Property News

Chart of the Day: Private home leasing up 15.2% in 3Q as expats swarm to Singapore

RESIDENTIAL PROPERTY | Staff Reporter, Singapore Published: 2 hours ago

Even amid escalating costs.

Unlike the sluggish residential sales market, the leasing market was buoyant in the third quarter of 2014.

According to the Urban Redevelopment Authority (URA), leasing volume of private residential properties reached a new record of 17,775 cases, registering a quarterly increase of 15.2% or an 11.0% growth YoY. Over the first nine months of this year, there were a total of 46,632 leases inked, 8.7% higher than last year’s 42,899 leases recorded over the same period.

According to Savills, the high level of leasing activities is a testament to the attractiveness of the city state to overseas nationals.

An annual HSBC survey says that Singapore is the best place in Asia and second in the world after Switzerland, for expatriates to live in, even amidst escalating costs. The survey revealed that Singapore provided good career progression, financial well-being and quality of life for expatriates working here.

- See more at: http://sbr.com.sg/residential-prope...q-expats-swarm-singapore#sthash.0zvJ4nJL.dpuf

JTC seen piloting project to test demand from firms in manufacturing-related services that have no production here

By Kalpana [email protected]@KalpanaBT

20 Nov5:50 AM Singapore

IN what could be a precursor to the creation of a new class of space - between office and light industrial - JTC Corporation is understood to be spearheading the development of a building, expected to be in Woodlands, that will provide affordable space for rental to companies that provide manufacturing-related services but do not have industrial production in Singapore.

This is in response to feedback in recent years from trade associations that there is a lack of affordable office space in Singapore. At the same time, many businesses do not qualify for the use of cheaper premises zoned for Business 1 (or B1) use, where typically light industrial and warehouse uses are allowed - since they do not have manufacturing operations here.

Moreover, the Urban Redevelopment Authority (URA) has a planning rule that effectively forbids the use of industrial space as pure offices. In the past few years, the authorities have strengthened enforcement action against unauthorised use of B1 space.

This has led to calls from some quarters urging URA and JTC to relax the definition of permitted uses in the B1 zone - to keep pace with the changing industrial production landscape, with a blurring of the traditional division between manufacturing and services.

However, instead of relaxing B1 use - which could be seen as penalising those that have been adhering to the approved uses of this zone and condoning those that have been flouting planning regulations - the authorities seem to prefer a new intermediate zone between B1 and commercial.

Industry observers reckon that rental in the new building could be slightly higher than that for B1.

It is thought that JTC is planning a pilot project to get a sense of the level of genuine demand for such space. If there is deep demand, the statutory board could offer more of such space or even sell land with the new zone through the Government Land Sales Programme for development by the private sector, guessed analysts.

Market watchers commented that the Woodlands location is ideal to test demand for the proposed zone.

Its proximity to Iskandar Malaysia would allow companies to locate their factories in Iskandar where industrial space is cheaper and house supporting value-added services in the JTC pilot project, said a market observer.

Preliminary information about the new building could be released over the next few months, BT understands.

When contacted, JTC said: "URA's Master Plan 2014 identified several new growth areas that will provide new commercial and business spaces and bring jobs closer to homes. They include the Woodlands Regional Centre, which is envisioned to be a vibrant live-work-play business hub with new transport connections . . .

"JTC is working with URA and the relevant agencies on the detailed plans for these growth areas. We are engaging industry players to get ideas. The details are still being worked out."

Market expectations are that JTC is likely to allocate space in the proposed project on a rental basis to qualifying users only if they meet stringent criteria that are likely to include proof that their organisation is involved in manufacturing - even though production is located overseas. Such tenants could potentially use the space for their headquarters, distribution hub, buying office, design centre, servicing and other approved functions. Clear-cut office uses such as the activities of advertising firms, lawyers and front-end operations of banks will not be allowed in the new zone.

DTZ South-east Asia chief operating officer Ong Choon Fah said: "The nature of manufacturing has changed with the knowledge-based economy and so there is a need for the definition of manufacturing space to evolve alongside this transformation."

Currently, at least 60 per cent of total floor area in each strata unit in a B1 development must be set aside for core industrial activities such as clean and light manufacturing, assembly and repair, or warehouse and storage. The other 40 per cent may be for supporting purposes including ancillary offices.

However, standalone offices that do not support core manufacturing activity by the same occupier in the same premises do not qualify for B1 use. The rule is intended to ensure industrial space is used predominantly for industrial activities.

*JTC's measured approach seen allowing fine-tuning

http://www.businesstimes.com.sg/real-estate/new-property-zone-in-the-making

M'sia home prices at 5.5 times of median income
Khazanah Nasional survey finds the figure above that for Singapore, US and the UK

By Pauline [email protected]

21 Nov 5:50 AM
Kuala Lumpur

IN median income terms, the average home in Malaysia costs more than in Singapore, the US, the UK or Ireland - one reason being the hefty profits made by builders, according to a survey by Khazanah Nasional.

If affordable housing should cost three times annual median income, average prices in Malaysia are much higher at 5.5 times. In comparison, Singapore's housing prices are 5.1 times and the UK 4.7 times, its research institute's "The State of Households" reveals.

At 14.9 times, land scarce but heavily populated Hong Kong occupies a tier by itself, its stratospheric home prices famous the world over.

"In median terms, our houses are more expensive than those in Ireland and even Singapore," the not-for-profit organisation observed in its inaugural publication which was launched this week. Based on a median income of RM3,626 (S$1,400), it calculated that it would take the average Malaysian 57 months to save the 10 per cent deposit (in a housing account of the pension fund) on a RM130,000 home (based on three times annual median income).

On top of other expenses, a 25-year loan at 4.45 per cent per annum, would lead to a household's loan instalment payment amounting to nearly 18 per cent of household income.

The Irish, however have enviable housing affordability. Ireland's housing prices were only 2.8 times annual median income; for the US, it was slightly higher at 3.5 times.

"At 21 per cent, the profit margins of our property developers are high - almost 2x those of the US (12 per cent), 1.2x those of the UK (17 per cent) and higher than Thailand (14 per cent), although Singapore has higher margins (25 per cent)," said the institute which believes households should be at the centre of economic policy. It aims to undertake data-driven analyses and research on the pressing issues of the nation and based on the research, provide actionable policy recommendations.

While it is working on the appropriate policy response to housing affordability, it said that the answers lie in reforms of the construction supply chain, land market price setting and land regulations; innovation in building technology and finance; and the provision of affordable housing by the government and private sector.

Even though many countries are grappling with the issue of affordable housing, builders point to the myriad of issues affecting Malaysia including housing quotas for bumiputras who are given discounts regardless of their wealth. Ultimately, they say, home buyers are saddled with the additional costs, which continue to add up as additional requirements are put on builders, including the construction of a certain number of low-cost homes and the infrastructure for utilities.

In truth, one would be hard pressed to find a RM130,000 home as in the bigger cities, affordable homes are now closer to the RM400,000 mark. Moreover, in the primary market, buyers still buy off the plan as efforts to implement build-then-sell have not yielded any results.

Developers contend that home prices are not extortionate given inflationary pressures, rising labour and material costs and regulatory requirements, and that the main problem is Malaysia's wages have failed to keep up with living costs.

http://www.businesstimes.com.sg/real-estate/msia-home-prices-at-55-times-of-median-income

Residential leasing Nov 2014 (Singapore)
18 Nov 2014 11:07 by Savills World Research Singapore

A new record of 17,775 leasing transactions was achieved in Q3 2014.

- The Singapore economy expanded 2.4% in the third quarter this year from a year ago, unchanged from the previous quarter but significantly slower than the 4.8% achieved in Q1.

- The labour market remained tight this quarter with the overall seasonally adjusted unemployment rate dipping marginally from 2.0% in June to 1.9% in September.

- The residential leasing market was buoyant in Q3/2014, registering a quarterly increase of 15.2% or an 11.0% growth year-on-year (YoY).

- The rents of private residential homes island-wide continued to soften by 0.8% quarter-on-quarter (QoQ) after a dip of 0.6% in Q2. Similarly, the average monthly rent of high-end condominiums tracked by Savills continued its downward trend since mid-2011, with average monthly rents falling by 2.2% QoQ to S$4.66 per sq ft.

- The vacancy rate of private residential units remained unchanged at 7.1% for Q3 after increasing for five consecutive quarters since Q2 2013.

- The total number of leasing transactions for 2014 is expected to be higher than a year ago with volumes in the fourth quarter remaining as healthy as the same period last year while island-wide rents will likely soften “With leasing numbers still rising strongly, landlord sentiment will be supported and although rents may soften somewhat, we are still not too concerned with the onslaught of supply.” Alan Cheong, Savills Research

http://www.btinvest.com.sg/system/assets/28015/Singresl11-2014.pdf

http://www.btinvest.com.sg/property/local/residential-leasing-november-2014/

http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=149784:&Itemid=203

600k can get a high class condo in selangor..

Sharing a very good read from propertysoul "Property is not an antifragile investment"

http://propertysoul.com/2014/10/02/six-reasons-why-property-is-not-an-antifragile-investment/

Key takeaways:

1. Those who perish contribute to the overall safety of others.”

2. These are buyers who sacrifice for the government’s determination ‘to ensure a stable and sustainable property market’. But after ‘the weak are gone’, the housing mortgage market ‘is now stronger’. If the property market is harmed by any negative market factor, Singapore will have less non-performing loans and negative equities.
“Someone paid a price for the system to improve.”

3. “Success brings an asymmetry: you now have a lot more to lose then to gain.”

4. “Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have – or don’t have – in their portfolio.”

5. “Almost everything contemporary has winner-take-all-effects.”
The privileged in our world all know how to play the antifragile game:
- Keep the good and ditch the bad; cut the downside and keep the upside.
– Ensure that they have more to gain then to lose.
– Steal the options from others with all the upside and no downside to themselves.

6. “The manager of a business is not the true owner, so he follows a strategy that cosmetically seems to be sound, but in a hidden way benefits him and makes him antifragile at the expense (fragility) of the true owners or society. When he is right, he collects large benefits; when he is wrong, others pay the price.”

Bubble fears in 'Malaysia's Shenzhen'
CK TAN, Nikkei staff writer
November 20, 2014 12:00 am JST

ISKANDAR, Malaysia -- On a palm tree-lined coastal road here, the Country Garden complex will feature luxury residences and classy stores. Adjacent to the showroom, a Chinese developer is rushing to build more than 9,000 residential units and malls in high-rises.

The two complexes are being built on reclaimed land on the southern tip of the Malaysian Peninsula. And they face choppy waters.

"We have sold about 60% of the project," said Nicholas Hum, general manager of sales and marketing at Country Garden. Prices of two-bedroom units start at about half a million ringgit ($150,000), double the cost of those in standard high-rises in Johor State. The reclaimed land, known as Danga Bay, is located in the state.

Modeled after Shenzhen, a Chinese coastal city near Hong Kong, Danga Bay is part of a major development called Iskandar Malaysia. The project aims to transform Johor into an economic engine by capitalizing on its proximity to crowded and expensive Singapore. The development, which is about 2,200 sq. km in size, three times larger than Singapore, is scheduled for completion in 2025. Hubs for government, residences, education, industry and entertainment are planned. Train links with Singapore and Kuala Lumpur are also in the cards.

Roughly eight years after the project started, the pace seems to be slowing. Real estate developers are still building, but customer numbers are diminishing.

Malaysia in January put in place measures to cool the housing market and get debt under control. Partly as a result, residential prices in Johor declined 1.6% in the second quarter of this year. Adding to the state's woes are unsold properties. Johor accounts for a quarter of unsold units in the country, according to Malaysia's Valuation and Property Services Department. The state also had the highest "planned supply" of housing as of June, at 182,866 units.

From swamp to swamped

Johor was once a backwater. Land was abundant, and locals lived mainly in terrace houses. Then came the Iskandar boom. Established developers from Kuala Lumpur, Singapore and China rushed in, and high-rise dwellings shot up. And in places such as Danga Bay, they reclaimed land to build houses with sea views looking out onto Singapore.

"Sixty percent of those who invested in real estate in Iskandar are Malaysians," said Ricky Lee of Knight Frank, a property consultant, "especially those who work in Singapore." Every day, more than 150,000 Malaysians cross the border for better-paying jobs in Singapore. Immigration bottlenecks can keep these workers waiting up to an hour at peak times.

Steven Lee, a Malaysian accountant working in Singapore, bought a condominium here last year. His 700,000-ringgit, 140-sq.-meter unit will be completed in 2015. But Lee, who is renting an apartment in Singapore with his wife, has no intention of living in it. "It is meant for investment, and we will only consider moving in when the traffic improves with the new train," he said.

It remains unclear when those train lines will be completed. Recent news reports quoted the Malaysian transport authority as saying a Kuala Lumpur-Singapore high-speed rail project might be delayed beyond the target year of 2020.

Iskandar secured investment of 156 billion ringgit between its 2006 inception and September, according to the Johor state government. A third of the investment was in real estate development. On the east coast of Iskandar, state oil company Petronas is building huge petrochemical plants. Legoland Malaysia Resort, a theme park based on the popular toy, opened nearby in 2012.

In west Iskandar, factories in an industrial zone are gathering dust.

More construction

Local brokerage Maybank Investment Bank Research says too much development may cause Iskandar property values to drop in the medium term. In an October report, Maybank pointed out that demand for properties recently put on the market has not been as "robust" as it was last year. At some high-end condominium complexes, only 20% of the units are getting sold. Lee, the real estate agent, said these condominiums, some of which cost more than a million ringgit, are beyond the reach of average Malaysians. "Property price bubbles are forming already," he said.

Still, cranes and dump trucks are busy at Danga Bay. Near Country Garden, Chinese and domestic developers are clearing land in preparation for still more construction. Many believe the property slowdown is temporary; they point to the growing economy and generational shift toward modern, urban lifestyles. Such people "are investing in the future of Malaysia and Singapore," said Country Garden's Hum.

http://asia.nikkei.com/magazine/201...S/Markets/Bubble-fears-in-Malaysia-s-Shenzhen

If market really that bad, it may be a good idea to put off purchases until property is built and buy base on 'what you see if what you get'.

Manhattan said:

If market really that bad, it may be a good idea to put off purchases until property is built and buy base on 'what you see if what you get'.

Click to expand...

Buy off plans usually cheaper. But it is always a trade-off, can't be helped. If buy based on completed you would have paid much more than when launched, and provided still have units from developer. Else buy subsale also means more upfront cash needed.

Currently Sg got many ready stock with prices lower than when launched.

enjoylife77 said:

Currently Sg got many ready stock with prices lower than when launched.

Click to expand...

Might as well wait for Bank Lelong - saw alot of flyers going around

Recently the "MRL" and unclear Bumi release lot saga is not helping the market.
Challenging times ahead. How to buy when u dunno if your house/land will get Confiscated?
Not enough clarification on this "MRL" definition and it's implications.

:*:

eric3417 said:

Recently the "MRL" and unclear Bumi release lot saga is not helping the market.
Challenging times ahead. How to buy when u dunno if your house/land will get Confiscated?
Not enough clarification on this "MRL" definition and it's implications.

:*:

Click to expand...

Get one fm a local reliable established developer...or one tat have links with the govt.

Eg. Uem sunrise, mah sing, sunway?

http://www.thestar.com.my/Business/...nic-unveils-RM17bil-smart-township/?style=biz

Panasonic also interested to join the iskandar party.

Prices of completed non-landed private homes in Singapore up 0.3% in October
By Lee [email protected] @LeeMeixianBT
28 Nov 12:40 PM

PRICES of completed non-landed private homes in Singapore rose 0.3 per cent in October compared with September, according to the latest flash estimates of the National University of Singapore's Overall Singapore Residential Price Index (SRPI).

The revised index value for September reflects a 0.7 per cent month-on-month drop.

The sub-index for Central Region (excluding small units of up to 506 sq ft) rose 0.6 per cent month-on-month in October, after easing 0.6 per cent in September.

Central Region is defined as districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime districts 9, 10 and 11 by the university's Institute of Real Estate Studies.

The sub-index for Non-Central Region, again excluding small units, edged up 0.1 per cent in October, after shedding 0.7 per cent in September.

Islandwide prices of small apartments and condo units (up to 506 sq ft) rose 0.3 per cent in October, after climbing 0.5 per cent in September.

http://www.businesstimes.com.sg/rea...d-private-homes-in-singapore-up-03-in-october

In today's environment and sentiment, there is really no rush to buy off catalogue. Obvious over supply situation together with lower fuel cost will allow developer to adjust prices to move sales. Likely RM$ will weakened against S$. Recent land grab action and stop work order on land reclamation will give potential buyer reason to hesitate.

Country Garden treading cautiously
By Lynette [email protected]@LynetteKhooBT

29 Nov5:50 AM
Singapore

UNDER its drive to expand overseas, Chinese developer Country Garden is keeping its eye on development projects in Singapore's city fringes and in Indonesia, where it is studying a few sites.

But given the headwinds in Singapore's residential market and the deterrent effect of the high stamp duties on foreign buyers, the Guangdong-based, Hong Kong-listed group has said it will tread cautiously.

Kayson Yuen, the regional president of Country Garden (Malaysia), said: "We've always been looking, but there's no time-frame. Our focus is Johor Bahru in the next few years, but we'll look at opportunities in Singapore on a case-by-case basis."

He noted that opportunities in Singapore are more limited, given the mature state of the market and the tight government controls. Besides this, the group is focusing on providing "lifestyle" homes, so city centre locations in Singapore are not as ideal. It is why the group homed in on Danga Bay in Johor's Iskandar Malaysia as its first overseas stop; it also did feasibility studies elsewhere in Malaysia, such as Penang, Sabah, Kuala Lumpur, Johor Bahru and Malacca.

Mr Yuen said that, as a first mover in Iskandar, Country Garden had a wide choice of sites at a low price. To date, more than 6,000 units have been sold at Country Garden Danga Bay, which is to be completed by end-2017. More than 70 per cent were bought by South-east Asian buyers, principally Malaysians and Singaporeans.

So important is Singapore in Country Bay's overseas strategy that the group has relocated its sales gallery; its premises in Cecil Street are now bigger, taking up 12,399 sq ft over two floors.

To mark the opening of the gallery, the developer on Friday launched 30 promotional units in a tower in Danga Bay, called Bay Laurel, specifically for Singapore buyers. All 30 were taken up, and another 50-plus released.

The group had launched all 9,000 units in the development last year, but faced with falling sales this year, it has switched tack to marketing the project by towers. Sales in the project this year are about 40 per cent of last year's, said Mr Yuen. However, he estimates that the first buyers are sitting on capital gains of between 10 and 15 per cent, based on prices of newly launched units.

Marketing agents said a one-bedroom unit at just over 500 sq ft is currently priced at more than RM500,000 (S$192,620); a two-bedder of nearly 700 sq ft costs RM660,000, and a three-bedder of over 1,200 sq ft, more than RM1 million.

Country Garden's regional general manager for sales and marketing Liu Zhen Yu said the group is unconcerned about short-term fluctuations in demand, but he conceded that Singaporean buyers have fallen in number since the lending curbs.

What is more disturbing are some "intentionally malicious" rumours of Country Garden dangling a buy-one-get-one free offer to mainland Chinese who buy units in the developer's projects back in China, he said. Both he and Mr Yuen expressed shock and disdain at these rumours, believed to have been circulated by rival developers.

Mr Yuen said he has previously clarified that it is impossible to offer a buy-one-get-one free deal for high-value products: "Firstly, it does not make commercial sense. Secondly, it is illegal and implies potential money laundering. People who are in the know should be aware that we will not do it as a listed company."

Asked about the group's upcoming Forest City project in Johor off Tuas, Mr Liu said the group was not launching that anytime soon. This mega luxury-home project, spanning 30 years, is to sit on a 2,000 ha man-made island nearly thrice the size of Ang Mo Kio estate. Reportedly backed by the Johor Sultan, the project has made the news for its controversial reclamation works in the Strait of Johor, an issue which the Singapore government has flagged as a matter of concern.

Mr Liu told The Business Times: "We will fully consider the environmental-impact assessment and when the time is right, we will share our plans, which we think should put the concerns to rest."

With more than 200 projects across China under its belt, Country Garden is ranked seventh in China. Mr Liu said the group seeks to stay in China's top 10 league, and that the group is optimistic that "fundamental demand remains strong and there is high purchasing power".

http://www.businesstimes.com.sg/real-estate/country-garden-treading-cautiously

UEM Sunrise hopes Aussie devt will take up slack
By Pauline [email protected]

28 Nov5:50 AM
Kuala Lumpur

UEM Sunrise is counting on an inaugural development in Australia to achieve targeted sales of RM2 billion (S$776 million) this year as property transactions slump at home, particularly in Iskandar Malaysia.

With buyer sentiment especially in Johor (where it has 60 per cent of its land bank) still soft, its earnings of RM72 million for the third quarter to end-September were 61 per cent lower year-on-year and 4 per cent less quarter-on-quarter. Profit for the cumulative nine months amounted to RM208 million versus RM501 million before.

By the first six months, sales had already proved so dismal that the state-owned builder slashed its initial RM3 billion target by a third.

Even so, it will have its work cut out notching up RM2 billion in sales given it had achieved only RM641 million at the three-quarter mark compared to RM2.1 billion at the same point last year.

But for the Aurora Melbourne Central, there would be little cheer. Earlier this month, 95 per cent of the 941 residential apartment units were snapped up during a two-week worldwide preview launch. The gross development value of the units amounts to RM1.6 billion and if some of the bookings can be converted to actual sales before the year is out, UEM Sunrise might come closer to meeting the new sales target.

Located on LaTrobe Street and reportedly the largest integrated mixed-use development in Melbourne, Aurora is the first of two planned developments Down Under and the builder is keen to explore other opportunities given demand for Australian real estate remains robust.

Australians accounted for a quarter of Aurora bookings, followed by Malaysians (22) and Singaporeans (15) with buyers from China and Hong Kong taking up the balance.

UEM Sunrise - and other developers - had seen a similar response for their products in Iskandar 18-24 months ago until fears of a glut spooked purchasers.

At the same time, property prices have spiralled to levels nearly matching the more popular catchments of Penang and Klang Valley even though the economic zone still lacks critical mass.

One of the largest land bank owners in Iskandar, UEM Sunrise's shares surged to RM3.60 in May last year when the zone became a property hotspot. Now that it isn't, its share price has slipped to about half.

AllianceDBS Research said near-term earnings viability would be underpinned by RM2.8 billion of unrecognised revenue. It has cut FY14-16 earnings by 5/4/3 per cent, but recommended that investors hold with a target price of RM2.

The weaker-than-expected earnings prompted RHB Investment Bank to lower its target price to RM2.16 from RM2.52, but it has maintained a trading buy on the stock.

http://www.businesstimes.com.sg/real-estate/uem-sunrise-hopes-aussie-devt-will-take-up-slack

Weaker ringgit may mean good time for foreigners to pick up Malaysian property
By Pauline [email protected]

5 Dec 5:50 AM
Kuala Lumpur

FOR foreigners looking to buy property in Malaysia, the weaker ringgit comes as a boon. It may be still too early in the day, but realtors hope to see a pick-up in interest.

Malaysia Institute of Estate Agents Johor chairman S Vadeveloo said: "If the ringgit continues to trend lower over the next two to three weeks, I foresee some Singaporeans might think it's a good time to buy."

In the past week, the currency has slipped 2.34 per cent against the Singapore dollar, going from 2.566 to some 2.62 at present. Against the greenback, it has tumbled by a more pronounced 3.3 per cent, to hit a five-year low of 3.45 to the dollar.

Other regional currencies have also been hit by the rising demand for the US dollar, which has gained on the back of better economic data, falling oil prices and a projected interest rate rise.

In the region, the ringgit and rupiah have taken the brunt of the fall in value, dipping over the past six months by 5.6 per cent for the ringgit and 6 per cent for the rupiah.

But Malaysia's central bank expects the currency weakness to be temporary, as oil prices are projected to improve in the mid-term. The oil-producing nation's revenues would thus be less affected than initially thought.

Given the proximity between Malaysia and Singapore, many Malaysians have observed the erosion of the ringgit with increasing dismay and alarm. In the past 18 months, the ringgit has lost a considerable tenth of its value against the Singapore dollar.

While the majority of Malaysians are likely to struggle more because of imported inflation, those earning other currencies such as the Singapore dollar can benefit from the shrinking currency. Long queues were spotted at Causeway moneychangers this week, as many took advantage of the favourable exchange rates to snap up ringgit.

Mr Vadeveloo, noting that some people may think that now would be a good time to invest in Malaysian property, added, however, that an exchange rate of 2.4 to 2.6 (to the Sing dollar) was "not a big factor", unless these property-hunters have already been contemplating a purchase - particularly for owner-occupation.

As purchasing real estate is a long-term decision, he said, those buying to invest would also need to consider the big picture, including the state of the property market and the ringgit's performance in the longer-term, since their capital gains could be eroded if the currency continues to diminish in value.

Zerin Properties managing director Previn Singhe pointed out that the long-term growth and stability of the economy was more important, and that after a slow nine months, during which the cooling measures hit home, he has noticed more foreign interest in the commercial sector, especially in Kuala Lumpur, Penang and Kota Kinabalu.

http://www.businesstimes.com.sg/rea...-for-foreigners-to-pick-up-malaysian-property