Malaysia Real Estate Report Q3 2014

Date: April 30, 2014
Pages: 75
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Overall, BMI has a positive outlook for the Malaysian commercial real estate sector and we expect the market to remain relatively stable over the next two years. The main risk to our short term forecasts stems from a slow-down in China affecting export oriented sectors and employment which would flow on to impact rental rates in both the industrial and retail sectors in particular. Additionally, local sources are reporting a mismatch of investor specifications and new developments as well as an over-supply of office space. Over the longer term positive demographic factors and increased tourism are looking to support the retail segment.

There are strong downside risks to our forecasts; with an estimated 17mn square feet coming online between 2015-2017 demand would have to double to absorb this supply. The over-supply of commercial real estate could result in depressed rentals and yields. Additional downside risks to the market are the vacancies resulting from a mismatch of specifications and tenant's needs. According to an analyst at Savills Research, there is a trend of tenants leaving buildings that are 10-15 years old as a result of poor maintenance standards. On the bright side we are witnessing an increasing trend of owners of old buildings refurbishing and developing to compete with newer buildings.
BMI Industry View
Business Environment
Industry Forecast
  Table: Office Forecast Rents - (USD per m2/month)
  Table: Forecast Net Yield, 2011-2018 (%)
  Table: Retail Forecast Rents - (USD per m2/month)
  Table: Retail Forecast Net Yield, 2011-2018 (%)
  Table: Industrial Forecast Rents - (USD per m2/month)
  Table: Industrial Forecast Net Yield, 2011-2018 (%)
Construction And Infrastructure Forecast Scenario
  Table: Construction And Infrastructure Industry Data (Malaysia 2012-2017)
  Table: Construction And Infrastructure Industry Data (Malaysia 2018-2023)
Macroeconomic Forecast
  Table: Malaysia - Economic Activity
Industry Risk Reward Ratings
Asia - Risk/Reward Ratings
  Table: Asia Real Estate Risk/Reward Ratings, Q314
Malaysia - Risk/Reward Ratings
Market Overview
  Table: Office Historic Rents - 2012-2013 (USD per m2/month)
  Table: Terms of Rental Contract/ Leases - H213
  Table: Net Yield, 2012-2013 (%)
  Table: Historic Rents - 2012-2013 (USD per m2/month)
  Table: Net Yield, 2012-2013 (%)
  Table: Terms of Rental Contract/ Leases - H213
  Table: Historic Rents, 2012-2014 USD/M2
  Table: Net Yield, 2012-2014 (%)
  Table: Terms of Contract/Leases - H213
Competitive Landscape
Company Profile
IJM Corporation Berhad
Malaysian Resources Corporation Berhad (MRCB)
WCT Berhad
Ahmad Zaki Resources Berhad (AZRB)
Demographic Forecast
  Table: Malaysia's Population By Age Group, 1990-2020 ('000)
  Table: Malaysia's Population By Age Group, 1990-2020 (% of total)
  Table: Malaysia's Key Population Ratios, 1990-2020
  Table: Malaysia's Rural And Urban Population, 1990-2020
Industry Forecast Methodology
Risk/Reward Ratings Methodology
  Table: Real Estate Risk/Reward Ratings Indicators
  Table: Weighting Of Indicators
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