PROPERTY SNAPSHOT 1: Johor Bahru, catalyst city
Local stakeholders are expecting the Singapore to Johor Bahru Rapid Transit System (RTS) and the High Speed Rail (HSR) to Kuala Lumpur to be future catalysts
In Depth
A focus on family
The RM455 million Ramada Lumut Resort is all set to enhance the family experience.
The other Penang poised to soar
With the Penang Transport Master Plan now being implemented, the areas on mainland Penang closest to the island stand to benefit from major new developments.
Sunway Putra Mall lifts Sunway REIT’s earnings
Revenue growth came mainly from improved contributions from Sunway Putra Mall (+291% quarter-on-quarter [q-o-q]), which was more than enough to offset the drop in rentals from Sunway Tower (-58% q-o-q), as the office tower’s occupancy rate fell to 21% from 67% in FY15.
IGB REIT declares distribution of 3.72 sen per unit
On the whole, net property income was up 9.6% y-o-y mainly driven by gross rental income (+7.3% y-o-y) attributed to renewals and additional net lettable area (NLA) of 40,000 sq ft, as well as a decrease of 1.8% y-o-y in operating expenses.
Stagnant market in Penang keeps price growth minimal in 3Q
Only standard three-bedroom flats with sizes of 700 to 750 sq ft in Green Lane appreciated by 11.7% to RM380,000 from RM340,000, while average prices of standard three-bedroom apartments/condominiums (excluding luxury types) of over 900 sq ft in Island Park/Glades inched up 2.1% to RM480,000, from RM470,000 in 3Q2014.
PROPERTY SNAPSHOT 4: What’s hot in Mainland Penang?
Indicative annual rental yields as calculated from asking rentals observed at June 2015 are fair, ranging from 4.0% to 7.5%. The highest asking rental yields can be found at Pantai Apartment (7.5%) in Butterworth.
PROPERTY SNAPSHOT 3: What are prices like in Mainland Penang?
The strata market here remains very affordable due to low land prices, as well as a preference for landed homes.
KLCCPSG’s FY15 core net profit of RM746.1 mil above consensus forecast
KLCC Property Stapled Group (KLCCPSG) achieved a financial year ended Dec 31, 2015 (FY15) core net profit of RM746.1 million (+8.2% year-on-year [y-o-y]), with a stronger profit after tax and minority interest growth of 20.6% y-o-y (underpinned by a higher amount of revaluation surplus on its assets, while FY14 also saw a one-off debt-prepayment fee of RM26 million).
E&O’s CA a step to monetise STP2
Eastern & Oriental Bhd (E&O) announced on Bursa Malaysia that its subsidiary Tanjung Pinang Development Sdn Bhd had signed a supplementary concession agreement (CA) with the Penang government.
