KL Property market gains stronger momentum after general election

Written by Bernama
Thursday, 18 July 2013 12:32

SINGAPORE, (July 18): The Malaysian property market has gained stronger momentum after the May general election, which saw a turn-around in the investment market in the second quarter of the year, says DTZ Research.
In a research note titled, “Property Times Kuala Lumpur Q2 2013 – Greater Market Certainties After The Election”, it said the turn around in the second quarter was driven by corporate purchases for occupational requirement despite concerns about overall oversupply in the market. It said the overall office market was stable. Both vacancy and rental rates remained unchanged with continued substantial supply in the pipeline. The research house also said the anticipated oversupply sentiment did not appear to affect the market as activities remained resilient and active, supported by stable rental and capital values.
Retail sales remained buoyant with continued local and international interest for investments in the sector.
It said the high-end residential market resumed activities with several new launches during the quarter despite Bank Negara contemplating measures to curb speculation and lending. “Now that the GE13 is over, companies are starting to proceed with major investments, which may have been temporarily held back by political uncertainties.
“We can expect stronger momentum in government-linked mega projects such as the Tun Razak Exchange (TRX) where third-party investors and developers have been invited to participate, DTZ Research added. The total value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million, comprising three deals in the first quarter, mostly in the office sector.

Source:The Edge

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