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Friday, January 21, 2011

Demand for new houses to surge, says Knight Frank MD

There will be a surge in demand for new houses in Malaysia as Asian property investors look for properties, and expatriates come here for projects under the Economic Transformation Programme (ETP).

"The expatriates will be here for the duration of the projects such as the Mass Rapid Transit (MRT), among others. They would need a place to stay," said Eric YH Ooi, managing director of Knight Frank.

Ooi said, Asian investors are returning as Malaysia still offers the best value for properties, as compared to Singapore and Hong Kong where the property price is about five times more expensive.

Malaysia is the prime investment location in Asia because of its stable property market and relative affordability.

Many investors are coming to the market, rich with cash, and with an appetite for luxury properties in Kuala Lumpur, Ooi said on the sidelines of a property market outlook summit in Kuala Lumpur recently.

The investors from Singapore, Hong Kong, Indonesia, Taiwan, South Korea and Japan are buying condominiums, apartments and bungalows in the KLCC, Bangsar, Mont' Kiara and Kenny Hills areas.

Ooi said Malaysia's positive economic outlook and improvement in the rental market is driving them here.

During 2008/2009, rental of the properties fell by 20 per cent to 40 per cent in some locations in Kuala Lumpur, because of the financial meltdown and more supply in the market.

"It has improved and rentals are hovering between RM3.50 per sq ft and RM7.00 psf now," Ooi said.

Ooi expects more than 15 per cent of the sale of luxury properties this year to come from foreigners.

But this is low compared to 2008, where some 40 per cent of the sales were contributed by foreigners.

"We expect it to return to levels of 30 per cent," he said.

By Business Times

Naim to develop Batu Lintang land

Sarawak-based Naim Holdings Berhad (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state’s biggest comprehensive mixed development project, costing more than RM300 million.

Managing Director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597 hectares and be completed over 20 years.

By Bernama starts free property website Malaysia, today announced the launch its free property website,

The website would provide an additional distribution channel for all agents subscribing to

Some 5,200 real estate agents in Malaysia will now be able to advertise their properties to an even larger audience of property hunters and investors, it said in a statement today.

By Bernama

Genting S’pore eyes building

SINGAPORE: Casino operator Genting Singapore says its subsidiary Resorts World Properties is in negotiations with Singapore Technologies to buy an office block.

The Singapore Business Times reported that Resorts World is expected to pay about S$1,500 per square foot on the current net lettable area of 98,906 square feet.

This would come to about S$150mil (US$117mil).

By Reuters