“The state government needs to preserve the living heritage and ensure they do not leave just because they cannot afford to pay the rentals.”

According to the Knight Frank’s Skyscraper Index, Hong Kong continues to tower above the rest of the global cities, costing tenants over US$278.50 (RM1,151.30) psf annually while Kuala Lumpur’s skyscrapers are one of the cheapest, with an average rental of US$34.16 psf annually.

Other proposals forwarded by property developers to help first-time homebuyers include higher loan-to-value ratios and reinstatement of the developer’s interest bearing scheme.

The Novotel Melbourne acquisition lowers FHT’s exposure to the post Brexit UK market as well as the declining Singapore market.

Wholly owned subsidiary CapitaLand (Vietnam) Holdings will hold a 100% stake in the 0.5ha site which is expected to offer 302 units across two towers: A 17-storey residential tower and a 22-storey serviced residence tower.

Analysts said state-controlled UEM Sunrise was also in the spotlight, ahead of the country's Budget 2017 announcement this Oct 21.

Deputy chief minister Datuk Amar Abang Johari Tun Abang Haji Openg feels that such a move could pose a financial risk to the developers and such a plan may not be sustainable in the long-term.

The development in Batu Kawan will boast the first Ikea store in Penang and the northern region.

BLand said its unit Alam Baiduri Sdn Bhd had inked a sale and purchase agreement with BerjayaCity Sdn Bhd (BCity), a 100%-owned subsidiary of its parent, Berjaya Corp Bhd, to effect the land deal.

With attractive yields on offer besides the relative weakness of the Malaysian ringgit, Kuala Lumpur gives real estate investors the best value in terms of long-term growth prospects, according to international real estate services firm Knight Frank in its 2017 Global Cities report.