the industrial sectorfor the past one year has remained staticwithout any visible signs of improvement.The demand for industrial shophousescontinued to remain soft with occupancyrates hovering around 50% to 70%.However, the demand for workshop type ofindustrial premises for small and mediumscale industries has improved markedly andthe shortfall of supply will continue to allowan appreciation in rentals and capital valuesin the foreseeable future.

Overall, the industrial sector in Tawauremained stable without any foreseeableimprovement in the short to medium term.

The current value of industrial lands withgood accessibility and sea frontages are asfollows:-


There is no new addition of hotel in year2002. The hotel industry in Tawau remainedstable with occupancy rates between 50% -70%. There are few existing premises beingconverted or proposed for budget hotels.

The tourism and leisure development inTawau are far and few in between and laggingbehind compared to the other major towns inSabah. The local tourism and leisuredevelopment, if any, is mainly on the offshoreisland of Sipadan and Mabul Island Resort,which are popular international scuba divingdestinations and underwater micro-marineexploration spot. However, Tawau has notfully benefited from these tourismdevelopments because the town is merelyacting as a transit point for tourists enroutingto the island resorts.

AGRICULTURAL

The gradual recovery of crude palm oil(CPO) and the fast improving dry cocoa bean(DBE) prices has stabilised the investmentsin the agricultural sector in Tawau. Generally,agricultural investors remain in their current

snoitpircseD tinU aerAroolF)sertemqs(

ecirPgnilleS)MR(

AepyT 61 5.89 004,091-003,671

BepyT 4 0.49 003,371

1CepyT 61 2.101 002,891-001,481

2CepyT 61 2.101 002,891-001,481

DepyT 82 8.201 002,402-006,781

EepyT 82 5.79 005,291-004,081

FepyT 24 0.001 005,202-004,091

GepyT 41 8.29 008,281-007,071

HepyT 41 2.601 007,112-006,991

JepyT-esuohtneP 2 5.981 005,745

IepyT-esuohtneP 2 4.871 006,505

noitacoL )ertemqsrep(eulaV

tleBlairtsudnIsapA 491MR-68MR

utaBgnujnaT 002MR-56MR

hetuPrisaP 57MR-54MR

305, 1st Floor

Leong Hua Building

Dunlop Street,

P O Box 60394

91013 Tawau

Tel : 089 – 774 349

Fax : 089 – 762 287


The property sector in

Tawau for 2003 will

generally remain

stable. The demand

for agricultural land for

oil palm planting is

expected to be fairly

good.

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Apas ParitAquaculture Belt

noitacoL mlaPliOerutaM)eratceHreP(

mlaPliOerutammI)eratceHreP(

dnaltnacaV)eratceHreP(

aocoC)eratceHreP(

/gnulaBgnuruB.gS

-000,32MR000,92MR

-000,02MR000,42MR

-000,01MR000,21MR

-005,21MR000,91MR

anropmeS -000,91MR000,52MR

-000,71MR000,42MR

-000,6MR000,01MR

-000,21MR000,51MR

kanuK -000,91MR000,52MR

-000,71MR000,42MR

-000,6MR000,01MR

-000,21MR000,51MR

uyakgniT -000,41MR000,22MR

-000,61MR000,91MR

-007,3MR002,6MR

-000,9MR000,41MR

/naitnarBnakabalaK

-000,02MR000,52MR

-000,61MR000,42MR

-000,6MR000,01MR

-000,11MR000,41MR

land holdings and this has prompted thedemand and prices of agricultural level toremain at a stagnant level. The general pricesof agricultural land in Tawau are as follows:-

AQUACULTURE

A bearish outlook severed by theprevailing problem of tiger prawn rearinghas reduced the expansion of aquaculturedevelopment in Tawau for the past years.On top of that, the demand for processedtiger prawns in the world market has beenvolatile, which has led to local aquacultureinvestors to reduce their rearing capacity.The current land values of aquaculture landin Tawau are generally as follows:-

2003 MARKET OUTLOOK

The property sector in Tawau for2003 will generally remain stable.

The demand for agriculturalland for oil palm planting isexpected to be fairly good.While the office sector shallremains soft without distinctimprovement, demand forresidential houses priced belowRM160,000 is expected toremain good.

The new Tawau Airport, which islocated at Balung locality (Km 29)

has resulted in the widening andimprovement of the existing ApasRoad. Projects have also beenidentified along the highway forvarious business developments. Onemajor project is a proposed newtownship by Hap Seng Sdn Bhd at Km16 (mile 10), Apas Road, providing 823residential units of various types,shophouses, etc.

These factors have attracted gooddemand resulting in anappreciaton of land values alongthe highway. This area is expectedto draw more developmentprojects and will be competitivein the near future.

noitacoL depoleveDdnaLerutlucauqA

)eratcehrep(

depolevednUdnaLerutlucauqA

)eratcehrep(

iagnuS-tiraPsapAgnidaG

-000,011MR000,521MR

-000,55MR000,56MR

abukaW -000,57MR000,001MR

-000,54MR000,55MR

habasardnI/gnulaB -000,56MR000,57MR

-000,52MR000,04MR

gS-gnuruBiagnuSgnapmulaK

-000,56MR000,57MR

-000,01MR000,52MR

samU-samU-iatoreM -000,06MR000,07MR

-000,01MR000,52MR

naladnamiSualuP -000,55MR000,07MR

-000,7MR000,11MR

305, 1st Floor

Leong Hua Building

Dunlop Street,

P O Box 60394

91013 Tawau

Tel : 089 – 774 349

Fax : 089 – 762 287


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LabuanInternational

Property2003


C H Williams Talhar & Wong(Sabah) Sdn Bhd

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



2003

View of the Labuan airport,located at Kg Batu Arang

locality

The overall property market remains soft with the “cautious” mood continuingthroughout the year.

OFFICE/SHOPHOUSES

There have not been any developmentsin this sector. The existing stock remains theonly source of commercial accommodationin town. The current retail space in the townappear to be adequate to absorb thecurrent demand for rented retail outlets.

Nevertheless, rental rates inLabuan’s largest commercialcomplex, the Financial Complexhave remained stable over the lastcouple of years. At present, this complexboasts almost 100% occupancy with rentalrates remaining unchanged. The same goesfor its office space, which is more than 80%occupied. At RM32.30 per square metre forthe first floor and RM43.00 per squaremetre for the ground floor, the rates (whichare inclusive of service charges) are notedas the best in town. The office rentals arecurrently fixed at RM48.40 per square metrefor all floors.

Office space provided at upper floors oftraditional shop houses are still generally thepreferred source of office premises. Thecurrent stock appears to be more than

sufficient to meet demand. In short, there isno lack of supply for this type of shophouses.

Selling prices and rentals of shophousesare as follows:-

RESIDENTIAL

The residential sector has been reasonablyactive. Sales of new houses were reported tobe well-received and with slight appreciationof prices. The new houses outperformed theolder stock as purchasers put higherpreferences for better quality of constructionand building materials.

In general, however, demand for houses isexpected to be slow while the rental rateshave been on the decline for some time.Investors adopt a cautious approach, thinkingtwice before committing to invest in aproperty despite the low interest rates offered

epyT ecirPgnilleS

sesuohdecarretyerots-elgniS sdrawno000,811MRmorF

sesuohdecarretyerots-elbuoD sdrawno000,881MRmorF

dehcated-imesyerots-elbuoD sdrawno000,882MRmorF

In general, however,

demand for houses is

expected to be slow

while the rental rates

have been on the

decline for some time.

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emaN epyT fo.oNstinU

sutatS

acnaR-acnaRta3alliVadnezaL dehcated-imesyerots-2 42 detelpmoC

uajaL.gKta5alliVadnezaL dehcated-imesyerots-2decarretyerots-2

8134

detelpmoC

mallaKtikuBta6alliVadnezaL decarretyerots-1 05 detelpmoC

gnarAutaBta7alliVadnezaL dehcated-imesyerots-2 62 detelpmoC

tagnaB.gStaybuRnamaT dehcated-imesyerots-2decarretyerots-2

6153

dnagnileveletiS.enodgnilip

gnalagaNtaanerAnamaT dehcated-imesyerots-2decarretyerots-2

6261

detelpmoC

Town: View of thetown area, showing

the massive FinancialPark Complex in the

far centre and itssurrounding area.

noitacoL epyT secirPgnilleS slatneRroolFdnuorG

ertneCnwoT yerots3ot2 000,009MRot000,008MR 000,3MRot005,2MR

adnezaLsesuohpohS

yerots-3 000,058MRot000,008MR 005,2MRot000,2MR

esuohpohSitaJ yerots-3 000,055MRot000,005MR 0008,1MRot005,1MR

by financial institutions.

Some of the residential developmentprojects are as follows:-

The selling prices for the above housingestates range as follows:-

INDUSTRIAL

There is no new supply in this sub-sectordue to the prevailing oversupply as evident

from the high vacancy rates. . “For Sale” or “ForRent” signboards are a common sight withinan industrial estate complex. Even if any ofthese properties are taken up, property owners

would settle at much lower rates or sell atbelow purchase price. For those who arewilling to wait for a better offer, their premiseswould still remain unoccupied.

2003 MARKET OUTLOOK

The property market in general isexpected to remain soft with no drasticdrop in prices and rentals. The outlook

at best is in the residential subsectorwhere the development of new

housing is on-going withfavourable market response.

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


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SARAWAKInternational

Property2003



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


KUCHING

The property market for 2002remained in a pensive mood with

both developers and buyers playing itsafe by maintaining a “wait and see”approach. Generally, potentialinvestors and buyers still show muchinterest in the property investmentmarket as evident by their queries andparticipation in property launches.However, most remain non-committalwhich resulted in sales being relativelyslower than in previous years,probably due to the uncertainty of thenational economy in the context of theworld economic crisis.

Even though sales picked up in the lastquarter of 2001 and the 1st quarter of2002 due to lower interest rates andattractive finance packages offered byfinancial institutions as well as theexemption of stamp duties payment,this slight boost seems to have deflateddue to market uncertainties.

2002 was a year of small scaledevelopments which saw activeparticipation from small scaledevelopers in most areas as risks in thiscategory were lower.

Wisma Hock Peng

Bangunan MASJA

Shop offices are still

preferred over purpose-

built office buildings in

Kuching due to the

predominance of small

business enterprises in

Kuching and the

shophouses’ apparent

advantage of easier

access, convenience and

better advertising front.

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OFFICE

A few purpose-built office buildings hadbeen completed earlier in the year eg.Wisma Hock Peng, Wisma Zecon andBangunan Masja. Wisma Hock Peng andWisma Zecon were built for occupation bythe developer-investor’s own group ofcompanies and business associates whilstBangunan Masja is a public sector officebuilding. Together, they add another 55,750square metres of purpose built office spaceto Kuching. Generally, the rental rate isbetween RM22 to RM33 per square metreinclusive of service charges.

Unlike the existing office buildings, the newones are located outside the Central BusinessDistrict and have ready tenants on a pre-letbasis. Office buildings built for investment inKuching have low occupancies.

The rentals (inclusive of service charges)of selected office buildings in the CentralBusiness District of Kuching are as follows :-

Shop offices are still preferred overpurpose-built office buildings in Kuching dueto the predominance of small businessenterprises in Kuching and the shophouses’apparent advantage of easier access,convenience and better advertising front.

RETAIL/SHOPHOUSES

A few new commercial projects werelaunched during the first half of the year,namely Jalan Song Commercial Centre,Tabuan Heights Commercial Centre, KotaSentosa Commercial Centre and PendingPoint. These were small scale 3-storeyshophouse projects, mostly located at thesuburban areas. Their selling prices rangefrom RM550,000 to RM800,000 dependingon their size and location within the project.On the whole, prices for conventionalshophouses can be said to have remainedmore or less the same for 2002.

The largest on-going shophousedevelopment is the Batu Kawah NewTownship which to-date has added more than

500 shophouses to the Batu Kawah area inKuching. These shophouses offer strata-titledretail, office and apartments units.

Generally, selling prices of retail space incommercial complexes within prime locationsremained sustainable. The majority of shoppingcomplexes in Kuching enjoy good occupancyrates ranging from 80% to 100%. Unit ownerscontinue to obtain rental rates of more thanRM50 per square metre for the ground floorsand RM40 to RM60 per square metre for theupper floors, the exception being the biggerretail units which enjoy special discounted rentalrates of as low as RM25 per square metre.

Although shophouses at choicecommercial areas like Jalan Palm-Jalan Satok,Jalan Green-Jalan Rubber, Tabuan JayaCommercial Centre and 3rd Mile CommercialCentre are still much sought after, newdevelopments are slowly moving away fromthese areas as the built up area expands.Shophouses in suburban areas are now gainingin appeal as they are new and their prices andrentals comparatively lower with prices ofthree to four-storey units ranging fromRM350,000 to RM800,000 and rentals rangingfrom RM1,500 to RM3,000 per month for theground floor. The prices and rentals of similarunits in prime locations range from RM450,000to RM1,200,000 per unit and RM2,000 toRM4,500 per month for the ground floorrespectively.

INDUSTRIAL

Since the industrial sector is very muchmonitored and controlled by the stategovernment, the performance of this sectorremains stable.

The old established industrial estates ofPending/Bintawa Industrial Estate mainlycater for the manufacturing and lightindustries whilst the newer industrial areasof Demak Laut Industrial Park and Sama JayaFree Industrial Zone cater mostly tomedium based industry and electronicsbased industry respectively. The latter isoccupied by export based joint venture-international entities such as 1st Silicon, TaiyoYuden, Komag, Sanmina and Toko.

The total hectarage planned for Sama JayaFree Industrial Zone is 792 hectares with about30% already developed with infrastructure. Atpresent, about 106 hectares is being occupiedby eleven operating companies.


gnihcuKniecapseciffofoslatnerssorG

noitacoL ertemerauqsreplatneRhtnomrep

DBC 00.05MR-00.22MR

DBC-noN 00.22MR-07.01MR

No.9 (1st Floor)


P O Box 2236

93744 Kuching

Tel : 082 – 246 262

Fax : 082 – 416 909


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Since the industrial

sector is very much

monitored and

controlled by the state

government, the

performance of this

sector remains stable.

BatuKawahNewTownship

Along Jalan Bako (between the DemakLaut Industrial Park and Bako), there are also afew factories already in operation,namely CMS Modular Housing,Polyflow Pipes, Weida and CMS Steel.

Selling prices for industrial landat the Sama Jaya Free Industrial Zoneis RM27 per square metre whilstthose at the Demak Laut IndustrialPark are priced at RM54 per squaremetre for unfilled land and betweenRM100 to RM150 per square metrefor filled land.

RESIDENTIAL

The residential sector remains the mostactive property sector in terms of number andvalue of transactions. Demand for residentialproperties in Kuching remained high for unitspriced below RM200,000 as well as mediumand low-cost housing whilst demand for highend properties continue to be slow.Nonetheless, residential properties such assingle-storey and double-storey terraced unitslocated in the prime areas are still the buyers’favourites. Despite the economic downturn,the prices of houses have increased slightly,though at a lower rate than previous years, i.e.between 5% and 10%. As in the previous year,no big scale residential development projectshave been launched. However, there were alot of developments from small scaledevelopers especially in Stapok/Batu Kawaarea, Jalan Hup Kee and the Petra Jaya area.

The average new prices for variouscategory of houses are as follows:-

Housing estates, notably Bandar BaruSemariang, have added some 300 housingunits to the Petra Jaya area. This project whichwas launched a couple of years ago, isconsidered large scale but to be carried out inphases over a 20-year period. To-date, it hascontributed more than 360 units to thehousing market with annual additions of about300 to 400 units.

The apartment projects launched this yearwere mainly carried out by small scaledevelopers and decline in terms of size asdevelopers opt for walk up apartments in themedium and lower medium range with pricesranging from RM70,000 to RM200,000 eg.Taman Sentosa Phase 2, Hibiscus Court, TamanSri Perkasa, Saville Suites etc. These apartmentsare mainly targeted towards the middle-income group and not the up-market as in theprevious years.


EPYT NOITACOL TINUREPECIRPGNILLES

ESUOHDECARRET

yerots-elgniS emirPyradnoceS

000,071MR-000,531MR000,541MR-000,021MR

yerots-elbuoD emirPyradnoceS

000,082MR-000,032MR000,022MR-000,081MR

ESUOHDEHCATED-IMES

yerots-elgniS emirPyradnoceS

000,052MR-000,022MR000,022MR-000,081MR

yerots-elbuoD emirPyradnoceS

000,074MR-000,063MR000,023MR-000,062MR

No.9 (1st Floor)


P O Box 2236

93744 Kuching

Tel : 082 – 246 262

Fax : 082 – 416 909


The property market

outlook has not

changed much from the

previous year and

continues to be more

on the pessimistic side

as the market starts to

soften.

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The overall hotel industry has been quietthis year except for the opening of HungHung Inn, a 4-storey budget hotel locatedwithin the vicinity of the Sarawak GeneralHospital which cater to outstation patientsand visitors.

With the global increased threat ofterrorism, local tourism is feeling the pinchfrom the decline in international tourists.Efforts are therefore made by the SarawakTourism Board and local tour operators topromote domestic tourism through the “CutiCuti Malaysia” programmes. It is thereforeperceived that there is unlikely going to beany increase in stock for this sector for thecoming year.

However, hotels are expected to enjoy aboost in occupancy in 2003 due to the "VisitSarawak Year 2003".

DEVELOPMENT / AGRICULTURALLAND

Values of agricultural lands vary greatlydepending on the location and its usage.Agricultural lands in the city are scarce andmostly transacted with intention ofconversion of usage. Lands that areconverted to residential, commercial andindustrial usage can fetch up to RM1.6million per hectare or higher.

Former agricultural lands located alongJalan Matang are rapidly giving way toresidential developments such as Taman Yen

Yen, Taman Lee Ling, Taman Matang Bersinar,Taman Grandview and other low and mediumcost housing developments developed by theHousing & Development Corporation.

Agricultural properties, in general, wherethere are little or no prospects for other uses,tend to be priced from RM20,000 perhectare upwards. The market values are mostlydetermined by their proximity to the existingdistrict towns as well as infrastructure networkin the area.

EDUCATION

Except for the extensions to theexisting campus of Universiti MalaysiaSarawak, Universiti Teknologi MARA andINTI College, there had not been anysignificant contribution to the propertysector from this field.

2003 MARKET OUTLOOK

The property market outlook has notchanged much from the previous yearand continues to be more on thepessimistic side as the market starts tosoften. Developer-investors remaincautious, approaching the market on asell and build strategy and playing safeby concentrating on smaller projectsand either shelving or phasing outbigger projects. Unless there is anotherjolt in the national and local economy,the property market should be able tosustain itself for the next year, providedinvestors and developers are prudentin their decision making.

No.9 (1st Floor)


P O Box 2236

93744 Kuching

Tel : 082 – 246 262

Fax : 082 – 416 909


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Demand for all types

of properties is expected

to remain weak for

2003. The lack of

confidence and poor

timber prices is not

likely attract any major

developments.

No. 11 & 12, 2nd Floor

Lorong Kampung Datu 3

P O Box 1467

96008 Sibu

Tel : 084 – 319 396

Fax : 084 – 320 415



SIBU

The property activities in Sibucontinued to slow down in 2002,

though prices did not drop.

On the other hand, the housing sector,particularly terraced houses, continuedto be buoyant.

OFFICES

There was no new purpose-built officeblock in 2002. However, an additional 15,000square metres of office space withinshopoffices entered the market at SuriaPermata and Jalan Pedada.

Office rentals have been maintained atthe 2000-2001 levels.

RETAIL / SHOPHOUSES

A new two-storey shopping complex, theMedan Mall, is nearing completion at JalanWong King Huo. When completed in early2003, the shopping complex will add some8,600 square metres of retail space in Sibu.The sale is reported to be good.

The proposed Jaya Li Hua CommercialCentre, located at Jalan Pahlawan,comprising 75 units of 3-storey shophousesand 1 unit of 4-storey shopping complex isunder construction. Fortune CommercialCentre, located off Jalan Pedada andconsisting of 106 units of 4-storeyshophouses, is also under construction.

Shophouse rents during 2002 in theCentral Business District have dropped by5% to 10%, as there has been a tendency forthe retailers to re-locate to other suburbancommercial centers following the new town-centre traffic management.

RESIDENTIAL

New housing developments are foundmainly along Jalan Teku, Jalan Salim, JalanUlu Sungai Merah and Jalan Tunku AbdulRahman. The demand for medium costsingle-storey terraced dwelling houses isstill strong.

The prices of new houses throughout2002 have stablised at the 2001 levels where2-storey terraced houses and 2-storey semi-detached houses in prime locations range

from about RM180,000 to about RM200,000per unit and about RM260,000 to aboutRM350,000 per unit respectively.

INDUSTRIAL

The industrial developments are mainlylocated at Upper Lanang Industrial Estate,Jalan Ding Lik Kong and Sg. Antu area. A 300-acre site at Rantau Panjang and along thetrue right bank of Batang Igan is earmarkedfor the shipbuilding industry.

Purpose built semi-detached industrialbuilding range from RM230,000 per unit toRM350,000 per unit, depending on locationand size.

Vacant detached or semi-detachedindustrial land is selling at about RM250 persquare metre to RM300 per square metre.


The year 2002 witnessed the addition of100 hotel rooms at Paramount Hotel, a budgethotel at Kampung Datu which held its softopening in November 2002.

Generally the occupancy rates arereported to be ranging from 40% to 65%during 2002.

2003 MARKET OUTLOOK

Demand for all types of properties isexpected to remain weak for 2003. Thelack of confidence and poor timberprices is not likely attract any majordevelopments.

MIRI

The property market inMiri for 2002 has bottomed out since

the 1997 economic downturn. Prices ofproperties in all sectors have stabilisedwith minimal changes since 2001.There are no indications of any furtherdecline as developers are practising a“sell and build” approach to avoid anoversupply in the market.

Demand for properties especially in theresidential sector has picked up slightlysince the second quarter of 2002 dueto attractive financing packages from

The demand for the

retail sector has

improved slightly in

the second quarter of

2002. This is more

evident for the ground

floors of conventional

shophouses within

prime locations with

road frontages.

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Lot 1139 Miri Waterfront

Commercial Centre

98000 Miri

Tel : 085 – 432 821

Fax : 085 – 411 786



financial institutions. Other sub-sectors, except for purpose built offices,are gradually seeing someimprovements in their take-up ratesespecially in terms of rental activities.

RETAIL/OFFICE

The demand for the retailsector has improved slightly inthe second quarter of 2002. Thisis more evident for the groundfloors of conventionalshophouses within primelocations with road frontages.However the take up rate forupper floors of conventionalshophouses remains low. Miri CommerceSquare and Waterfront Commercial Centreare the latest commercial developmentswithin Miri Town Centre. The sales andrental response for these two projects havebeen mixed over the whole of 2002 coupledwith limited financing packages to attractbuyers to invest into this sub-sector.

The high occupancy rates for retail outletswithin shopping complexes have remainedstable throughout 2002. Popular shoppingcomplexes that are presently enjoying highoccupancy rates are Imperial Mall & Suites,Boulevard Shopping Complex and BintangPlaza Shopping Complex. It is likely that thistrend will continue to remain in 2003.

The office sector however, is stillexperiencing high vacancy rates since theeconomic downturn. With the existingcompetitive rentals being offered for the

upper floors of conventional shophouses, thehigh vacancy rates for purpose built officeswill remain throughout 2003. The existingpurpose built offices are Wisma Yu Lan, WismaAIA and Wisma Yong Lung.

The selling prices and monthly rentals forconventional shophouses are as follows:

RESIDENTIAL

Residential properties belowRM150,000.00 (mainly single-storey houses)has experienced a reasonable sales trend sincethe second quarter of 2002. The demand fornewly built single-storey houses has beenquite encouraging partly due to the attractivefinancing packages being offered by financialinstitutions. New townships providing suchproperties are Bandar Baru Permyjaya in Tudanand Desa Senadin in Lutong.

Other smaller projects, which have alsoachieved good sales response, includeInterhill Park in Jalan Bakam and Taman Tunkuoff Jalan Airport. Mostly these properties arepurchased for owner occupation with only asmall number being purchased forinvestment purposes. The rental levels forthese properties remain reasonably low dueto their “out of town” locations.

Miri CommerceSquare

SESUOHPOHSFOSLATNER&SECIRPGNILLES

epyTytreporP noitacoL secirPgnilleS tinureplatneRylhtnoM)dehsinrufnU(

yerots-owT yradnoceS 000,081MR-000,051MR 005,1MR-006MR

yerots-eerhT emirP 000,059MR-000,057MR 005,4MR-005,3MR


yerots-ruoF emirP 000,004,1MR-000,057MR 000,8MR-005,4MR

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The buying and rental

market for industrial

properties have

remained stable in

prime localities such as

Krokop and Piasau

Industrial Parks.


The overall demand for double-storeyhouses remains low with the prices for suchproperties reaching RM280,000. Demand forsuch properties is confined to new projectssuch as Taman Bayshore in Lutong and TamanSiang Siang off Jalan Miri-Bintulu, which havemodern designs with reasonably goodlocations. Factors affecting the sales ofproperties costing RM280,000 and above arelargely due to their level of finishing, location,design and land sizes.

Rental demand for medium to up-market properties such as double storeysemi-detached and/or detached houses,apartments and condominiums unitsremain sluggish. This is evident with therising number of vacant properties availablefor rent or sale in the market. The lack ofdemand for such properties is partlyaffected by the reduction of incomingexpatriates into Miri.

The selling prices and monthly rentalsof residential properties for the year 2002are as follows:

INDUSTRIAL

The buying and rental market forindustrial properties have remained stablein prime localities such as Krokop and PiasauIndustrial Parks.

However, demand in secondary locations,such as Desa Senadin Industrial Estate, PermyTechnology Park, Kuala Baram IndustrialEstate and Taman Tunku Industrial Estate,have remained sluggish due to theirrespective distances from the town centre.The rental levels for properties here are stilllow in comparison to their primecounterparts.

Preferences are still towards industrialproperties within Krokop and Piasau areas.With their limited supply in prime locationsmost industrial buildings are owneroccupied while those available for rental arebeing tenanted.

BandarBaruPermyjaya

SEITREPORPLAITNEDISERFOSLATNER&SECIRPGNILLES

epyT noitacoL secirPgnilleS latneR)dehsinrufnU(

yerotselgniSdecarret

emirP 000,041MR-000,59MR 055MR-004MR

yradnoceS 000,001MR-000,57MR 004MR-082MR

yerotselbuoDdecarret

emirP 000,551MR-000,531MR 007MR-005MR


yerotselgniSdehcated-imes

emirP 000,591MR-000,541MR 057MR-005MR


yerotselbuoDdehcated-imes

emirP 000,003MR-000,081MR 009MR-007MR


yerotselgniSdehcated

emirP 000,082MR-000,081MR 009MR-007MR


yerotselbuoDdehcated

emirP 000,054MR-000,003MR 005,1MR-009MR

yradnoceS 000,033MR-000,022MR 000,1MR-007MR


Commercial Centre

98000 Miri

Tel : 085 – 432 821

Fax : 085 – 411 786


The demand for

properties in all sub

sectors will remain

stable and experience

some improvements

especially in the

residential sub-sector.

There will be a gradual

increase in the prices of

residential properties

although it is

anticipated that such

increases will be

minimal.

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The take-up rates of industrial propertieswithin the secondary locations are slow andgeared more towards ready build industrialsemi-detached or detached buildings. Vacantindustrial lots in secondary locations are mostlyleft undeveloped at this stage.

The current pricing for industrial propertiesare as follows:


Occupancy rates for 3-5 star hotels (suchas Dynasty Hotel, Holiday Inn, Grand PalaceHotel, Mega Hotel and Rihga Royal Hotel) rangebetween 70% to 90%. This is due to thepromotional programmes being held by theprivate and public sectors throughout 2002.There are presently no new hotels beingadded onto the market and this trend isexpected to continue for the next few years.

The latest trend in the hospitality industryis the availability of serviced apartments forshort-term and long-term tenancy withinImperial Mall and Suites, which is locatedwithin Miri Town Centre. These two and three-bedroom apartments are usually rented outto tenants who are here on contractual workin Miri of less than one year.

This sub-sector should continue to enjoyabove average occupancy rates with thecontinuous support from organisedprogrammes from both the public and privatesectors in 2003.

AGRICULTURAL

There have been no changes in theactivities of agricultural crops since 2001. Themain activities are oil palm plantation, whichare mostly located within the Miri-Bintulu, Suaiand Niah areas. There are also increases in oilpalm plantations within the Kuala Baram areasfor 2002.

EDUCATION

Curtin University (Sarawak Campus) hasbegun operations in its newly completedbuilding located in Lutong while its temporarycampus in Riam is still in operation.

2003 MARKET OUTLOOK

The continuation of ongoing projectsand programmes being implementedto develop Miri into a Resort City by2005 will progress as planned.

The demand for properties in all subsectors will remain stable andexperience some improvementsespecially in the residential sub-sector.There will be a gradual increase in theprices of residential propertiesalthough it is anticipated that suchincreases will be minimal. The demandfor residential properties below theRM150,000 level will improve asfinancial institutions continue withtheir low interest and attractivemarketing campaign. The prices ofconventional shophouses will remainunchanged in 2003, as there is currentlyan oversupply of conventionalshophouses within the town centre.

It is also envisaged that the buying andrenting demand for purpose built officeswill remain low as more conventionalshophouses are made available ascheaper alternatives to occupiers.

Development activities will remainmoderate as developers will still becautious in their implementation ofnew projects due to the current “waitand see” attitude of prospective buyersand tenants.

Overall the property market outlookfor Miri Town will remain stable withmore improvements geared towardsthe medium cost residential market.Other sub-sectors will see gradualgrowth but at a much slower pace.

epyTytreporP tinUrePsecirPgnilleS

deretsulC 000,052MR-000,002MR

dehcateDimeS 000,083MR-000,003MR

dehcateD 000,007MR-000,054MR

toLdecivreS erteMerauqSrePecirPgnilleS

noitacoLemirP 003MR-022MR

noitacoLyradnoceS 051MR-021MR

lairtsudnImaraBalauK)seratceH5-1(etatsE

rep000,068MR-000,047MReratceH


Commercial Centre

98000 Miri

Tel : 085 – 432 821

Fax : 085 – 411 786


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The overall property

market in Bintulu had

been strong during the

beginning of 2002

and slowing down

towards the end of the

year.

1st Floor, 35BDA

Shahida Commercial Centre

Lebuhraya Abang Galau

P O Box 363

97008 Bintulu

Tel : 086 – 335 531

Fax : 086 – 335 964



BINTULU

The overall property market inBintulu had been strong during the

beginning of 2002 and slowing downtowards the end of the year.

RETAIL/OFFICES

The Northern Corridor of the existingBintulu Town, namely the integrated BintuluTownship, Bintulu Commerce Square (Phase1 and II) developed by Sarawak Land (KemenaPark) Sdn Bhd are fully completed andoccupied. The developer launched Phases III& IV comprising 82 units of 3-storeyshophouses with more than 70% of theseunits sold.

RESIDENTIAL

Our survey shows that during the periodfrom 1997 to first quarter of 2002, the averageannual addition of housing units in Bintulu isabout 471 units.

There are more than a 1,000 units underconstruction, with the highest number of 648units at projects along Jalan Tun Hussein Onn.Terraced houses form the major bulk of theadditional units.

Prices and rentals for residential propertieshad increased slightly as compared to thelevels recorded in 2001.

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

INDUSTRIAL

The demand for Kemena Industrial Estate(KIE), developed by Bintulu DevelopmentAuthority (BDA) had remained slow due tothe slowdown of timber activities anddownstream development. KIE Phase II’sindustrial lands were sold at betweenRM54.12 to RM75.35 per square metre.

BDA is also developing industrial lands inKidurong for petro-chemical related industriesto assist in the development of small andmedium industries (SMIs). Industrial lands atthe Kidurong Industrial Area (KINDA’s) wereopened for sale at RM54.40 to RM77.42 persquare metre by BDA.


No new hotel was built in Bintulu in 2002.The occupancy rates were reported to rangebetween 50% and 90%.

The current supply of hotels/inns inBintulu is as follows:-

epyT )tinurep(ecirPgnilleS )dehsinrufnu(latnerylhtnoM

)moordeb-2(stalF 000,06MR-000,05MR 004MR-003MR

)moordeb-3(stalF 000,57MR-000,06MR 005MR-053MR

yerots-elgniS)etaidemretnI(decarret

000,021MR-000,09MR 006MR-005MR

yerots-elgniS)renroC(decarret

000,561MR-000,021MR 007MR-055MR

yerots-elbuoD)etaidemretnI(decarret

000,071MR-000,031MR 008MR-007MR

yerots-elbuoD)renroC(decarret

000,032MR-000,061MR 009MR-008MR

yerots-elbuoDdehcated-imeS

000,063MR-000,081MR 008,1MR-009MR

yerots-elbuoDdehcated

000,005MR-000,053MR 008,2MR-003,1MR

ssalC snnI/letoH smooRfo.oN

1ssalC sletoH 874

2ssalC snnI/letoHssalCtegduB 896

3ssalC sesuoHgnigdoL/snnIssalCwoL 26

latoT 832,1

The property market is

expected to move at a

moderate rate in terms

of demand and

activities in the year

2003.

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2003 MARKET OUTLOOK

With several Petro-Chemical projects(such as the construction of MLNG 3Plant, Rejuvenating of the MLNG 1project, Bakun Hydro Electrical Dam,the expansion of ABF Plant and Shell

InternationalContainerTerminal andInnner Harbourof Bintulu Port

MDS’s Debottlenecking Project andothers still under construction), theproperty market is expected to moveat a moderate rate in terms of demandand activities in the year 2003.

1st Floor, 35BDA

Shahida Commercial Centre

Lebuhraya Abang Galau

P O Box 363

97008 Bintulu

Tel : 086 – 335 531

Fax : 086 – 335 964


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WTW BovisInternational

Property2003


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]


2003

SUMMARY OF THE CONSTRUCTION SECTOR

The Malaysian economy picked up from a 1.1% growth in the first quarter of 2002to 3.8% in in the second quarter, recording the first half growth of 2.5%. Growth inthe third quarter, based on industrial output and export data, is estimated to beabout 5.0% or more. Even if the fourth quarter growth (quarter-on-quarter) isstagnant, 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 offsetother external factors which are adversely affecting growth in the second half ofthis year. Budget 2003, which delivers bonus to civil servants and incentives tocertain sectors, would probably have a fairly mild impact on the economy. However,the increasing uncertainty related to the slowing down of the US economy, portclosures in the US, weak financial markets and the rising risk of war with Iraq, willall pose a threat to Malaysia’s GDP growth in the near term.

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

The construction sector is forecast to record a higher growth of 4.5% in 2003 from3.8% in 2002. Public sector projects in health and education as well as ruraldevelopment would continue to drive the sector. Massive projects like the BakunHydro-electric Dam and the on-going double tracking rail projects will furtherdrive the sector. Housing development would also contribute to growth in view ofincreasing demand for low and medium cost houses. (MGCC & MIER)

WTW BOVIS AND OUR POINT OFDIFFERENCE

WTW Bovis is a member of the BovisLend Lease Group, in turn a division of LendLease Corporation which is listed on theAustralian Stock Exchange in Sydney. BovisLend Lease is acknowledged as one of theworld’s leading companies in managementservices and construction activities. Globallytogether with Bovis Lend Lease we have7,000 employees in 93 offices worldwide.Large and small projects are undertaken fora client base that represents many of theworld’s leading brands. At regional level we

offer a delivery service that guarantees on-time, on-budget project completion and anenhanced commercial result for our clients.

WTW Bovis has a rich history of servicedelivery for nearly two decades, focusing oncustomer service and value creation. Ourproject experience covers broad industrysectors. Currently we are undertakingprojects ranging from hotel refurbishment,retail centres, railway stations and officeupgrades. Our depth of knowledge isunmatched in the industry.

WTW Bovis provide

qualified expertise and

proven professional

management systems

that give particular

advantages to a project.

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We provide our employees with astimulating and supportive work structurewhere they are encouraged to achieve theirmaximum potential. In this flexible andinnovative environment we are able to provideour clients with a level of service few of ourcompetitors can match.

WTW Bovis provide qualified expertiseand proven professional managementsystems that give particular advantages to aproject. Our philosophy is to work closelywith our clients, sometimes becoming anextension of our clients’ operations, to ensuredelivery of a quality development in a timelyand cost effective way.

We provide construction solutions toaccommodate our client needs, our coreservices include:

● ● ● ● ● Project/programme Management

●●●●● Construction Management

●●●●● Design & Build

●●●●● Management Contracting

●●●●● Technical Consultancy

Our scope of services includes newservices and have mobilised Business Unitsin the region who are ready to provide thesaid services, none of our competition canoffer this: Our Point of Difference. Some ofthe mentioned services include thefollowing:

● ● ● ● ● Retail Business Unit :

Concept Design and Retail PlanningServices including retail master planning.

● ● ● ● ● Pharma Business Unit:

Total Pharmaceutical design, planning,procurement & construction services (turnkey).

The business units’ specialization coupledwith our in-house construction andengineering expertise provides superior valueto our clients, especially clients who requirespecific knowledge in certain market sectors.i.e. pharmaceutical, retail, etc.

In addition to project management andconstruction, the Group also undertakes realestate funds management and propertydevelopment. Total funds under managementand administration for the Group is in excessof US$48 billion, with over US$33 billion inproperty assets under management in fivecontinents. Lend Lease Corporation’s globalreal estate investment management ranks asone of the largest in the world with marketcapitalisation at approximately US$3 billion(October 2002).

WTW Bovis have amassed a strongportfolio of experiences in the managementof development projects in Malaysia, amongstothers :

● Office Buildings (Petronas Twin Towers,Securities Commission Building, MNI Twins)

● Shopping Malls & Retail Centres (SuriaKLCC, Lot 10, Mid Valley, Putrajaya Parcel Z)

● Hotels (Puteri Pan Pacific, Holiday InnShah Alam, Mandarin Oriental)

● Process Plants (NS Cement Plant, PressPlants for NSTP, MAS Catering)

● Industrial/ Manufacturing Facilities (Intel,EAC Logistics, MAS Complex, Fibertex non-wovens)

● Engineering Facilities (MAS Hangar,Advanced Cargo KLIA, Ipoh Water Scheme)

● Transport (KL Sentral Station)

● Hospitals (Ampang Puteri Hospital)

● Leisure (Staffield Country Resort,Samaworld, Selangor Turf Club)

● Residential (Housing schemes)

● Building Refurbishment ( K & N Kenanga,Mutiara Hotel KL)

● Due Diligence study (Plaza Perangsang,Mutiara Hotel KL)

● Industrial-Design&Build(EAC Logistics,Dumex Milk Packaging, Nilai)

WTW Bovis Sdn Bhd

Level 11, Tower 1


50450 Kuala Lumpur

Tel: 603 – 2163 4511

Fax: 603 – 2161 5421

E-mail:

[email protected]

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WTW Bovis is the

Retail Planner &

Concept Designer and

Project Manager for

this 186,000 square

metre retail centre

located at Parcel Z,

Putrajaya. This

Greenfield site

measures 53 acres and

is situated beside the

Putrajaya lake.

ON-GOING PROJECTS

WTW Bovis is providing a full range ofservices to its esteemed clients including :

● ● ● ● ● The Construction Management ofThe Refurbishment of Mutiara Hotel,Kuala Lumpur

WTWB is the Construction Manager (CM)for the total hotel refurbishment of this over500-room hotel. Some of the works whichinclude total Mechanical, Electrical & Plumbingchanges and upgrade, guest bedroomrefurbishment, including bathroomenlargements, corridor and common areaimprovements and re-engineering will beundertaken whilst the hotel is in operation. Asthe CM, WTWB will ensure that good qualityworkmanship is implemented and proper co-ordination of all trades is conducted, whilstensuring that safety & security is adhered to.

● ● ● ● ● Design & Build of IndustrialFacilities for Fibertex non-wovens in Nilai,Negeri Sembilan

WTW Bovis Sdn Bhd has been engaged asthe Design & Construct contractor for FibertexNonwoven’s new factory located at Nilai,Negeri Sembilan. This is the Danish company’sfirst plant outside Europe. The site measuresapproximately 6 acres and is located in aprominent industrial park. The new facility iscirca 10,600 square metres in size and consists

of production and storage areas, services toaccommodate the Client’s equipment, cabinetrooms, administration building, landscape andgeneral infrastructure works. The extremelyshort duration of 9 calendar months isaggressive but achievable with the completionof the building envelope in Nov 2002 toreceive the Client’s equipment from Denmark.

Project completion is scheduled for Feb2003. The contract value of RM18.6 millionincludes concept, schematic and detail design,construction works including, EIA &topographical studies and authority approvals.

● ● ● ● ● Retail Planning & ProjectManagement of a Retail Centre locatedat Parcel Z, Putrajaya.

WTW Bovis is the Retail Planner & ConceptDesigner and Project Manager for this 186,000square metre retail centre located at Parcel Z,Putrajaya. This Greenfield site measures 53acres and is situated beside the Putrajaya lake.The facilities will include cinemas, food courts,boulevards, bowling alleys, and recreationalareas and will eventually be connected tohotel facilities. Our expertise in Retail Planning& Concept design is very much appreciatedby the client and has enabled them to enhancethe development. The WTWB stringent Safetyprocedure is being implemented along withour Environmental & Health Management Plan.

● ● ● ● ● Kuala Lumpur Sentral Station

Engaged as Employers Representativefor the station facilities, WTW Bovis willcomplete our services in end 2001. Thestation has been successfully completed

WTW Bovis Sdn Bhd

Level 11, Tower 1


50450 Kuala Lumpur

Tel: 603 – 2163 4511

Fax: 603 – 2161 5421

E-mail:

[email protected]

WTW Bovis has been

engaged as retails

planners & project

managers for this

development & is

seeking to convert our

involvement to a

construction role.

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WTW Bovis Sdn Bhd

and is open to the public. Final account andclosing out issues are currently beingaddressed, all facilities, track systems andinfrastructure works are fully operational.

● ● ● ● ● Retail Planning, Design &Construction of KL Pavilion Retail Centreat Jalan Bukit Bintang, Kuala Lumpur.

WTW Bovis has been engaged as retailsplanners & project managers for thisdevelopment & is seeking to convert ourinvolvement to a construction role.

● ● ● ● ● Project Managers for a LuxuryCondominium Project in Bangsar.

WTW Bovis has been appointed ProjectManager for a luxury apartment developmentin Bangsar, Kuala Lumpur, Malaysia. The sitemeasures 1.75 acres and is located in theupmarket suburb of Bangsar, near KualaLumpur city.

The development encompasses lowdensity, large luxury apartments with anapproximate construction cost of RM90 million.

Level 11, Tower 1


50450 Kuala Lumpur

Tel: 603 – 2163 4511

Fax: 603 – 2161 5421

E-mail:

[email protected]

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BRUNEIInternational

Property2003



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


roolF htnomrepsetaRlatneR

)laicremmoC(tsriF&dnuorG ertemerauqsrep57$B–84$B

)truoCdooF(dnoceS llatsrep005,1$B

)setiuSssenisuB(htniN etiusrep005,1$B

)setiuSssenisuB(htneT etiusrep053,1$B

)seciffO(htneetruof–htnevelE ertemerauqsrep83$B

amatUBBIlufakaTraDertemerauqsreplatneR

2BBIlufakaTraDertemerauqsreplatneR

roolFtsriF 07$B-06$B 06$B-05$B:spohS32$B-02$B:struocdooF

dnoceS 46$B-45$B 63$B-13$B

drihT 55$B-74$B 52$B-22$B

htruoF 55$B-74$B )bulChtlaeH(04$B-33$B

htfiF 55$B-74$B htnomrep002,2$B-009,1$B:slooPhtnomrep005,7$B-003,6$B:hsauqS/notnimdaB

htxiS 55$B-74$B

htniN htnomrep008,1$B-006,1$B:myG

htneT htnomrep003,41$B-002,21$B:tnaruatseR

htnevelE htnomrep00,4$B-004,3$B:tnemtrapA

esuohtneP htnomrep003,7$B-002,6$B

The property market in 2002 hasmore or less stabilized. However,

investors remainedcautious. The generalmarket sentiment is thatthere is no clear indicationof a forthcoming marketrecovery.

RETAIL/OFFICE

The Bangunan PersatuanGuru-Guru Melayu Brunei(PGGMB) was officially openedin May. This latest landmark inthe town centre housescommercial space on theground and first floors. It also accommodatesfoodcourts, business suites and offices. Apartfrom this, the building has its own multi-storeycar park building which is being leased fromthe Municipal Board.

The rentals for this building are as follows:

Two other new additions to the towncentre are the Dar Takaful IBB Utama and theDar Takaful IBB 2.

Dar Takaful IBB Utama comprises 10floors including a basement car park. Thisbuilding houses office space on its first tosixth floors, most of which are being owner-occupied by Takaful IBB. The Dar Takaful IBB2, which is constructed adjacent to the DarTakaful IBB Utama, accommodates shops,offices, restaurants, residential units andsports facilities.

The asking rentals for these two buildingsare as follows:

Notwithstanding the above, however, thegeneral market rent for retail and office spaceremained competitive in the region of B$50to B$70 per square metre and B$10 to B$25per square metre respectively.

A major ongoing development project isThe Mall in Gadong. By the lastquarter of 2002, the project is over50% completed. It boasts 150hotel apartments, 170 shop units,four cineplexes, threeinternational conference roomsand a ballroom (banquet hall). TheMall is scheduled for softlaunching in August 2003.

RESIDENTIAL

There were no major residentialdevelopments throughout 2002 except forthe National Resettlement Housing Schemeswithin the Brunei Muara and Belait districts.

There were still very limited transactions.Although the number of property auctionshas increased, very few of these auctionswere successfully concluded. Owing todeclining rentals and limited scope of capitalgrowth, residential properties are no longeran attractive option for investment.

The market is expected

to remain passive.

Property investors are

not in a hurry to close

deals. Most developers

are apt to stay away

from new

developments, while

other projects will

remain on hold at the

blueprint phase.

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C H Williams Talhar & Wong(B) Sdn Bhd

INDUSTRIAL

The scope of industrial developments inBrunei Darussalam is very limited. TheGovernment grants long leases toindividuals and companies at nominalannual premiums to promote industrialdevelopments in the Sultanate. Several areashave been earmarked for this purposeincluding Serasa, Lambak and Beribi. A fairnumber of these plots are utilized for autodealers’ showrooms and service centres,garment factories and food processingplants; and to a much lesser extent, brick andfloor tile factories. These properties areexclusively granted to specific individuals orcompanies for specific purposes. Notransfers or sub-leases are allowed.

The term ‘light-industrial’ is commonlyused in Brunei Darussalam, which relates totwo to four storey shophouses. Theseshophouses are intended for ‘light-industrial’activities such as auto repairs and servicecentres, hardware shops and small-scalefood processing shops. However, most ofthese premises are used for a wide range ofcommercial activities.

Despite the apparent over-supply ofshophouses, the Kiulap, Serusop andLambak areas proceeded withdevelopments as planned. At least 80 unitswere completed in 2002, and another 68units are expected to be completed in 2003.Reportedly, more shophouse developmentsare in the pipeline.

The prices and rentals of theseshophouses remained more or lessconsistent with the previous year. A typical3 storey shophouse in Kiulap is sellingbetween B$400,000 and B$450,000 and ata rental of B$3,500 per month; whereas asimilar unit in Serusop is selling atB$450,000 and at a rental of B$4,500 permonth. However, a fair number ofshophouses on the outskirts of Bandar SeriBegawan are still vacant.

HOSPITALITY/LEISURE

2002 was another difficult year forhoteliers in Bandar Seri Begawan. Despiteaggressive campaigns by the Government tolure tourists into the Sultanate, the numberof tourist arrivals is still short of offsettingthe supply of over 2,000 rooms.

Hotels on the outskirts suffered the mostwith occupancy rates of 20% and below, inspite of discounts of up to 50% of thepublished room rates.

2003 MARKET OUTLOOK

The market is expected to remainpassive. Property investors are not ina hurry to close deals. Most developersare apt to stay away from newdevelopments, while other projects willremain on hold at the blueprint phase.

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


WTW, with extensive experience and its large research capability and localknowledge offers to the market place, reliable advice with a commitment to serveover a wide geographical area. The WTW Property Market Report released since1977 and the CEO Property Sector Opinion Surveys compiled since 1990, continuesto provide reliable information to the market place. A full range of professionalservices are available.

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ProfessionalServices


2003




VALUATION

Valuation of all real properties for variouspurposes including mortgage credit security,fire insurance, taxation, liquidation/receivership. Valuation for investmentdecisions such as sale, purchase and letting.Asset valuation for corporate accounting andfinancial statements, and submission to theSecurities Commission.

Valuation and consultancy for compulsoryacquisition compensation claims includingappearance as expert witness in judicialproceeding. Valuation of “going concern” andspecial purpose properties such as timberconcessions, mining lands and quarries.

RESEARCH

Undertake market studies - surveys andmarket intelligence. Provide analyses todetermine demand and supply. Conductmarketability studies - pricing levels andstrategies. Undertake viability studies -assessment of feasibility of projects. Assessdevelopment proposals on their suitability toclient’s needs.

Provide continuous market researchcapabilities. Provide investment and economicanalysis. Undertake property marketforecasting. Provide market research anddevelop property indices. Preparedevelopment plans/schemes. Advice onplanning of comprehensive development andredevelopment schemes. Makerecommendations on highest and best use.

PROPERTY MANAGEMENT

Management of buildings from a singleresidential unit to a property portfolioconsisting of various types of properties.Recommendations on rental, service charges,sinking fund and sale policies. Collection ofrent and payment of all outgoings. Maintainingrent-rolls and accounts.

Control and supervision of repairs,maintenance and redecoration. Advice oninsurance and valuation for fire insurance.Ensuring performance of tenancy agreementsand implementing rent reviews.

AGENCY / MARKETING

Sale, purchase and letting of all types ofreal estate ranging from vacant lands andindividual houses to high-rise office blocks,shopping complexes, hotels, industrialschemes, development lands and plantations.Locating, identifying and securing sites forspecial users. Advice on and implementationof marketing strategies of commercial, retail,industrial and office space.

DEVELOPMENT MANAGEMENT

Advice on property development processwith emphasis on environmental concerns.Evaluation of existing property portfolio.Acquisition of lands, which are ripe fordevelopment. Facilitate applications to stateand relevant authorities for alienation of landand other approvals.

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○C H Williams Talhar & Wong

Determine the most appropriate layout forsubdivision to achieve the optimum return.Consider relevant forms of development for aparticular site including the developmentconcept, mix, layout design and expectedmarketability. Advice on the most effectivemechanism of development through Joint-Venture. Development Right, Sale &Leaseback, etc.

Source for and recommend joint-venturepartners. Conduct project tendering andevaluate development proposals to achievethe best use. Monitor progress, costs andquality. Consider special interests inenvironment, tourism, aviation, maritime,energy, agriculture, science, education andtaxation where they relate to property.

PLANT & MACHINERY

Valuation of plant & machinery for variouspurposes including insurance, finance, sale,credit security and foreclosure. Valuation ofbuilding services plant and fit-out fordepreciation purposes. Chattel valuation suchas office furniture and fixtures, hotel operatingequipment and accessories.

CORPORATE REAL ESTATE

Redefine strategic plans, processes andactivities for both public and private sectororganisations. Produce improvements inoperating efficiencies and performance of realestate holdings. Develop and apply technologyto corporate real estate. Provide corporationswith an edge over competitors by focusingon improved productivity ie people, space andcapital.

Consider real estate as a major componentof an organisation’s balance sheet. Translategrowing pressures to contain and reduce costs.Outsource corporate real estate managementfunctions to enhance shareholder value.

STRATEGIC CONSULTING

The early success or failure of anyinvestment, proposed occupation and use ofproject depends greatly on the strategyadopted. Advice on the appropriate strategiesto adopt in maintaining a property portfolio tomaximise return over the long term.

AUCTION

To act for High Courts, Land Administratorsand other clients to conduct auctions of land,buildings and chattels. To act for clients inbidding for properties at public and privateauctions.

FACILITIES MANAGEMENT

Managing business support services,workplace audits and benchmarking, servicelevel measurement, procurement andmanagement of support services.

PROJECT AND CONSTRUCTIONMANAGEMENT

‘Single point’ commercial managementexpertise in the coordination of the projectteam involved in the design and constructionof development project to meet clients’objectives in terms of time, cost and quality.The scope of work includes designmanagement, value engineering, cost controltechniques, time control procedures, qualitymanagement, contracting and procurementstrategies to design, construct and commissionthe project.

INVESTMENT CONSULTANCY

Advice on property investment strategyand the right mix for real estate portfolio.Advice on asset diversification and riskmanagement. Advice on the acquisition andholding of property for long or short terminvestment. Consider aspects of propertytaxation. Assessment of viability of eachproject. Facilitate foreign investments. Help inthe understanding of the real estate market.

BRANCHES

KUALA LUMPUR#3228, Menara Tun RazakJalan Raja LautP O Box 1215750768 Kuala LumpurTel : 03 – 2693 8888Fax : 03 – 2693 6565E-mail: [email protected]

ALOR SETAR2nd Floor, Kheng Chew Assc.38 Jalan Putra05100 Alor SetarTel : 04 – 730 3300Fax : 04 – 730 2200E-mail : [email protected]

BUTTERWORTHNo. 33, Jalan Todak 4,Pusat Bandar Seberang Jaya13700 Seberang JayaTel : 04 – 398 1188Fax : 04 – 397 1188E-mail: [email protected]

PENANG35, Green HallP O Box 116110850 PenangTel : 04 – 263 3377Fax : 04 – 263 0359E-mail: [email protected]

IPOH13A, 1st Floor,Jalan PanglimaP O Box 562, 30760 IpohTel : 05 – 241 0611Fax : 05 – 255 6536E-mail: [email protected]

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WTW NetworkInternational

Property2003




PETALING JAYA15.03 15th Floor, Menara MPPJNew Town Centre46200 Petaling JayaTel : 03 – 7956 9211Fax : 03 – 7957 8049E-mail: [email protected]

SEREMBAN1st Floor, Kompleks Negeri7-A, Jalan Dr Krishnan70000 SerembanTel : 06 – 763 7373Fax : 06 – 765 3360E-mail: [email protected]

MELAKA178 Jalan MerdekaTaman Melaka Raya75000 MelakaTel : 06 – 281 2288Fax : 06 – 284 6399E-mail :[email protected]

BATU PAHAT37-4B, Jalan Rahmat83000 Batu PahatTel : 07 – 434 6122Fax : 07 – 431 6921E-Mail: [email protected]

JOHOR BAHRUUnit 18B Level 18Menara Ansar65 Jalan TrusP O Box 32080000 Johor BahruTel : 07 – 224 3388Fax : 07 – 224 9769E-mail: [email protected]

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KUALA TERENGGANU4th Floor, 98, Jalan Banggol20100 Kuala TerengganuTel : 09 – 626 2760Fax : 09 – 622 2788E-mail: [email protected]

KOTA BHARUPT 1185, Level 2Jalan Kebun Sultan15350 Kota BharuTel : 09 – 748 7070 / 743 1006Fax : 09 – 744 7545E-mail: [email protected]

KUANTAN5th Floor, Bangunan Hongkong BankJalan Mahkota25000 KuantanTel : 09 – 515 0000Fax : 09 – 514 5793E-mail: [email protected]

ASSOCIATED OFFICES

KOTA KINABALU2nd Floor,EONCMG Life BuildingNo. 1, Jalan SaguntingP O Box 1441488850 Kota KinabaluTel : 088 – 248 801Fax : 088 – 230 826E-mail: [email protected]

SANDAKANRoom 602, 6th FloorLai Piang Kee BuildingJalan Lima, WDT No. 11090009 SandakanTel : 089 – 217 025Fax : 089 – 272 850E-mail: [email protected]

LABUAN1st Floor, Wisma Chee Sing48 Jalan MerdekaP O Box 8222987032 Federal Territory of LabuanTel : 087 – 416 341Fax : 087 – 416 342E-mail: [email protected]

TAWAU305, 1st FloorLeong Hua BuildingDunlop Street,P O Box 6039491013 TawauTel : 089 – 774 349Fax : 089 – 762 287E-mail: [email protected]

LAHAD DATU2nd Floor, Lot 2, Block ARHB BuildingMetro Commercial CentreJalan KiambangP O Box 6060091115 Lahad DatuTel : 089 – 882 393Fax : 089 – 885 088E-mail: [email protected]

KUCHINGNo.9 (1st Floor)Jalan Song Thian CheokP O Box 223693744 KuchingTel : 082 – 246 262Fax : 082 – 416 909E-mail: [email protected]

MIRILot 1139 Miri WaterfrontCommercial Centre98000 MiriTel : 085 – 432 821Fax : 085 – 411 786E-mail: [email protected]

SIBUNo. 11 & 12, 2nd FloorLorong Kampung Datu 3P O Box 146796008 SibuTel : 084 – 319 396Fax : 084 – 320 415E-mail: [email protected]

BINTULU1st Floor, 35BDAShahida Commercial CentreLebuhraya Abang GalauP O Box 36397008 BintuluTel : 086 – 335 531Fax : 086 – 335 964E-mail: [email protected]

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BRUNEIShop 11, 3rd Floor Jalan McArthurBandar Seri Begawan BS8711Negara Brunei DarussalamTel : 673 – 228 050 / 234 695Fax : 673 – 228 050 / 243 695E-mail: [email protected]

WTW BOVIS SDN BHDLevel 11, Tower 1MNI Twins, 11 Jalan Pinang50450 Kuala LumpurTel: 603 – 2163 4511Fax: 603 – 2161 5421E-mail: [email protected]

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ProfessionalStaff


2003




ALOR SETAR

Muzlini SaidB.Sc Land Mgt (Reading) MISMBranch Manager

Fazida AmirBLE (Hons) (Aberdeen)

Norrushidah ZakariaAdv Dip in Est. Mgmt. (ITM)

Rosli MansorDip in Est. Mgmt. (ITM)

BATU PAHAT

Tew You KianB.Surv (Hons) Prop. Mgt (UTM) MISMAPEPSDirector

BUTTERWORTH

Tony Lee Eng KowB.Sc (Hons) Est. Mgt. MISM APEPSDirector

Fook Tone HuatB.Sc (HBP) (Hons) MISMSenior Assistant Manager

Mohd Radi B. Hj. Mohd NohB.Surv (Hons) Prop. Mgt (UTM)

Azlan Bin YusofB.Surv (Hons) Prop. Mgt. (ITM)Dip. Est. Mgt. (ITM)

IPOH

Heng Kiang HaiB.Surv. (Hons) Prop. Mgt. (UTM)MBA (Real Estate, UWS) MISM APEPSDirector

Asnida IsaAdv Dip. Est. Mgt. (UiTM)Assistant Manager (Valuation)

Gerard Arthur PereiraLicenced Auctioneer

Tham Wai PingB. Sc (Hons) Const. Mgt. (USM)

Chong Ying HaanB.Sc (Hons) Prop. Mgt. (UTM)

JOHOR BAHRU

Mohd Talhar Abdul RahmanFRICS FISM MSISV APEPSGroup Chairman

Danny S K YeoAssoc. Dip in Val (RMIT) MISM APEPSDirector

Goh Boon GuanB.Surv (Hons) Prop.Mgt. (UTM)Senior Assistant Manager (Valuation)

Abdul Jalil bin HashimB.Surv (Hons) Prop. Mgt. (UTM)Assistant Manager (Valuation)

Kho Jit KeauB.Surv (Hons) Prop. Mgt (UTM)Assistant Manager – Project/InvestmentMarket

Linda Lee Choon Huay (E428)Assistant Manager (Estate Agency)

Norsiyati Mamat @ NawiB.Sc (Hons) Est.Mgt. (Liverpool)

Mohd Rasyidi Bin Mohd SallehB.A (Hons) Est. Mgt (ITM)

Cheng Wui KiangB.Surv(Hons) Prop.Mgt. (UTM)

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Nawal Dato’ KhudzairiB.(Hons) Est. Mgt (UM)

Mohd Diah Md TahirB.Sc (Hons) Prop. Mgt. (UTM)

Lee Kun ThyeB.Sc (Hons) Prop. Mgt. (UTM)

KOTA BHARU

Muhd Kamal bin MohamadAdv Dip. Est. Mgt. Reg. Valuer & Reg. Est.Agent. MISM APEPSBranch Manager

Wan Alida Fairuz Bin Wan DaudB.Surv (Hons) Prop. Mgt (UTM)Assistant Manager

Mat Nori Bin Mat YusoffDip in Est. Mgt. (UiTM)

KUALA LUMPUR

John S C Loh KMN

SSA PJK

M.Sc (NUS), MBA(Finance) (Hull) FRICSFISM APEPSManaging Director

Goh Tian SuiB.Sc (Hons) Est. Mgt (Reading) FRICS FISMAPEPSDeputy Managing Director

P.A. Chong SMPB.Sc Est.Mgt (Leicester) FRICS FISM APEPSDirector

Muhammad Baharuddin MustafaB.Surv (Hons) Prop. Mgt (UTM) MISMMMIM APEPSDirector

Aziah Mohd YusoffBLE (Hons) (Aberdeen)MBA (Real Estate, UWS) MRICS MISMAPEPSDirector

Abdul Halim OthmanB.Sc Est.Mgt (Reading) FRICS FISM APEPSConsultant

Carol ChinB.A. Econs (Hons) (B’ham) MIMManager (Business Development)

Eva DavidB.A (Hons) AdelaideManager (Research & Corporate)

Ang Nooi KiangManager (Finance)

Ma Ying ShyACISManager (Human Resource)

Michelle Chong Sau YingManager (Administration )

Vincent Wong Yuen KoongHead (Commercial & Industrial)

Anna Wong Kok LingHead (Residential)

Shuraiya Abdul RahmanB.LE (Hons) (Aberdeen)Head (Marketing)

Mokhtar Hj MahmudAdv. Dip. Est. Mgt (ITM)Senior Assistant Manager (Relationship)

Tan Ka LeongB.Surv (Hons) Prop. Mgt (UTM)Senior Assistant Manager (Valuation)

Celine Tan Paik HoonACIS ACSMSenior Assistant ManagerPersonal Assistant (Finance Director)

William Wan Chee PanDip. in Prop MgmtSenior Assistant Manager (Prop Mgmt)

Carol Billy SpencerB.Sc (Hons) Urb Est. Mgt (Northumbria)Senior Assistant Manager

Marlene PadanB.Com (Hons) Prop. Econ (UWS)Senior Assistant Manager

Chen Chee WengB.(Hons) Est. Mgt. (UM)Assistant Manager (Webmaster)

Wong Fook ChoyDip. in. Electrical / ElectronicsAssistant Manager (P & M)

Ainuddin Jalaini IsmailB.Sc (Hons) Urb. Est. Mgt. (Liverpool)Assistant Manager

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Yeo Kian AunMBA (Finance) (CSU) B. (Hons) Est. Mgt.(UM)Assistant Manager

Tan Shu YuenB.(Hons) Est. Mgt. (UM)Assistant Manager

Alexander ManyinB.Sc (Hons) Land Mgt (Reading)Assistant Manager

Burhan SallehB.Bs (Prop. Mgt.) (RMIT)Assistant Manager (Valuation)

Wong Huey FengB.Sc (Hons) Est. Mgt. (UM)Assistant Manager (Development &Consulting)

Azizul Rahman Bin MohammadB.Sc (Hons) Est. Mgt. (UiTM)

Azam Abdul AzizB.Sc (Hons) Est. Mgt.(UK)Dip.in HE (Law) UK

Lim Chai YinB.(Hons) Est. Mgt. (UM)

Lam Tuck KiongB.Sc (IT ) (Queesland)

Nathalene Bong Sim PengB.Bs ( Tasmania)

Vasantakumar MachapB.Sc Real Est. Mgt. (UTM)

Wendy Choy Ching WoonM.Com (Funds Mgmt) UNSWB.Com (Prop Econ) UWS

Mohd Fazli A MajidB.Sc Est. Mgt. (UiTM)

Yong Sook FunB (Hons) Est. Mgt. (UM)

Tan Say KeatM.Sc Real Estate (UK)B.Sc Est. Mgt. (UM)

Yap Kin LingM.Sc (Housing) USMB.Soc Science (Econ) USM

Irwati Mas Ayu Binti DahiliB.Sc (Prop Mgmt) (UTM)

KUALA TERENGGANU

Mohd Firdaus Bin IdrisB.Sc (Hons) Est.Mgt. (Lond) MISM APEPSBranch Manager

Hasniyati HamzahB. Sc Land Mgt (Reading)Assistant Manager

Muhamad Haneef Bin AliB.Sc. Real Est. Mgt. (UTM)

Nik Mohd Nazirin Nik ZakariaDip. in Val (UTM)

KUANTAN

Hj Wan Nordin Hj Wan SallehDip Val. (Auckland) Dip Est. Mgt. (UiTM)MISM APEPSDirector

Pek Kok HingB A Econs (Hons) UM

Liom Hong SangRegistered Estate Agent (E-535)

Md Anizam Bin Md MuisB.Sc Prop. Mgt. (UTM)

Fauzan Bin IsmailB.Sc Prop. Mgt. (UTM)

MELAKA

Foo Gee JenB.Surv (Hons)Prop,Mgt (UTM)MISM APEPSDirector

Hazni bin HassanB.Sc ULE (Sheffield)

Mok Thai ThongDip. Val (UTM)

Ab. Razak Bin AbdullahDip. Est. Mgt (ITM)

Azlan Abd. HamidDip. Est. Mgt (ITM)BBA Hons (Marketing) (UiTM)

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PETALING JAYA

P’ng Soo ThengB.Sc Val. & Est. Mgt (Bristol) FRICS MISMAPEPSDirector

Sabariah Bte EniAdv. Dip. in Est. Mgt (ITM)Assistant Manager

Mujahid Bin SulaimanB.Sc in Est. Mgt. (UiTM)

Khaw Eng LengB.Sc (Land Mgmt) (UK)

Ramlee Bin Hj PutehDip. in Est. Mgt (ITM)

Wong May SanACCA

PENANG

David Khoo Tiang HuatFRICS FISM APEPSDirector

Kenny Koay Chin Kean (E888)Senior Assistant Manager (PropertyManagement)

Ooi Huey FenB.Sc (Hons) Est. Mgt (UM)

Tee Shy MingB.Sc (Hons) Land Admin & Devt (UTM)

SEREMBAN

Ku Fuziah Ku HamzahB. Sc (ULA) (P’mouth) MISM APEPSDirector

Azahari Bin AliasB.Sc (Prop Mgmt) (UTM)

Abd Razak Bin Mohd HaronDip in Val (UTM)

Kunasuntaree a/p PurumalB.Sc Prop. Mgmt (UTM)

SABAH

KOTA KINABALU

Chong Choon KimB.Sc Est. Mgt. (Reading) MRICS FISMManaging Director WTW (Sabah)

Agnes Lee Siew NgohB.Sc (Hons) (UM) B.Sc (Hons) Est. Mgt(Reading) MISMBusiness Development Manager

Victor YongB.Eng (Mech Eng) (Oxford Brookes)

Anna Vun Mei NaB.Sc (Land Admin & Dev)

Azizan Bin IdrisDip – Est. Mgt.

Benjamin V K MuB.Sc (Hons) Urban Prop Surveyor

Chen Yen PingB.Bus Economics & Finance

Eric Chong Chen LoongBBs (Val & Prop Mgt)

Vivian Cham Sen YunB.A (Hons) Marketing

Chan Mon HuegB.Sc (Hons) Est. Mgt.

Chua Teck OngB.Com (Prop)

LAHAD DATU

Leong Shin YauB.Comm (Canterbury) MISM APEPSDirector

SANDAKAN

Robin Chung York BinBSc (Est.Mgt.) (CNAA) MBA (Reading)Dip. Proj. Mgt. MRICS FISMDirector

Raymond Chu Tai KeungB.Sc (London)

Al Fazli Bin Mohd SallehB.Surv (Hons) & M.Sc (Prop.Mgt.) (UTM)

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TAWAU

Frederick Victor KilosB Sc (London) IRRV MISM APEPSDirector

Desmond Liew Vui EnBsc Est. Mgt (London)

LABUAN

Doreen LeeBSc Est. Mgt. (Herriot – Watt) MISM APEPSDirector

SARAWAK

Henry Yeo Hap SoonB.Sc Est. Mgt (Reading Dip. SCM FRICSIRRV MISM APEPS MMIEAFounder Managing Director

KUCHING

Alan ChewB.Sc Est. Mgt (Reading) FRICS FISM APEPSMMIEADirector

Sim Guan HiongDip. Mech. Eng & Dip. Rub. Process (IPM)Manager (Plant & Machinery)

Elaine Tan Li HuiB.A Econs (UM)Prop Management & Research

Chan Jui HuiB.Bus Prop. (RMIT)

Shafiza JayaB.Sc. (Land Mgt)) (P’mouth)

Kenneth Wong Cheng AiB.Bus (Prop) (RMIT)

Nurul Shaffiza MohammadB Sc (Hons) Urban Land Economics

Ho Liew ChinB Computer Science (Wollonggong)

SIBU

Wong Ing SiongB.Sc. (Hons) Est. Mgt (Reading) MISM IRRVARICS APEPS MMIEAManaging Director WTWY (Sarawak)

MIRI

Hj Radzali Bin Hj AlisionB.Sc. Est. Mgt (Southbank) MRICS MISMAPEPSDirector

Vincent Tiong Eng MingB.Sc. (Valuation & Est Mgt) (Bristol) MISMRegistered Valuer

Teri Lee Yun ChewB.Com (Banking, Finance & Risk Mgmt)(Queesland)

Stanley AnyieDip. Investment Analysis (ITM)

Samsudin AbangDip in Banking (UTM)

Lee Yun ChewB. Com (Banking & Fin) (Queesland)

BINTULU

Robert Ting Kang SungB.Bus (VLE) (Perth)Director (Alternate to Henry Yeo)

William KongB.Sc(Hons) Urban & Regional Planning(UTM)Registered Planner with the StatePlanning Authority

WTW BOVIS SDN BHD

Mohd Talhar Abdul RahmanFRICS FISM MSISV APEPSChairman

Dinesh K. NambiarB.Sc (Hons) Bilg. Econs & Q.S. PMI (USA)Managing Director

Muhammad Baharuddin MustafaB.Surv (Hons) Prop. Mgt (UTM) MISM MMIMAPEPSDirector

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Leonard LeeB.Econs (Accounting)Chief Accountant

Goh Han SiangB.Tech (Hons)Senior Operation Manager

Rajeevan K.Senior Construction Manager

Oh Teik MinB.Sc (Hons) QS ARICSSenior Commercial Manager

David GohB.Sc (Eng)Project Manager – MEP

Clarence Boudville ChongDip Elect. EngProject Manager – IT

See Hunt SoonB. Applied Sc ANZIQSProject Manager

Suresh ThambyiahB.Eng (Hons) Civil MBAProject Manager

Edwin YipB BldgProject Manager

Roslan OthmanB.Sc(Hons) QS RICSCost Manger

Azami IsmailB .A. (Hons) ArchitecturalAssistant Project Manager

Rakesh AravindB.Sc (QS)Manager - Business Development

Andre KadarusmanCert. of Technology in BuildingConstructionConstruction Manager

BRUNEI

Cornelius KohB.Sc (Hons) Est. Mgt. (Reading) MRICS IRRVAssociate Director

Kathy Lim Cheau ChiannB.Sc (Hons) Prop Mgmt & Inv

International Property 2003 - wtwy.comwtwy.com/files/reports/wtw-property-report-2003.pdf ·...

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Transcript of International Property 2003 - wtwy.comwtwy.com/files/reports/wtw-property-report-2003.pdf ·...