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PETALING JAYA: Asking prices for residential properties in Malaysia are expected to increase due to the resilient market as owners anticipate an improvement in line with economic recovery, according to Nawawi Tie Leung Property Consultants’ research report. Read More

The Home Ownership Campaign (HOC), which ended on Dec 31 last year, was a catalyst for sales in the primary property market in Penang in 4Q2021. Nawawi Tie Leung Property Consultants Sdn Bhd executive director and regional head for research and consulting Saleha Yusoff says discounts and freebies offered in the primary market were the reason for the heightened sales activity. Read More

Batu Kawan, located in Seberang Perai Selatan on the Penang mainland, was earmarked as the next growth area for the state a while back. The opening of the Sultan Abdul Halim Muadzam Shah Bridge in 2014 provided even greater impetus for its development.

This article first appeared in theedgemarkets.com. View source here.

How has Batu Kawan fared thus far, and is the outlook for the area still as positive as it was before the pandemic? Property experts recall how the area got its start and point out what homebuyers and investors should take note of moving forward.

According to Saleha Yusoff, executive director and regional head of research and consulting at Nawawi Tie Leung Property Consultants Sdn Bhd (NTL), Seberang Perai Selatan was the most undeveloped district in Penang in the 1980s.

“In 1989, the then Penang chief minister, the late Tun Lim Chong Eu, instructed the Penang Development Corporation (PDC) to identify an area in Seberang Perai Selatan to be developed into an economic hub. In 1990, the state government acquired Batu Kawan, formerly an oil palm plantation owned by Batu Kawan Bhd,” she says.

“With more than 6,781 acres, Batu Kawan was selected as a new growth centre due to its strategic location. About 6,326 acres of land is owned by PDC and branded as Bandar Cassia.

“The completion of the second Penang bridge enhanced the appeal of Batu Kawan, driven by the better connectivity and access from the southern part of the mainland to the island. This connectivity has also become a pull factor to attract homebuyers from the island to Bandar Cassia.”

With the opening of the new bridge, property development started to increase in the area and in 2014, PDC launched the first component — a 200-acre site planned for 11,800 units of affordable housing. The first phase (Suria 1) saw 530 units completed in 2018.

“PDC also introduced Batu Kawan Industrial Park (BKIP) to attract high-technology and skill-intensive industries to the area. According to PDC, there are about 3,000 acres still available for development,” says Saleha.

The remaining 7% of 6,781 acres is privately owned.

“In its latest statement, PDC said Batu Kawan would be fully developed in the next 15 years, or potentially by 2036, anticipating a future population of about 250,000 with 45,000 to 50,000 housing units. Amid the Covid-19 pandemic, the development plans for Bandar Cassia remain in progress, although at a slower pace,” she notes.

According to Landserve (Penang) Sdn Bhd executive director Ooi Choon Seong, the Penang government wanted to create a new township. “The objective of the state government is to develop Bandar Cassia — Batu Kawan’s new township — into an eco-city that consists of residential, commercial, industrial and recreational developments as well as infrastructure and institutions that can create sustainable growth with the highest social, economic and environmental quality of life for its residents.

“The property development in Bandar Cassia has become more mature since 2010. Nowadays, residential developments, from affordable housing to luxury condominiums, serviced apartments and landed homes, can be found in Bandar Cassia. The projects include Suria @ Hijau E-Komuniti, Vertu Resort, ­Viluxe, Suasana Commercial Suites @ Utropolis and Ashton @ Eco Horizon.

“Completed commercial developments include The Design Village, Vervea @ Aspen Vision City, Sensasi @ Utropolis, Borealis @ Eco Horizon and IKEA Batu Kawan while the education centres include UOW Malaysia KDU campus and The Ship Campus.”

Savills Malaysia group managing director Datuk Paul Khong says, “Currently, Batu Kawan consists of vacant industrial plots, individually designed factories and warehouses, shopoffices and residential developments, both landed and high-rise buildings.

“Under Malaysia’s Budget 2021, the industrial areas of Batu Kawan in Penang and Kulim were highlighted as investment locations for high-technology industries in the high-value-added segments.

“Some of the larger industrial companies and major global brands include ViTrox Technologies Sdn Bhd, Boon Siew Honda Sdn Bhd, Hewlett-Packard Malaysia Manufacturing Sdn Bhd, Inari Technology Sdn Bhd, Boston Scientific Medical Device (Malaysia) Sdn Bhd and Western Digital Malaysia Sdn Bhd.

“This integrated mixed-use development township is a new residential, commercial and industrial hub, which is well anchored by the Swedish home furnishing retailer IKEA. The Design Village Outlet Mall, Aspen Vision City, Eco Horizons and other upcoming projects, such as Columbia Asia Medical Centre, KDU University College and Utropolis, are also in the mix.”

Activities in Batu Kawan

Property development activities have slowed across the country due to the lockdowns brought about by the pandemic. However, the situation in Batu Kawan is improving.

According to Khong, the three leading property developers in the area are Eco World Development Group, with Eco Horizon; Aspen Group, with Aspen Vision City; and Paramount Property, with Utropolis Batu Kawan. Each of them has developed an array of property types, from terraced and semi-detached houses to bungalows, superlink homes and townhouses. Offices and high-rise residential buildings have also been developed.

NTL’s Saleha observes that these developers have launched a total of about 3,900 units across their residential projects. These include Camdon and Beldon Collection at Eco Horizon; Vivo Executive Suites and Viluxe at Aspen Vision City; Sinaran @ Utropolis; and Anggun Residences by PE Developments Sdn Bhd. Some of these projects have a take-up rate of 50% to 95%. Commercial project Sinaran Avenue @ Utro­polis by Paramount Property has also been launched.

Landserve’s Ooi observes that the projects of the three main developers have seen encouraging take-up rates.

Developed by Aspen Group, Vertu Resort’s 1,030 sq ft units have a starting price of RM542,500 and a take-up rate of 90%; the Vivo Executive Apartments, with built-ups of 730 sq ft and priced from RM339,000, have a take-up rate of 70%; and Viluxe, 2-storey stratified terraced houses with a land area of 1,400 sq ft and gross floor area of 2,300 sq ft that sell for RM860,300, have seen 80% of the units sold.

Developed by EcoWorld, Eco Horizon’s Camdon landed homes, which have a minimum floor area of 1,200 sq ft and a starting price of RM426,000, have a take-up rate of 85%. Beldon offers two variants: 2-storey semi-detached homes and 2-storey bungalows. The former come with a land and gross floor area of 2,550 sq ft and a selling price of RM1.208 million, with a 50% take-up rate so far. The bungalows, which have a land area of 4,000 sq ft and a gross floor area of 4,760 sq ft, are priced at RM1.84 million and are 60% sold.

The units at Paramount’s Suasana @ Utropolis have a minimum floor area of 926 sq ft and a selling price of RM509,200. They have seen a strong take-up rate of 98%. The units at Sinaran @ Utropolis start from 667 sq ft and a price of RM468,000. Some 50% of the units have been taken up so far.

Strong industrial demand

The industrial sector in general has been the star of the property industry since the pandemic started and Batu Kawan is reaping some benefits from this trend.

According to Khong, “The state government has announced that PDC will be developing 1,156 acres in Byram, Nibong Tebal, as Batu Kawan Industrial Park 2 (BKIP2).”

Ooi observes, “The Penang chief minister has emphasised the state government’s plan to get ready more industrial land to support the increasing demand over the next 10 to 20 years. The new industrial park will be extended to the south and east of the current BKIP.

“The state government is also targeting the development of a medical hub on the west coast of Bandar Cassia. The proposed site is located to the west of IKEA.”

Khong confirms this and says, “iHeal Health Sdn Bhd is looking at a ‘Penang Medical and Digital Technology Hub’ in Batu Kawan and aims to promote the state as an Asean hub for digital medical technology.

“There are plans for medical centres, software companies, high-tech industries, higher learning institutions as well as housing and commercial projects. This master-plan concept is in its early stages and iHeal will carry out a thorough study on the overall concept for PDC’s final approval.”

Saleha concurs, highlighting that the hub by iHeal will span 296 acres and be located on the western side of Aspen Vision City.

She also says PDC plans to set up two or three hospitals. Currently, two healthcare facilities are being planned, a government hospital and Columbia Asia Batu Kawan. The latter will be a 7-storey building with 140 beds and an 8-storey parking facility. It will be the second Columbia Asia Hospital in the northern region, after the one in Taiping, Perak.

On other future projects, Saleha says these include a shopping mall that will be integrated with IKEA and a hotel and offices in Aspen Vision City. The Aloft Hotel will be the first international hotel in Batu Kawan, with 308 rooms and managed by Marriott International.

Offices will be in the Vittoria Financial Centre, she adds. It will feature five blocks of 8-storey commercial buildings and a 10-storey tower with 231 office suites for a total net lettable area of 200,000 sq ft. The target companies include start-ups, financial institutions, telecommunications companies, multinational corporations and private organisations.

Khong also highlights the Aloft Hotel and Columbia Asia Hospital, as well as several industrial products that will be developed from this year onwards. These include Greatech’s new plant and several manufacturing facilities of Ultra Clean Holdings, Dexcom and JHM Consolidation Bhd.

PETALING JAYA (Jan 26): Total property investment sales in the fourth quarter of 2021 (4Q21) decreased by 51% compared with 3Q21, however, 2021 saw a 117% increase in total major transactions compared with 2020, according to Nawawi Tie Leung Property Consultants Sdn Bhd 4Q21 report headlined “Gradual recovery on the back of positive economic outlook”.

This article first appeared in theedgemarkets.com. View source here.

The major transactions involved development lands and industrial properties, and there were nine major transactions in investment sales totalling RM473.9 million. Transactions were recorded mainly in Kepong (purchased by Mah Sing Group for RM95 million), Shah Alam (purchased by Goodhart Management Sdn Bhd for RM90 million), Pasir Gudang (purchased by Sinppa Industrial Sdn Bhd for RM65 million), Klang (purchased by Oriental Interest Bhd for RM64.3 million), Ampang (purchased by Mintech Group for RM60 million), Venice Tulip Facility, Pasir Gudang (purchased by Axis Real Estate Investment Trust for RM32 million), Ipoh (purchased by Seri Iskandar Development Corp for RM31.5 million), Kuala Langat (purchased by Posing Marketing for RM26 million) and Serendah (purchased by Dynaciate Group Bhd for RM10.1 million).

According to the report, the continued political instability caused the forecast for the investment segment in 2022 to be sluggish. Sluggish recovery is also expected for the retail and office sectors, leaving only the residential market for bright recovery thanks to the property-related incentives under Budget 2022.

The delay in transition to the endemic phase will cause tardy recovery in retail sales and footfall traffic. The report said: “In 3Q21, retail sales recorded negative growth of 27.8% y-o-y (year-on-year), lower than the initial projection of 15.1%. Given the lower growth rate recorded in 3Q21, the revenue growth management has further revised downwards the retail sales growth forecast for 2021 from 0.8% to 0.5%.”

The pandemic’s slow recovery also affects the foreign tourist arrivals, and this will continue to affect retail businesses, especially high-end and city centre malls that have been dependent on leisure travellers.

The total completion in the office market for 2021 is 2.3 million sq ft, with no new completion of office buildings in Kuala Lumpur for 4Q21.

The final quarter of 2021 saw a slight improvement in demand from the flexible/co-working space operators with openings such as Common Ground at 1 Power House, Bandar Utama with 16,900 sq ft outlet. Moreover, operators are looking for expansion opportunities outside of Kuala Lumpur. Common Ground, in collaboration with Iskandar Investment Bhd, will be setting up its first co-working space in Medini, Iskandar Puteri, Johor, called Common Ground Iskandar Space.

Signs of recovery for the office sector were seen in 4Q21, with higher volume of leasing activities and viewings, following the relaxation of movement restrictions. The report stated that there will be an incoming supply of 6.6 million sq ft for the office market this year, which will further intensify the competition as well as exert downward pressure on office rental and occupancy.

As for residential, the high-end property market is expected to remain soft due to the wait-and-see approach and slow interest from foreign buyers. Developers are leveraging the seemingly buoyant demand from the mass market, continuing with new projects mainly located at the fringe of the city centre.

“In Wangsa Maju, Sunway Property unveiled Sunway Artessa that offers 468 residential units priced at about RM600 psf. At KL Metropolis, Exsim Group launched Fiddlewoodz that features 679 units of serviced apartments tagged at RM960 psf. Kedah-based Eupe Corp Bhd revealed 821 units of Est8 in Seputeh priced at RM850 psf,” the report said.

A bright recovery is projected for the residential market as some developers are planning to start new projects this year, while some plan to hold their launches and focus on clearing unsold stocks.

KUALA LUMPUR – January 24, 2022 – Property consulting firm Nawawi Tie is pleased to announce the promotion of Daniel Ma to Deputy Managing Director. The firm recognises Daniel through his exemplary leadership and partnership with clients, which have played a contributory role in the growth of Nawawi Tie’s operations over the years.

Daniel, who is the Head of Valuation, will continue to oversee and expand the firm’s valuation advisory line of business which he has been leading since he joined in 2012. With over 24 years of experience, he has been involved in the valuation of various types of properties including office buildings, shopping malls, hotels, golf courses, and plant and machinery, including for submission to the Securities Commission Malaysia, Bursa Malaysia, Hong Kong Stock Exchange and Singapore Exchange for Initial Public Offer and Reverse Take Over, financial reporting and compulsory land acquisition.

Managing Director, Eddy Wong comments: “This is part of our plan to put a new leadership team in place which will take the firm to new heights. Daniel has been at the forefront of the firm’s recent rapid growth, having played a key role in transforming the business and growing new business relationships with clients.”

Chairman Dato’ Nawawi adds: “His many contributions to Nawawi Tie include bringing new corporate accounts to the firm’s clientele over the past several years. We are confident that Daniel would help lead the firm to achieve new levels of success.”

Nawawi Tie is part of the Edmund Tie Group with more than 400 skilled professionals in the region with offices in Malaysia, Singapore, and Thailand, and offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, valuation, research and consulting, and property management.

It has been two weeks since the property sale gallery reopened on Sept 1. Janet, a sale representative of one of the township developments in Rawang, has been busy scheduling viewing appointments for her clients who have been longing to see the show unit and to have a short tour to look at the overall environment.

This article first appeared in edgeprop.com. View source here.

Under the standard operating procedures of the company, each sale representative could only schedule three appointments a day and the sale gallery could only serve 18 appointments in one day.

Despite the limitations, Janet still feels relieved as she can finally meet up with the potential clients who are eager to upsize their abodes.

“Many clients are interested in our landed home projects. They have been sending enquiries to me and viewing the units virtually through walk-through videos (during the lockdown period). But still, it’s hard to close the deal without actual viewing and they personally getting a feel of the surrounding environment,” says the sale representative who only wants to be known as Janet.

Since the opening of the sale gallery, she reveals that some buyers have placed their bookings while some are going to visit other sale galleries before making a buying decision.

“Two clients have placed their bookings while some clients are still considering. Although the sales are slow moving, the interest is coming back,” Janet enthuses, adding that the government’s latest announcement on the Klang Valley entering Phase Two of the National Recovery Plan has signalled that the market will eventually open up.

Investors seeking good bargains

After many rounds of uneventful expectations of improving market sentiments, is this time for real?

For one, property consultants and realtors are seeing strong buying interest not only in the primary market, but also the secondary market.

Deputy regional operating principal of Keller Williams Malaysia (KW Malaysia), Jonathan Lee, tells EdgeProp.my that secondary market activities have been vibrant during pandemic times as the majority of cash-rich investors are looking at opportunities in accumulating quality assets.

Some property owners who have been affected by the pandemic have been letting go of their properties to raise cash, so this is the right time for the investors as they have more bargaining power now, he adds.

“When viewing activities are allowed early this month, we (KW Malaysia) have received over 100 property viewing appointments, and 90% of them were looking at secondary properties,” he says, adding that although the sales conversion rate is still too early to tell, the overwhelming response from the market has shown that people are interested in buying properties.

Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz, on Sept 9, said the Malaysian economy is now on the path to recovery, followed by the reopening of more economic sectors, including property and construction industries.

The former banker expects the country’s economy to record better growth in 2022, driven by spiking demand externally and a ramp-up in commodity productions as well as the kick-off of large-scale infrastructure projects to accelerate the growth.

The country’s economic recovery is intertwined with the government’s efforts in managing the Covid-19 pandemic and much will hinge on the speed of the vaccination programme, how intensive care unit (ICU) utilisation progresses as well as the emergence of newer variants of the virus.

According to him, Malaysia is currently one of the fastest nations in administering the vaccines, where it has reached more than 400,000 daily. As at Sept 15, 92.5% of Malaysia’s adult population have received at least one dose of Covid-19 vaccine, with 76.2% of the adult population fully inoculated.

Herd immunity fuels the growth

Nawawi Tie Leung managing director Eddy Wong shares the same view, noting that the buying interest is returning and will gather momentum with improved market sentiment.

“As the vaccination rate increases and the economy gradually reopens, market sentiment is expected to improve. In terms of timing, this is probably the best time to buy a property due to the reasonable prices, low interest rate and the various incentives offered by developers and the government.

“Having been in lockdown mode for a large part of the past two years, consumer spending is expected to rebound once the economy opens up, and this will include big ticket items such as cars and homes,” Wong tells EdgeProp.my.

The prolonged lockdown also led developers to rethink their strategies in marketing and product offerings. A majority of them have pivoted their plans to affordable segments that suit buyers’ budgets, says Zerin Properties founder and group chief executive officer Previndran Singhe.

He observes that while sale galleries were closed and no events could be held during movement control order (MCO) periods, developers have been going digital to reach out to wider audiences, and these efforts have driven the market to be more vibrant. In fact, many buyers are actually thinking of rightsizing or acquiring their first properties.

Virtual shopping the new normal

Online shopping has become a norm with the Covid-19 pandemic putting a thrust into digitalisation. More and more of those once hesitant to go online with their buying needs have since been converted with the prolonged lockdowns and physical distancing practice.

Buying something as trivial as a bottle of soya sauce or a pack of clothes pegs online no longer raises eyebrows these days. On the other end of the spectrum, shopping for a property online has also become pretty normal.

To further facilitate this buying trend, EdgeProp Malaysia’s Virtual Property Expo 2021 (VPEX 2021) aims to connect developers and buyers through the online platform.

The virtual expo this year will be featuring eight projects that cater to all buyers’ needs, from residential to industrial.

The participating projects include Setia Sky Seputeh in Kuala Lumpur, Melodia 2 in Setia Alam Impian, Selangor, and Flora Rosa condominium, Aura Residence, Duta Villa and Augusta homes in Putrajaya.

Outside the Klang Valley, there are Clover @ Resort Residence 1 in Bandar Sri Sendayan township, Seremban, and i-Park @ Senai Airport City, Johor.

Other than viewing the projects online, buyers could also interact with the marketing representatives from the developers to get more details.

What’s more? There are exclusive offers during VPEX 2021 period, starting from Sept 17 till Oct 15, 2021, with more details to be unveiled soon. Stay tuned with us for more details. (Click here to VPEX 2021)

Property insights on FB live

More than just showcasing properties for sale, VPEX 2021 is also a platform to discuss real estate matters and issues that could provide more market-related information to help buyers make the right decisions.

Throughout the expo period, a series of Facebook Live webinars will be held every Tuesday, 8.30pm, from Sept 21 till Oct 12, 2021, where EdgeProp Malaysia will round up key industry stakeholders, such as captains of industry and property investors to share their insights.

The first webinar, to be held on Sept 21, titled “Too little, too late?” will deep dive into the reviewed Malaysia My Second Home (MM2H) programme policies and their impact on Malaysia.

Wanted: properties that attract tenants

Kith and Kin Realty co-founder Freeman Woo notes that developments in good locations, regardless of primary or secondary properties, are gaining market interest.

For instance, the Mid Valley City in the new Golden Triangle of Kuala Lumpur is a hot spot. Just next to it is Taman Seputeh, where Setia Sky Seputeh sits.

Developed by S P Setia, the 4.4-acre freehold condominium offers units with copious layouts that range from 2,303 sq ft to 3,025 sq ft. (Click here to view Setia Sky Seputeh.)

Woo says there is a strong buying interest for properties that come with tenants. “Many buyers are enquiring on units in prime locations that already have tenants staying there. In fact, the team and I have problems in looking for these units as most owners are not letting go,” Woo says.

Hence, if a new development has the potential to attract tenants, hinged on good designs, strategic locations and proximity to various amenities, it will definitely capture the attention of this group of buyers.

Benefits of buying now

Woo adds that with lots of choices available now, coupled with appealing marketing packages offered by developers, young city dwellers who are currently renting might be considering buying, especially with the Home Ownership Campaign (HOC) offers and favourable interest rates.

Nawawi Tie Leung’s Wong notes that the government stimulus packages such as the HOC with the waiver of stamp duty extended to Dec 31, 2021, real property gains tax exemption for the disposal of residential homes until Dec 31, 2021, and the lifting of the 70% margin of financing limit for the third housing loan for properties of RM600,000 and above, have helped to generate some interest in the market.

“Those who are looking to upgrade or invest have plenty of opportunities. Developers participating in the HOC are offering discounts and rebates, which, together with the stamp duty waivers, are very good opportunities for homeseekers to pick up good buys.

“In the secondary market, motivated sellers affected by the pandemic are asking for very reasonable prices, which again present good opportunities for those looking to buy completed properties. The low interest rate is an added bonus for property buyers taking a mortgage during this period,” Wong notes.

While landed housing is still preferred over high-rise homes, affordability remains key.

“Due to the pandemic, homebuyers are now more willing to consider a less central location if they can buy a more spacious property (for the same price) in view of a lesser need to commute as a result of the work-from-home shift,” he highlights.

Riding on this trend, S P Setia has developed Melodia 2, a series of two-storey terraced homes located in Setia Alam Impian township, Selangor. (Click here to view Melodia 2) With a gross development value of RM55.23 million, this serene enclave is just a 10-minute drive away from the Shah Alam town centre.

Meanwhile, just outside KL, properties in Putrajaya – the administrative capital and the judicial capital of Malaysia – are also gaining interest. The master developer, Putrajaya Holdings Bhd, has introduced four projects to cater to the market needs.

These are Flora Rosa condominium, Aura Residence (high-rise residential), as well as landed projects Duta Villa and Augusta homes. (Click here to view the projects.)

Klang Valley buyers looking south

As more organisations adapt into the hybrid working model between home and office and less commuting is needed, more people are also looking at homes beyond the city centre.

Nawawi Tie Leung’s Wong says that Seremban, the state capital of Negeri Sembilan has been growing, not just organically but also fuelled by Klang Valley buyers looking for more affordable landed housing located within an hour’s drive from the country’s central economic nexus.

“Bandar Sri Sendayan, a 6,272-acre township in Seremban may well be one of the beneficiaries of the shift in buyers’ preferences for larger, more spacious homes due to the reduced need to commute with more people working from home,” says Wong.

Previndran shares the same sentiment and observes that Seremban is gaining growing interest from the Klang Valley homebuyers.

Well-designed resort-style landed homes like the Clover @ Resort Residence in the Bandar Sri Sendayan township in Seremban are attracting both locals and the Klang Valley buyers.

Developed by Matrix Concepts Holdings Bhd, Clover @ Resort Residence is a collection of double-storey linked homes nestled in the flourishing Bandar Sri Sendayan township. The 30-acre enclave comprises 366 double-storey linked houses.

Industrial properties shining

Other than residential properties, industrial properties have been a bright spot in a property market that has been largely affected by the structural changes caused by the pandemic.

“It is expected to remain vibrant due to the growth of e-commerce and the corresponding increase in demand for warehousing and logistics space to support [the surge in] online order fulfilment,’’ says Nawawi Tie Leung’s Wong.

Industrial properties which are located close to transportation hubs will definitely attract investors and business owners. For instance, i-Park @ Senai Airport City is strategically located in the Iskandar area in the city of Senai, Johor. It is easily accessible via major highways, including Skudai Highway, North-South Expressway, Eastern Dispersal Link, Senai-Desaru Expressway, and Second Link Expressway.

Developed by AME Elite Consortium Bhd, the 189-acre i-Park @ Senai Airport City has been conceptualised to combine industrial activities, business operations, and lifestyle amenities in a fully-integrated hub. (Click here to i-Park @ Senai Airport City.)

With vibrant digitalisation growth, industrial properties look poised to be a sure beneficiary.

THE Movement Control Order to curb the spread of Covid-19 has turned homes into schools, offices, restaurants and leisure centres.

Nawawi Tie Leung Property Consultants Sdn Bhd ED and regional head of research and consulting Saleha Yusoff said the acceptance of new norms, such as work-from-home and online classes would have several implications on the real estate market.

This article first appeared in themalaysianreserve.com. View source here.

She opined the residential market would be driven by local buyers and products should be designed to meet the local buyers’ requirements and affordability level.

“Developers need to offer units with more rooms (not necessarily larger size to keep the price at an affordable level) to ensure family members have their own private space to attend classes or meetings online.

“The features of investment-grade office buildings should be flexible to cater to the changing needs of office tenants,” she told The Malaysian Reserve (TMR).

With more companies adopting a hybrid working model, space requirement reduced between 20% and 30%, she added.

Saleha said offering a floor plate of between 15,000 sq ft and 20,000 sq ft would be more palatable to meet the lower space requirement. It should comes with an option to have a knock-off panel floor to install a staircase in case there will be a need to expand and take up two floors and connect them internally.

“Besides office, the Covid-19 pandemic has proven that we need to upgrade our healthcare system to an international standard and requirements.

“We expect an international-standard healthcare and wellness centre as a must-have component in projects like Bandar Malaysia, for example, to gain the confidence of buyers/investors, especially the international market,” she added.

She said the master plan of Bandar Malaysia should be flexible and promote economic and sustainable living that can accommodate the new norm post-Covid-19, such as flexibility in work and live arrangement made possible by the excellent transport connectivity.

“As an integrated transport hub, Bandar Malaysia could also offer a platform for comprehensive transport-related services, not only to its population but also to a broader population in Klang Valley.

“As a transit-oriented development, Bandar Malaysia could set a benchmark of a walkable community designed to enhance pedestrian movement beyond the typical 400m radius, say 1,000m, which will promote a healthier lifestyle,” she reckoned.

Juwai IQI group co-founder and CEO Kashif Ansari said the Malaysian property market still holds a lot of value for sophisticated and smart investors.

“We foresee once the vaccination is done, global investors will arrive and the property market boom will become inevitable as Malaysia’s real estate market provides best value for investment in the Asean region due to a mature market, strict regulations, no speculation, geographical significance, educated and young population and a growing economy,” he told TMR.

Transportation consultant YS Chan expects buyers to look inwards with prices overseas, however cheap, would be useless if they could not stay or rent out or be forced to sell at a fraction of what they have paid.

“Investors globally are no longer searching for bargains and investments like before. Those who have invested are trying to cut losses by disposing of their foreign properties. Those who are holding on could be for sentimental reasons or they could afford to do so. But many had their fingers burnt,” he said, blaming it on the travel restrictions in place.