Tuesday, March 11, 2008
Real Estate Investment Trust (REIT)
Hektar Real Estate Investment Trust (REIT) has acquired a shopping complex and hotel tower, together with a basement car park, in Muar, Johor, from Wetex Realty Sdn Bhd.
Malaysian prime office space
Prices of prime office space in Malaysia may hit RM1,500 per sq ft this year spurred mainly by demand from foreign buyers.
the current benchmark price of RM1,230 per sq ft paid by Kuwait Finance House (Malaysia) Bhd last January for half of the upcoming Menara YNH on a 1.2ha freehold tract along Jalan Sultan Ismail, Kuala Lumpur.
demand for office space in Kuala Lumpur was also pushing up rentals, which hovered in the range of RM5 per sq ft to RM7.80 per sq ft last year, when 3.25 million sq ft or 94.2% of the new supply 3.45 million sq ft in the Klang Valley were leased out.
In 2007, office vacancy levels in the Klang Valley improved to 13.2% from 13.9% in the previous year. The current office space supply of 68.6 million sq ft is expected to grow by 5% this year. The new buildings coming into the market include Menara Commerce and PJ Eight and several more within Mid Valley.
prices of luxury high-rise residential units to hit new highs of between RM2,500 per sq ft and RM3,000 per sq ft in anticipation of projects like the “Four Seasons Place” setting new benchmark rates.
High-end condominiums in the Kuala Lumpur City Centre is already fetching about RM2,000 per sq ft. But stiff competition due to additional supply of luxury high-rise homes this year will add pressure to occupancy and rentals.
projects comprising 3,644 units of upmarket serviced apartments are due for completion this year, adding on to the 6,421 units in 2007.
read more in http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_969a7ef8-cb73c03a-160c4b00-dfba5069
the current benchmark price of RM1,230 per sq ft paid by Kuwait Finance House (Malaysia) Bhd last January for half of the upcoming Menara YNH on a 1.2ha freehold tract along Jalan Sultan Ismail, Kuala Lumpur.
demand for office space in Kuala Lumpur was also pushing up rentals, which hovered in the range of RM5 per sq ft to RM7.80 per sq ft last year, when 3.25 million sq ft or 94.2% of the new supply 3.45 million sq ft in the Klang Valley were leased out.
In 2007, office vacancy levels in the Klang Valley improved to 13.2% from 13.9% in the previous year. The current office space supply of 68.6 million sq ft is expected to grow by 5% this year. The new buildings coming into the market include Menara Commerce and PJ Eight and several more within Mid Valley.
prices of luxury high-rise residential units to hit new highs of between RM2,500 per sq ft and RM3,000 per sq ft in anticipation of projects like the “Four Seasons Place” setting new benchmark rates.
High-end condominiums in the Kuala Lumpur City Centre is already fetching about RM2,000 per sq ft. But stiff competition due to additional supply of luxury high-rise homes this year will add pressure to occupancy and rentals.
projects comprising 3,644 units of upmarket serviced apartments are due for completion this year, adding on to the 6,421 units in 2007.
read more in http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_969a7ef8-cb73c03a-160c4b00-dfba5069
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