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Tuesday, November 1, 2011

Office property market seen stable

KUALA LUMPUR: Malaysia's office property market is likely to remain fairly stable next year, but oversupply is expected in the next 18 months, says CB Richard Ellis (CBRE) Malaysia Sdn Bhd, a property consultancy firm.

The oversupply situation is due to a competitive rental market, its executive chairman Christopher Boyd told reporters after a luncheon talk on "Klang Valley Property Market Overview", hosted by MIDF Amanah Investment Bank Bhd here today.

However, he said, the arrival of multinational corporations in Kuala Lumpur due to the low operating costs as well as the young and well-educated population would help stabilise the office market.

Boyd said the supply situation has improved from two quarters ago, with some projects being pushed back or cancelled, but others are still on the drawing board.

He added that major developments including Naza KL Metropolis, Tan Chong Segambut, Warisan Merdeka and KL International Financial District could have a major impact.

By Bernama

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