Affirming Rise – Malaysia’s Property Market On An Uptick
A January 2019 report by Knight Frank Malaysia revealed that Malaysia’s property market had shown modest signs of improvement and mild recovery. In fact, the property uptick was noted in the second half of 2018. The positive influence was buoyed by the newly-elected Pakatan Harapan government which started to provide more clarity and certainty on its fiscal policies following the tabling of Budget 2019; this, in turn, boosted investor’s confidence. In 2019, property experts shared that Malaysia’s property market is poised to witness some light at the end of the tunnel, which of course, global economic shocks or slowdowns can still weigh in.
The Knight Frank report also revealed that several notable commercial investment activities kicked in – a nod to improving macro trend in the property market. This has also pushed the industrial properties sector where companies are moving towards sizeable scale and higher specifications, as evidenced in the Area Logistics @Ampang at Ulu Kelang Free Trade Zone and Century Logistics’ upcoming headquarters at Bandar Bukit Raja in Klang. The government is also encouraging further development in Malaysia’s industrial property sector in selected strategic locations with a focus on developing key industries such as the aerospace sector.
Post GE14, it was noted overall that confidence levels have improved in the residential sector. Since market sentiments have picked up, more developers have become optimistic, thereby witnessing more launches during the second half of 2018. Kelvin Yip, Associate Director of Residential Sales & Leasing in Knight Frank Malaysia, says, “In spite of the challenging market environment, market enquiries and activities have increased. In 2019, we expect to see more motivated sellers and discerning buyers be present in the residential market. Various policies announced in Budget 2019, which are designed to aid first-time homebuyers, are also expected to kick-start the housing market moving into 2019 and beyond. Malaysia’s residential properties will continue to be attractive in the eyes of foreign buyers as a result of our liberal policies, reasonable valuations and coupled with no extra stamp duties.”
THE ROAD AHEAD
It is without a doubt that market sentiments have improved since the formation of Malaysia’s new government in 2Q2018. Looking at Kuala Lumpur’s prime housing market, prices are generally holding firm. Looking ahead, the supply and demand gaps are definitely widening and coupled with rising financing cost, these will continue to curb price growth as the market finds its equilibrium. However, as more property developers are mostly optimistic about the market outlook, the country is poised to witness more launches moving into 2019 and ahead. Hey even Sabah’s property sector is looking up.
THE RESIDENCES, KL
Designed by the renowned architectural firm of Skidmore, Owings & Merrill (“SOM”), which has many accolades under their name, The Residences is their newest residential design to embellish Kuala Lumpur’s cosmopolitan look and feel. SOM is also famous for its work on Dubai’s Burj Khalifa and New York’s One World Trade Centre, and The Residences is set to be an iconic landmark in KLCC. For investors, The Residences will woo those wanting to rent a space with close proximity to neighbouring office areas of global companies and nearby transport hubs. The prestigious property is managed by Tropicana Corporation Berhad who has a history steeped in creating resort-style home concepts in the high-end residential and commercial developments. As Tropicana wholly supports sustainable developments, therefore The Residences will be a green building with resource and energy-efficient features in daily operations like powering lifts and other utilities. Interestingly, The Residences will be launched simultaneously across six countries – Malaysia, Singapore, Taiwan, China (Cheng Du & Shanghai), Indonesia and Hong Kong – and this international development is situated above W Hotel in Kuala Lumpur, offering discerning and well-travelled purchasers an opportunity to own a piece of luxury property in one of Kuala Lumpur’s last few parcels of premium freehold land of KLCC. The property is built on 1.28 acres of freehold land and the project will offer four types of layouts with built-up area ranging from 710 to 2,973 square feet.
The building offers 55 storeys and will house 353 units of luxurious, fully-furnished serviced residences where the interiors fuse cutting-edge design with local influences. It is close to the heart of KL’s CBD and just two minutes’ walk to Petronas Twin Towers Building. In fact, as a bit of history and heritage, the property is located at the original Millionaires Row. The Residences occupies the 25th to 53rd floors of the building, sharing spaces with the hip and upscale W Hotel below (managed by Starwood Hotels & Resorts Worldwide, W Hotel offers 150 rooms and occupies the 8th to 23rd floors), while the rooftop floor provides unfettered views of the cityscape below. The amenities include a saltwater infinity pool, a forest-themed lounge, the multi-purpose area on the roof known as the “Gourmet Loft” and a first-of-its-kind aqua gym. Residents can enjoy concierge service to book flights, spa and restaurants, or enjoy the butler service to arrange laundry, dry cleaning amongst others.
THE RUMA RESIDENCES, KL
The Ruma Hotel and Residences latest property development is the 40-storey structure housing hotel suites from levels 6 to 18 and serviced suites from levels 19 to 37. Altogether, there will be 199 serviced residences. Just a stone’s throw away from the Philippines Embassy, it is also close to Kuala Lumpur Convention Centre, KLCC, Petronas Towers and other important offices of global companies. This freehold property is just a short walk to Light Railway Transit and Monorail stations, too.
Residential units offered are 2+1 bedrooms plus utility accommodating 915 square feet of space; 2+1 bedrooms plus utility providing 980 square feet of space; 3+1 bedrooms plus utility of 1,830 square feet of space; or a 2+1 bedrooms configuration offering 915 square feet of space. Amenities include swimming pool, sky/sun deck, gymnasium, multipurpose room, changing rooms, etc. The service residences will benefit from the hotel services such as room service, laundry, housekeeping, limousine service and business centre.
LE NOUVEL KLCC, KL
Le Nouvel KLCC offers 195 luxurious spread across two towers spanning 43 and 49 stories respectively, seamlessly connected by a pool deck on level seven and a Sky Bridge on level 34. Here, you will be privy to an exquisite panorama of the city from the Sky Gallery, housed inside the linked bridge on level 34. It also houses the Sky Lounge, Sky Kitchen and Sky Dining where you can indulge in delectable cuisine as well as cushy cigar and wine lounges.
Tower One features 78 units comprising two, three and four-bedroom suites, two Simplex units and two penthouses. Tower Two offers 117 units of two- to three-bedroom suites and two penthouses. Selected units in Tower Two are now available for preview, of which some of these are fully furnished and in move-in condition. The plush and refined interiors feature beautifully appointed furnishings and artful, elegant detailing such as bespoke silk-screened window panels, with unique designs in each residence. White marble flooring, Poggenpohl designed kitchens, Miele household appliances and Lema wardrobes enhance the luxurious settings. Premium facilities abound: swimming pools, a state-of-the-art gym, and an expansive yoga room beckon, as do family-friendly facilities such as spacious game, theatre and karaoke rooms. Starting at 1,722 sqft, layouts are offered in 2-bedroom and 3-bedroom configurations, including duplex units.