India’s rupee has been the worst performing currency in Asia, excluding Japanese yen since August 2011. It declined by nearly 22% from August 2011 to December 2011. Although the currency stabilized somewhat in February 2012 after the intervention from Reserve Bank of India, the pain seems far from over. Given the macro-economic situation, both domestically and globally, we might see further depreciation in rupee and we might have to adjust ourselves with lower levels of currency in times to come.
India’s rupee has been the worst performing currency in Asia, excluding Japanese yen since August 2011. It declined by nearly 22% from August 2011 to December 2011. Although the currency stabilized somewhat in February 2012 after the intervention from Reserve Bank of India, the pain seems far from over. Given the macro-economic situation, both domestically and globally, we might see further depreciation in rupee and we might have to adjust ourselves with lower levels of currency in times to come.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
We expect transactions to fall and prices to ease in 2009, in line with the projected 3%
real GDP contraction. Transactions could fall 20-30% or as much as 35-50% in the
worst-case scenario, matching the performance during the 1997/8 Asian financial
crisis. However, most major developers have pushed out innovative financing
schemes to lure buyers. Response has been mixed, with good response garnered by
the likes of SP Setia (RM500m sales) and Mah Sing (RM170m sales) but lacklustre
sales for many other developers
• Developers are upbeat because of increasing demand for Grade \'A\' office space from the IT/ITeS sector in the SBD and PBD
• Vacancy levels in PBD expected to rise due to increase in the stock by around 5 million.
• Vacancy in CBD and SBD expected to decrease due to lack of supply
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
We expect transactions to fall and prices to ease in 2009, in line with the projected 3%
real GDP contraction. Transactions could fall 20-30% or as much as 35-50% in the
worst-case scenario, matching the performance during the 1997/8 Asian financial
crisis. However, most major developers have pushed out innovative financing
schemes to lure buyers. Response has been mixed, with good response garnered by
the likes of SP Setia (RM500m sales) and Mah Sing (RM170m sales) but lacklustre
sales for many other developers
• Developers are upbeat because of increasing demand for Grade \'A\' office space from the IT/ITeS sector in the SBD and PBD
• Vacancy levels in PBD expected to rise due to increase in the stock by around 5 million.
• Vacancy in CBD and SBD expected to decrease due to lack of supply
KMC MAG Group and its international associate, Savills, releases its bi-annual Asian Cities Report for Manila Office. The report, which covers the second half of 2015, features key market updates on the local office sector.
Reflecting a positive hiring outlook, the organized sector in India is expected to create about 1.6 million new jobs in the year 2012, as per the latest results of a survey from HR firm Ma Foi Randstad..
KMC MAG Group is pleased to present to you the Metro Manila Property Outlook for 2015, which offers the latest data, research, and forecast on the Philippines' top central business districts (CBDs) and emerging CBDs in Metro Manila. Some of the report's highlights:
With a GDP growth of 6.1% and strong macroeconomic fundamentals, the Philippines remains as one of the bright spots in both the global and regional scale.
Driven by strong economic performance, the real estate market is expected to remain buoyant across all sectors this year. Real estate activity remains to be in full swing, with developers allocating massive capex programs amounting to over PHP 300-billion into building townships across the city.
The office sector is still the most wanted asset class, with its robust rental growth due to high take-up from the business process outsourcing industry.
The retail sector also continues to be the top gainer among all sectors, further boosted by the declining oil prices that has increased savings for the economy.
Meanwhile, in the residential market, rates continue to grow although at a more modest rate as well as in hotels and leisure, whose long-term growth is being stifled by lack of sound infrastructure.
In spite of these opportunities, the Philippines' strict foreign ownership policies and lack of solid infrastructure remain as roadblocks towards sustainable and long-term growth for PH economy.
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
iProperty.com Malaysia 2013 Property Sentiment Survey Results & AnalysisiProperty Malaysia
The iProperty.com Asia Property Market Sentiment Survey (H1) 2013, conducted on the iProperty Group’s leading websites in Malaysia (iproperty.com.my), Indonesia (Rumah123.com and rumahdanproperti.com), Hong Kong (GoHome.com.hk) and Singapore (iproperty.com.sg), is the first cross-market online property survey of its kind.
A total of 3,459 people responded to the online survey on iproperty.com.my from 5th December 2011 to 19th January 2012.
The results showed that 62.3% of survey respondents were keen on purchasing property in the next 6 to 12 months, with 71.3% stating that they had a budget under RM 500,000. Interestingly as well, 28% of respondents wished to purchase property as investment for resale, more than in other survey respondents in the other regions.
The low barriers to property ownership and the healthy property price growth in the country, makes Malaysia an attractive country for not just locals but also foreigners to invest in. This can be attributed to several factors such as low mortgage rates, financing of up to 100%, stamp duty exemptions, long repayment periods, up to 30 years, or until age 75, which makes homeownership for Malaysians easy.
The most important issue for concern in the Malaysian property market was that of rising house prices. However, a significant number of people surveyed also expressed high concern about home financing policies and interest rates, as well as errant developers and building quality.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
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Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
1. Property Times
Kuala Lumpur Q1 2011
Economy slows but market remains steady
11 April 2011 The Malaysian economy in Q4 2010 expanded at a slower rate of
4.8% year-on-year (YOY) after growing 5.3% in Q3 2010 to end
the year with growth of 7.2%. The slower growth in Q4 2010 was
Contents a result of lower external demand for Malaysian goods and
Executive summary 1
services.
Economic overview 2
Offices 3 Prime office rents moved upwards slightly in Q1 2011 but
Retail 4 continue to be under pressure, with the anticipation of substantial
Residential 5 developments in the supply pipeline (Figure 1).
Investment 6
Key statistics 7
Definitions 8 The retail market continues to be active but the increase in
Contacts 9 inflation could dampen consumer spending. Nevertheless, the
sector remains optimistic with forecast retail sales growth of 11%
Authors in Q1 2011.
Brian Koh The residential sector saw optimism reflected in higher prices,
Executive Director but also caution due to declining affordability. With prices and
Consulting & Research affordability moving in different directions, the sector may enter
brian_koh@dtz.com.my
into an uncertain patch before settling into a more discernible
Halimah Mohamad trend.
Senior Manager
Consulting & Research The investment market may be affected by political turmoil in the
halimah_nor@dtz.com.my Middle East on certain proposed joint ventures involving funding
from that region.
Contacts
Chua Chor Hoon Figure 4
Head of SEA Research Average prime office gross rents
chorhoon_chua@dtz.com.sg
RM per sq ft per month
Ong Choon Fah 7
Head of Consulting & Research,
SEA 6
choonfah_ong@dtz.com.sg
5
David Green-Morgan
Head of Asia Pacific Research 4
david.green-morgan@dtz.com 3
Tony McGough 2
Global Head of Forecasting &
Strategy Research 1
tony.mcgough@dtz.com
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Hans Vrensen
Global Head of Research
hans.vrensen@dtz.com
Source: DTZ Research
www.dtz.com 1
2. Economic overview
Malaysia’s economy registered slower growth of Figure 2
4.8% year-on-year (YOY) in Q4 2010, after 5.3% and
GDP growth and unemployment rate
8.9% growth in Q3 and Q2 2010 respectively (Figure
2). According to Bank Negara Malaysia (BNM), the %
growth in Q4 2010 was driven by expansion in 12
domestic demand with slower growth in external 10
demand. 8
6
In Q4 2010, most sectors maintained their positive 4
growth with the manufacturing and service sectors 2
continuing to be the drivers, both expanding by 6.2% 0
YOY respectively. The agricultural sector registered a -2 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
contraction of 4.3% due to a decline in the production -4
of crude oil. The mining sector shrank by 1.3%. -6
-8
Overall, the full year growth for 2010 is 7.2%, GDP growth (YOY) Unemployment rate
compared to the contraction of 1.7% in 2009. Source: Department of Statistics Malaysia, Bank Negara Malaysia, DTZ Research
The economy is expected to slow in 2011 to 5-6% in
line with the global trend. The Malaysian Institute of
Economic Research (MIER) has forecasted the
economic growth for 2011 to be 5.2%.
With the recent reduction in subsidies for petrol and
other essential goods, inflation is likely to increase
this year although the improving strength of the
Ringgit will moderate prices of imported goods. The
inflation rate of Malaysia was last reported at 2.9% in
February 2011.
Foreign Direct Investment for 2010 has improved
with a total of RM21.4bn compared to RM5.7bn for
the whole of 2009.
The Overnight Policy Rate (OPR) has remained at
2.75% since August 2010 but liquidity has been
reduced. Bank Negara will continue to pursue an
accommodative monetary policy so as to be
appropriate and consistent with the assessment of
growth and inflation prospects.
An additional nine Entry Point Projects (EPP) was
implemented in March 2011 under the RM30bn
Economic Transformation Plan (ETP).
In June, a new financial sector blueprint will enhance
the capacity and capability of the sector to serve the
needs of a high-income economy.
With the earthquake and tsunami disaster in Japan,
and the current political turmoil in the Middle East,
the Malaysian economy could see greater external
uncertainty in manufacturing exports and tourism.
www.dtz.com 2
3. Offices
During the quarter, 240,000 sq ft was added to the Figure 3
office stock in Kuala Lumpur with the completion of
Office net absorption and vacancy rate
Hampshire Place.
sq ft %
(000s) 15
Enquires for office space in KL was buoyant in the 1,000 14
quarter but it is still a tenant’s market. As a result, the 13
overall occupancy rate of office buildings in Kuala 12
500
Lumpur increased marginally from 86.4% in Q4 2010 11
to 86.9% in Q1 2011 (Figure 3). 10
9
0
8
Average prime office rents, however, increased from
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
7
RM5.97 per sq ft per month in Q4 2010 to RM6.12 6
-500
per sq ft per month in Q1 2011 as some existing 5
prime buildings reported higher occupancies 4
although this may be temporary with more new -1,000 3
supply coming in the later part of the year (Figure 4).
Net absorption (LHS) Vacancy rate (RHS)
There is approximately 13.24 million sq ft of new Source: DTZ Research
office space in the pipeline between 2011 and 2014,
the majority of which is scheduled for completion in Figure 4
2012 (Figure 5).
Average prime office gross rents
KL Eco City is expected to be launched for sale in RM per sq ft per month
early Q2 2011 with stratified boutique offices and 7
office towers, bringing around two million sq ft of 6
office space into the market in three to five years’ 5
time.
4
The sale of strata titled office space seem to be 3
picking up, both in the city centre as well as suburban 2
projects, with strong response to launches and 1
developers continuing to be optimistic. A major
0
prime office, Q Sentral at KL Sentral, was soft 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
launched for sale at an indicative price of RM1,400
per sq ft.
Source: DTZ Research
An immediate effect noted from the EPP under the oil
and gas sector is tenants in this industry expanding
their office space requirement. Figure 5
Office development pipeline
The outlook for the sector is likely to remain soft in
the next few years as it will take time to increase
demand with these new initiatives while there is a
2014
substantial amount of new supply coming up, most of
which is of a speculative nature. 2013
2012
2011 sq ft (000s)
0 2000 4000 6000 8000
Prime: GT Prime: CCA
Prime: decentralized area Secondary: GT
Secondary: decentralized area
Source: DTZ Research
www.dtz.com 3
4. Retail
With consumer sentiment on a high over much of last Table 1
year, retail sales for the whole of 2010 exceeded
initial projections, with growth of 8.4% for the whole Existing retail stock (NLA)
year and 8.5% for Q4 2010. Retailers remain
Q4 2010 QOQ
optimistic that Q1 2011 sales will grow at about 11%
(sq ft) change (%)
with the Lunar New Year falling within this period.
Kuala Lumpur 20,973,519 0
Occupancy remains at a high and stable level of 87%
Outside Kuala Lumpur 20,662,992 0
whilst no substantial movement was noted for rental
Source: DTZ Research
rates of most malls. However, Sunway Pyramid
Shopping Mall reported a double-digit increase in
rents of 17.1% on lease renewals in the Q4 2010
whilst Subang Parade reported a 2%decline over the Figure 6
same period.
Retail new supply (NLA)
No new space was added in the quarter with the sq ft
3,500 (000s)
existing stock staying at around 41.64 million for
Klang Valley (Table 1) and the potential supply 3,000
remaining the same as in the previous quarter with 2,500
most them coming in 2011 (Figure 6 & Table 2). 2,000
Inflation continued to be a concern with the 1,500
Consumer Price Index increasing to 2.4% in 1,000
January, and will have an impact on the real disposal 500
income of households. With a higher global
0
inflationary rate as a phenomenon, the appreciation
2006
2007
2008
2009
2010
2011
2012
2013
2014
of the Ringgit may not be able to mitigate rising the
cost of imports.
Completed supply New supply
The continued Governmental efforts to control credit Source: DTZ Research
card delinquency and tighten issuance will also
impose a negative impact on retail sales, whilst
Table 2
slower tourist inflows from the Middle East and Japan
given recent events will have an adverse impact in Upcoming retail centres in 2011
the coming months.
Name of development Est NLA (sq ft) Location
The performance of malls is likely to be mixed going 1 Shamelin 420,000 Cheras, KL
forward, with selective prime malls continuing to out-
perform although at a slower pace than before. The Citta Mall 424,000 Ara Damansara
rest, especially suburban malls, will be subject to Festival Mall 450,000 Setapak
stronger competitive forces fragmenting their market
shares and resulting in flat rental growth. Intermark 200,000 Jalan Ampang
Solaris Mont’
Solaris 2 300,000
Kiara
Suria KLCC
140,000 KLCC
(Extension)
Viva Home 688,000 Jalan Loke Yew
Source: DTZ Research
www.dtz.com 4
5. Residential
The residential market entered the new year with Figure 7
both optimism as well as caution, with escalating
Rents and capital values of prime condominiums in
prices for new launches but declining affordability, at
Kuala Lumpur
least for the average house buyer. Developers are
generally optimistic with planned new launches. With 700 RM per sq ft RM per sq ft per month 5
prices and affordability moving in different directions, 600
the market may enter into an uncertain patch before 4
500
settling into a more discernible trend.
400 3
Higher land prices and construction cost escalations 300 2
are major drivers of higher prices supported by the
200
continued ample liquidity and low interest 1
environment. It remains to be seen if the latest 100
revisions on finance margin on third property and a 0 0
reduction in banking liquidity through the increase in
2005
2006
2007
2008
2009
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
statutory reserve will rein in runaway prices.
Capital values (LHS) Rents (RHS)
With more completions of condominiums in the KLCC Source: DTZ Research
area, the situation is turning into a tenant’s market,
especially for the larger units. There is also ample Table 3
supply of units available in the secondary market with
owners now able to transact freely unlike when the Upcoming high end condominiums in Kuala Lumpur
projects are under construction. A recent survey of in 2011
completed projects around the KLCC area revealed
that occupancy ranged from a low of about 10% to a Project Units
high of 80%, with an average of 56%, an issue that 1 Sentul 284
investors should be wary of.
Clearwater Residences 108
Capital values are relatively stable at an average of Kiara 3 160
RM603 per sq ft with KLCC properties averaging Kiara 9 192
RM910 per sq ft (Figure 7). The Caper at Sentul, an
old suburb being rejuvenated, was soft launched by Sunway Palazzio (Block A) 80
YTL Land late in March at an average price of Source: DTZ Research
RM600 per sq ft. It set a new benchmark for Sentul
and was reported to have good response. Figure 8
Amongst the expected completions for first half of Future supply of prime condominiums in Kuala
2011 include 1 Sentul, Clearwater Residences and Lumpur
Kiara 3 (Table 3) and the future supply are mostly units
outside the city centre in 2011 (Figure 8). 5,000
4,500
4,000
Demand will continue to be relatively selective, with
3,500
strong latent demand building up for more affordable
3,000
properties in the more established suburbs. The 2,500
proposed billion ringgit Mass Rapid Transit (MRT) 2,000
project would hopefully enable sites located further 1,500
off the city centre to benefit by offering affordable 1,000
homes, given their lower land costs. 500
0
2011 2012 Post 2012
City centre Outside city centre
Source: DTZ Research
www.dtz.com 5
6. Investment
Investment volumes dropped marginally by 2%from development joint ventures for foreign investors
Q4 2010 to RM1.4bn in Q1 2011. Q4 2010 saw a which in the past were relatively scarce, given
major deal of RM651.8m when CapitaMall Asia developers’ access to ample liquidity.
Limited announced the purchase of Queenbay Mall,
Penang from the CP Group (Figure 9). With this Given the political turmoil in the Middle East, the
acquisition, CapitaLand and its related entities now impact on Malaysia is still uncertain. Some major
control the two major retail centres in Penang, which announced or committed deals may be aborted or
include the Gurney Plaza. delayed, whilst there could be a greater flow of hot
money toward Malaysia as a safe haven. However,
Reflecting a retail focus in recent months, IGB this event will add more uncertainties, and with the
announced that it will inject The Gardens @ recent earthquake in Japan, add more challenges to
Midvalley into KrisAsset, a majority controlled entity the local economic growth which still depends on
at an indicative price of RM820m or approximately exports to a large extent.
RM998 per sq ft, whilst Pramerica is looking to exit
the market for one of its older retail funds, and Nevertheless, under the ETP, domestic investment is
inviting offers on its three malls located in Klang, Ipoh expected to drive the projects. Thus implementation
and Seremban. We also noted the purchase of 72 of the EPPs is not expected to be affected at this
strata retail lots within a proposed mixed point in time.
development, One South, for RM105m at Sungei
Besi by South Crest Synergy (Table 4). Figure 9
Total investment sales in Malaysia
Two office buildings were reported to be sold during
RM (000s)
the quarter, with prices achieved at between RM550-
650 per sq ft. One of them is the proposed Oilcorp 8,000
Amanah Tower, which was sold to Tenaga Nasional 7,000
Berhad (TNB), the national electricity company, for 6,000
RM554 per sq ft. The yield achieved is estimated to 5,000
be in the range of 6.4-7.0%.
4,000
3,000
The Government Linked Investment Companies
continue to be hungry for domestic real estate assets 2,000
that meet their investment criteria for longer term 1,000
leases and to utilise allocated funds for the real 0
estate sector.
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
With several major greenfield projects being Source: DTZ Research
implemented in the near future, which include KL
Eco-City, redevelopment of the former Pudu Jail, KL
International Financial Centre (KLIFC), and Sungai
Besi Airport, there will be opportunities for
Table 4
Significant deals
Property Purchaser Vendor Price
The Ritz Garden Hotel, KL Leopard Holdings Bhd GSB Group Bhd RM22m
One South strata lots, KL South Crest Synergy Sdn Bhd Hua Yang Bhd RM105m
Oilcorp Amanah Tower , KL Tenaga Nasional Berhad Magic Coast Sdn Bhd RM233m
The Gardens Mall, KL Krisassets Holding Bhd IGB Corporation Bhd RM820m
Source: DTZ Research
www.dtz.com 6
7. Key statistics
Table 5
Markets
QOQ YOY
Q1 Q2 Q3 Q4 Q1 change change Directional
2010 2010 2010 2010 2011 outlook
(%) (%)
Office
Net absorption (000s sq ft) 118 414 790 426 509 19.0 431.4 ◄►
Occupancy rate (%) 87.2 87.9 87.1 86.4 86.9 0.6 -0.3 ◄►
New supply (000s sq ft) - - 1,437 - 240 N/A N/A ▲
Prime rents (RM per sq ft per
6.02 6.00 5.98 5.97 6.12 2.5 1.7 ◄►
month)
Residential (non-landed resale)
Average capital value of prime
569 552 600 599 603 0.67 5.98 ◄►
condominiums (RM per sq ft)
Source: DTZ Research
Table 6
Leasing transactions
Address Size (sq ft) Tenant Sector
Gardens North, Kuala Lumpur 3,597 MyBiz Solutions Sdn Bhd Office
Menara TM, Kuala Lumpur 25,000 Cargill (Malaysia) Sdn Bhd Office
Symphony House, Petaling Jaya 11,039 Eli Lilly (M) Sdn Bhd Office
Source: DTZ Research
www.dtz.com 7
8. Definitions
Development pipeline
Comprises two elements:
1. Floorspace in the course of development,
defined as buildings being constructed or
comprehensively refurbished.
2. Schemes with the potential to be built in the
future, though having secured planning
permission/development certification.
Net absorption
The change in total occupied floorspace over a specified
period of time, either positive or negative.
New supply
Total floorspace which is ready for occupation either
now or within the next 6 months. Ready for occupation
means practical completion, where either the building
has been issued with an occupancy permit, where
required, or where only fit-out is lacking.
Prelet/pre-commit
A development leased or sold prior to completion.
Prime rent
The highest rent that could be achieved for a typical
building/unit of the highest quality and specification in
the best location to a tenant with a good (i.e. secure)
covenant.
(NB. This is a gross rent, including service charge or tax,
and is based on a standard lease, excluding exceptional
deals for that particular market.)
Stock
Total accommodation in the commercial and public
sectors both occupied and vacant.
Take-up
Floorspace acquired for occupation, including the
following:
1. offices let/sold to an eventual occupier;
2. developments pre-let/sold to an occupier;
3. owner occupier purchase of a freehold or long
leasehold.
(NB. This includes subleases.)
Occupancy rates
The percentage of total net lettable area/units occupied
with available stock.
www.dtz.com 8
9. Contacts
Consulting & Research
Brian Koh +60 (0)3 2161 7228 ext 800 brian_koh@dtz.com.my
Halimah Mohd Nor +60 (0)3 2161 7228 ext 814 halimah_nor@dtz.com.my
Markanah Hj Mat Taib +60 (0)3 2161 7228 ext 813 markanah_taib@dtz.com.my
Global Corporate Services
Chua Wei Lin +60 (0)3 2161 7228 weilin_chua@dtz.com.sg
Yasmine Mohd Zamirdin +60 (0)3 2161 7228 ext 612 yasmine_zamirdin@dtz.com.my
Chintan Mithalwala +60 (0)3 2161 7228 ext 610 chintan_mithalwala@dtz.com.my
Investment
Brian Koh +60 (0)3 2161 7228 ext 800 brian_koh@dtz.com.my
Sr Low Han Hoe +60 (0)3 2161 7228 ext 202 hanhoe_low@dtz.com.my
Peter Chew Lye Sing +60 (0)3 2161 7228 ext 810 peter_chew@dtz.com.my
Tony DeCosta +60 (0)3 2161 7228 ext 811 tony_decosta@dtz.com.my
Property Management
Sr Adzman Shah Mohd Ariffin +60 (0)3 2161 7228 ext 400 adzmanshah@dtz.com.my
Mohd Azhan Che Mat +60 (0)3 2161 7228 ext 412 mohd_azhan@dtz.com.my
Residential
Eddy Wong +60 (0)3 2161 7228 ext 550 eddy_wong@dtz.com.my
Chong Yen Yee +60 (0)3 2161 7228 ext 551 yenyee_chong@dtz.com.my
Alex Loo Chon How +60 (0)3 2161 7228 ext 558 alex_loo@dtz.com.my
Retail
Ungku Suseelawati Ungku Omar +60 (0)3 2161 7228 ext 300 suseela@dtz.com.my
Joseph Cheah +60 (0)3 2161 7228 ext 321 joseph_cheah@dtz.com.my
Susan Yew +60 (0)3 2161 7228 ext 310 susan_yew@dtz.com.my
Valuation
Sr Adzman Shah Mohd Ariffin +60 (0)3 2161 7228 ext 400 adzmanshah@dtz.com.my
Sr Azmi Hj Omar +60 (0)3 2161 7228 ext 200 azmi_omar@dtz.com.my
Hanafi Abd Rahman +60 (0)3 2161 7227 ext 204 hanafi_rahman@dtz.com.my
www.dtz.com 9