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Malaysia Property Investment – Kuala Lumpur Real Estate News – Malaysia’s property market in good shape

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KUALA LUMPUR:  Malaysia’s property market in good shape

Its robustness is underpinned by the country’s carefully crafted long-term masterplan and no lack of growth drivers for real estate demand, say analysts.

VISIONARY – from Kuala Lumpur, Penang and Johor in the peninsula to Sabah and Sarawak, the country’s Economic Transformation Programme alone has drawn RM212 billion worth of investments thus far.

TA SECURITIES holds its ground that the property market will grow further in 2013 based on favourable domestic market prospects driven by factors that include catalytic projects under the Economic Transformation Programme (ETP) and in the economic corridors, and the solid banking system awash with excess liquidity.

It is also keeping an optimistic outlook despite the lacklustre share price performance of certain property stocks under its coverage as it expects their strong fundamental values to eventually translate into share price appreciation.

“Catalytic projects such as the Klang Valley MRT and public-private partnership developments like the PJ Garden Sentral in Petaling Jaya, Rubber Research Institute land in Sungai Buloh and Bandar Malaysia in Sungai Besi are envisaged to continue to excite the property market,” said Thiam Chiann Wen, research analyst with TA Securities.

“We reiterate our view that the multibillion-ringgit MRT project will be a long-term driver for housing demand and property prices in the Klang Valley, particularly in Kajang and Sungai Buloh,” Thiam said in TA Securities’ 2013 Annual Strategy: 2013 Outlook – Ride the Volatility.

In Johor, she expects the in‑ ux of investments into Iskandar Malaysia (IM) – which amounted to RM20.4 billion in the ­ rst 11 months of 2012 and boosted the total cumulative committed investments to RM105.1 billion after six years of development – to translate into high economic activity and ample job creation. She noted IM is already experiencing increased housing demand

She said Bank Negara Malaysia’s introduction of responsible ­ nancing guidelines has taken a toll on property industry growth, re‑ ected in the 48% decline in the mortgage approval rate up to October 2012 compared to 51% in 2011.

However, the total number of mortgage applications for the period rose 3.4% year-on-year, indicating that buying interest has not subsided despite the stricter lending guidelines.

“The resurgence of interest rate risk is also unlikely to derail industry growth. We believe banks will continue to offer attractive mortgage rates to stay competitive.

“Our banking analysts expect the country’s ­ nancial system to stay sound going into 2013 and foresee banks would grow their residential mortgage segment to lessen the impact of Basel III capital requirements on them,” Thiam added.

Meanwhile, she observed that developers have been showing earnings resiliency supported by increased sales during the 2010-2012 period.

“Looking into 2013, their sales guidance indicates the housing market would remain buoyant.

“SP Setia Bhd and Mah Sing Group Bhd have set higher sales targets of RM5.5 billion and RM3 billion respectively for next year, up from RM4.2 billion and RM2.5 billion in 2012, with the increase expected to be driven by their affordable housing projects.”

Implications of the GE, external factors

THE outcome of the impending general election (GE) will likely not have a signi­ cant impact on the physical real estate market and share price performance of property counters after examining the historical trend, according to stockbroking house TA Securities analyst Thiam Chiann Wen.

Going by the total transaction value of residential properties in Penang and Selangor in the 2008-2010 period, she said, sales in Penang rose 60% yearon-year to RM7.7 billion in 2011 while Selangor saw average sales growth of 27% between 2005 and 2007 and 17% between 2009 and 2011.

In other words, regardless of the ruling party, sales in Penang expanded while Selangor posted double-digit sales growth.

Thiam noted: “The negative impact arising from political instability is largely unfounded.

“Regardless of the party in power, we expect development activities to keep growing as taking care of the rakyat’s wellbeing – which includes providing adequate housing – and driving economic growth of the states are among a ruling government’s key objectives.”

Meanwhile, Kenanga Investment Bank Bhd expects the property sector to remain quiet “given the higher level of uncertainties” in the run-up to the GE.

“However, the sector may look brighter towards H2 2013 as we anticipate awards of the Rubber Research Institute land in Sungai Buloh and the Tun Razak Exchange project while announcement of the Circle Line MRT may excite the market,” said its head of research Chan Ken Yew.

Going forward, Chan said developers which have achieved high-base effects in terms of sales and earnings will need to strategise their next stage of growth, citing SP Setia’s global expansion to maintain its double-digit earnings growth momentum.

On external factors, Chan added: “We are of the view that weaknesses in the global economy will spill into H1 2013 as resolution of the eurozone debt crisis remains slow.

“Furthermore, signs of improvement in the economy of the United States and China remain moribund and are too early to conclude as sustainable.

“This would impact the growth performance of Malaysia’s manufacturing and services sectors going forward. For 2013, we are projecting a lower gross domestic growth of 4.7% for the country considering the global headwinds from Europe’s debt debacle and China’s slowing growth.”

Property in Malaysia News  – propertymalaysia.my – Source: Malay Mail

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