greater kuala lumpur marketview...the kuala lumpur city (golden triangle + cbd) office market showed...

CBRE Global Research and Consulting

© 2013, CBRE Malaysia

(333510P) (VE(1)0232)

Greater Kuala Lumpur

MarketView

INCREASED ECONOMIC ACTIVITY, DRIVEN BY DOMESTIC

CONSUMPTION, DRIVES SECOND QUARTER GDP GROWTH

Quick stats

Q2 2013

Q2 2013

GDP 4.3% (Q2 2013)

NET EXPORTS

RETAIL TRADE

IPI 3.7% (Q2 2013)

CONSUMER CONFIDENCE

Source: [Bank Negara Malaysia (BNM)]

Chart 1: Growth in GDP and Domestic Demand

GDP and

Domestic Demand: Q2

2013 y-o-y

Real GDP Growth 4.3%

Private Consumption 7.2%

Public Consumption 11.1%

CPI 1.8%

Distributive

Trade: Q2 2013 q-o-q y-o-y

Wholesale

Trade

RM109,2

85 million

Retail

Trade

RM75,69

9 million

Net

Exports -41.6%

Exports

(Q1)

RM169,4

66 million

Imports

(Q1)

RM152,9

13 million

Monetary and

Banking:

Q2

2013 y-o-y

Base Lending Rate 6.53%

Loans Approved

(Residential

Properties)

RM31,1

87

million

Exchange Rate

RM1.00 to US$

(e.o.p.)

0.3228

Malaysia’s economy grew

stronger in Q2 2013

Malaysia’s GDP expanded slightly by

4.3% (Q1 2013: 4.1%) in the second

quarter of the year, but decreased

year-on-year (Q2 2012: 5.6%).

This is mostly attributable to pre-

election government spending and

an increase in economic activity after

the May 2013 polls, although the

figure was still below economists’

consensus expectations of 4.9%.

It should be noted that Malaysia’s

current account surplus fell sharply

to RM2.6 billion in the second

quarter (Q1 2013: 8.7 billion) mainly

due to declining exports and strong

imports. The government has since

announced its intention to take

certain steps, including sequencing

large investments that have high

import content, increasing Malaysia’s

competitiveness and diversifying

export markets, to reverse this

situation.

As a result of these external

concerns, the central bank cut its

forecast for full-year growth to 4.5%-

5.0% from 5.0%-6.0%.

Domestic demand expected to

outpace Malaysia’s GDP

Amidst a challenging external

environment, domestic demand is

expected to continue being the driver

of Malaysia’s economic growth, with

growth in domestic demand

projected to outpace overall GDP

growth in the second half of 2013.

Domestic demand growth will be

supported by the implementation of

projects under the various economic

transformation programmes. In

addition, a rise in consumerism and

favourable labour market conditions

are expected to continue supporting

consumer spending.

At the same time, escalating levels of

household debt fuelling this demand

raise concerns. Nevertheless, a

more encouraging outlook is

provided by positive consumer and

business sentiment.

As at June 2013, inflation was stable

at 1.8% (May: 1.8%) after an

increase from 1.7% in April 2013.

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OFFICE

Continued leasing activity provides

encouragement

The Kuala Lumpur City (Golden Triangle + CBD) office

market showed encouraging signs of life during the

review quarter as vacancy rates decreased to 12.7%

(13.2% as at Q1), on the back of some notable leasing

activity. Continued evidence of the ongoing flight to

quality came in the form of an oil and gas major leasing

over 200,000 sq ft of office space in Integra Tower, the

recently completed prime office building within MGPA’s

Intermark integrated development.

Overall, there was no change in average gross asking

and passing rents for selected Grade A office space in

the city, at RM8.10 psf and RM7.10 psf respectively.

Long-awaited Shell and CIMB buildings ready

As at Q2 2013, the total supply of office space in Greater

KL stands at about 91.1 million sq ft, a sizeable change

from Q1’s 89.2 million sq ft and up 5% y-o-y.

The second quarter of 2013 witnessed the completion of

4 developments, all located outside KL City: Menara

D’Damansara (253,000 sq ft of NLA), Plaza 33, i.e. the

2nd phase of Jaya 33 (530,840 sq ft), and Menara CIMB

(609,000 sq ft) as well as Menara Shell (538,617 sq ft)

located in KL Sentral.

There were no office completions in KL City during the

quarter and none are expected until 2014; overall, large-

format, high-quality city-centre office completions

between now and 2017, when the first phase of TRX is

scheduled to be completed, appear limited.

At least 2.53 million square feet of office space (in 9

buildings) will be completed during the second half of

2013. 3 buildings are located in Petaling Jaya (at least

750,000 q ft of NLA), 2 in Shah Alam (475,000 sq ft), and

4 in suburban areas of Kuala Lumpur: Commerce One

on Old Klang Road (201,620 sq ft), Menara LGB in TTDI

(414,119 sq ft), Sentral Vista (250,000 sq ft) and 1

Sentrum (440,000 sq ft) in KL Sentral/Brickfields; hence,

supply in suburban areas will represent 50% of all the

completed projects in Greater KL over the next 6

months.

The significant amount of supply completions in KL

Sentral since 2012 has driven up vacancy rates in

surburban areas, and we expect that it will take some

time for this new supply to be absorbed.

2014 supply to exceed 2013’s

Our latest figures show that as much as 6.27 million

square feet of new office space will be completed in

Greater KL in 2014, although a considerable amount of

this supply is located in strata-title or secondary

buildings. Nevertheless, the market is set to remain

poised in favour of tenants for the near future.

FLIGHT TO QUALITY CONTINUES

Chart 2: Total Greater KL Supply

Chart 3: Breakdown of KL Supply by Area

Chart 4: Future Supply by Location

Source: CBRE Research



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OFFICE

Market defined by activity in suburban areas

Although vacancy rates increased in suburban areas,

those in Outer Klang Valley (i.e. Selangor) showed

improvement from 19.4% in Q1 2013 to 17.7% in Q2

2013. Despite this and the earlier-mentioned leasing

activity in the city centre, however, the overall Greater KL

vacancy rate registered 15.0%, up from 14.4% last

quarter.

Integra Tower and Menara LGB benefitting from

large lettings

Notable city-centre transactions during the quarter

included the aforementioned letting in Integra Tower, a

move we understand will be phased throughout the rest

of the year, as well as the relocation of Fuji Xerox into

Menara Binjai, and LHDN taking up 100,000 sq ft in

Menara Olympia on Jalan Raja Chulan.

The ongoing ‘flight-to-quality’ continues with Deloitte

having announced their move out of Damansara Uptown

1 to relocate to Menara LGB in early 2014. The

willingness of large corporate occupiers, especially

MNCs, to relocate to newer buildings with higher

specifications has been evident since at least 2010,

when companies could be seen leaving older buildings

along the Jalan Sultan Ismail strip for newer, higher

quality completions around the KLCC precinct, such as

GTower and Vista Tower.

Malton’s acquisition of Pusat Bandar

Damansara land is resolved, as Petaling Jaya’s

V Square is included as part of settlement

Among the 5 investment transactions recorded during

Q2 2013, the most significant involved the disposal of a

20-storey commercial office building identified as Block 1

of V Square, along with 964 car park bays, in Petaling

Jaya, sold to Bukit Damansara Development (indirectly

owned by Johor Corp.) by Khuan Choo Property

Management (a subsidiary of Malton Berhad).

This transaction was directly related to the acquisition of

9.6 acres of prime land (plus existing buildings) by IESB,

in majority owned by the major shareholder of Malton

(Pavilion group), Datuk Desmond Lim. The complex

transaction, which has a reported value of RM700

million, consists of RM500 million cash plus 266,667 sq ft

of office space within the redeveloped Pusat Bandar

Damansara. The transfer of V Square was undertaken in

exchange for a portion of this in-kind office space, with

the remaining 80,000 sq ft to be transferred once the

PBD redevelopment is complete.

This resolution brings to an end a three-year legal battle,

and we understand the PBD redevelopment will include

at least 2 office and 3 residential towers and a suburban

retail mall.

Chart 5: Kuala Lumpur Vacancy Rates

Chart 7: Grade A Capital Values




Chart 6: Grade A Passing Rents

INCREASED LEASING ACTIVITY OFFERS ENCOURAGEMENT

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Retail Supply

The total retail supply in Greater KL remained at 48.33

million sq ft as of 2Q 2013, as there were new completions

during the period. Notable malls due to be completed this

year include Cheras Sentral Shopping Centre (developed

by Mayland Properties), which is approximately 50% let and

due to open in November this year, Nu Sentral (a MRCB

and PNB Joint Venture), about 70% pre-let and due to open

end-2013/ early-2014, and Encorp Strand Mall (developed

by Encorp), which was due to open in June but has now

been pushed back to end-2013.

Looking further ahead, the two largest malls due to come

onto the market in the near future include IOI City Mall

(1.35 million sq ft) and Empire City Mall (1.8 million sq ft).

The former is reportedly on track to open end-2014, while

the latter was due to be completed by end of 2014 but has

now been delayed to 2015.

Occupancy and Prime Rents

As at 1H 2013, occupancy rates in city centre malls

continued rising, although those in suburban malls declined

slightly. The average occupancy rate remained at 91%.

Popular malls continue to demonstrate a high level of

occupancy (circa 95%) whereas malls that are located

further away, or not as well designed nor as well managed,

have lower occupancy rates.

Prime rents increased by around 2%, with the highest rent

in the city centre at RM155 psf, and in the suburbs at RM48

psf. There are also outstanding rent reviews for 2013, and

we expect to see further increases in rents.

In other news

The iconic British toy store Hamleys announced they will

open their first store in Kuala Lumpur in December 2013,

following a franchise agreement with a local retailer.

Hamleys was founded in London over 250 years ago, and

has over 30 stores worldwide. They hope to open 6-7 stores

in Malaysia and Singapore over the next 10 years.

Malaysia was intermittently affected by the yearly ‘haze’

caused by wildfires in Sumatra. In Paradigm Mall for

example, it was reported that there was a slight increase in

mall traffic and slightly better sales for F&B outlets.

With Malaysia also having held general elections on 5th

May 2013, overall effects on the retail industry of the

aforesaid events have yet to be determined.

The overall sentiment is that the market has become more

competitive, and this is reflected in rental levels and

increased incentives demanded by retailers (e.g. fit-out

contribution). However, South East Asia still remains very

lucrative for many retailers based in Europe/USA/Australia,

and there has been a steady flow of new-to-market retailers

(e.g. H&M) entering the Malaysian Market.

FOREIGN RETAILERS CONTINUE TO ENTER THE MARKET RETAIL

Chart 8: Retail Supply

Chart 9: Average Occupancy Rate

Chart 10: Prime Retail Rental Index




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Renta

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Q4 1

995 =

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70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

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City Centre Suburbs Klang Valley Average

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RESIDENTIAL NEW REGULATIONS TO CURB HOUSEHOLD EXPOSURE

Chart 11: BNM: Residential loan applications & loan approvals

Source: [Bank Negara Malaysia (BNM)] Restriction on pre-approved loans

On 5th July 2013, The Central bank (BNM) announced a

set of measures aimed at avoiding excessive household

indebtedness and to reinforce responsible lending

practices by key credit providers. These measures, which

take effect immediately, are:

a) Maximum tenure of 10 years for financing extended

for personal use;

b) Maximum tenure of 35 years for financing granted

for the purchase of residential and non-residential

properties;

c) Prohibition on the offering of pre-approved personal

financing products.

However, the limits on financing tenure will not affect

applications made before 5th July 2013.

On 11th July 2013, BNM maintained the Overnight Policy

Rate (OPR) at 3.00% during its MPC Meeting. This has

resulted in BLR remaining at 6.60%, with a typical

mortgage rate of BLR minus 2.2%-2.4%.

In the Monetary Policy Statement, BNM has indicated

that domestic demand is expected to continue to support

economic growth amid a continued moderation in

external demand. However, the sustained weakness in

the external environment may affect overall growth

momentum. Going forward, private consumption is

expected to remain steady, underpinned by income

growth and stable labour market conditions. Capital

expenditure in domestic-oriented industries and the

ongoing implementation of infrastructure projects will also

support investment activity.

Total loans applied for purchase of residential property

reached record highs at RM112.7 billion in the first 6

months of 2013, up 16.5% from the corresponding period

of 2012. This was mainly due to the surge in applications

during the months of March-June 2013, when the RM20

billion mark was breached monthly, with the exception of

May 2013.

Loan approval rates also recorded an all-time high of

RM55.2 billion during the same period, an increase of

21.9% from 1H 2012. However, banks continue to remain

cautious on residential mortgages approvals, with

approval rates registering 49% for the first quarter of

2013, albeit a slight improvement from 47% during the

same period in 2012.

Developers launched a number of new projects in Kuala

Lumpur during the first six months of 2013, especially

during the later stages of the period. These projects

combine for a total of over 3,200 units and include

prominent developments such as The Horizon

Residences (Jalan Tun Razak), RuMa Hotel &

Residences (Jalan Kia Peng, KLCC), Four Seasons

Place (Jalan Ampang, KLCC), The Mews Serviced

Residences (Jalan Yap Kwan Seng KLCC), Pavilion

Hilltops (Mont’Kiara), TTDI Ascencia (Taman Tun Dr.

Ismail) and others. Most of these new launches recorded

strong take-up rates, and it appears some pricing

benchmarks may be tested, with the Four Seasons Place

in KLCC priced at an average RM2,750psf and Pavilion

Hilltop in Mont’Kiara reportedly reaching prices of

RM1,000psf.

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Limited growth in new supply

The total existing supply of residential properties in

Greater Kuala Lumpur stood at about 1.77 million units

as at end-Q2 2013, with landed residential properties

accounting for 43.5% of the total stock, followed by non-

landed properties at 34.9% and low-cost housing at

21.6%.

Supply growth since end-2012 has been minimal (less

than 1.0%), part of a wider slowdown in supply growth

seen since 2006; we partly attribute the growth in capital

values seen in many areas of Greater Kuala Lumpur

since 2009 to this decline in new starts. Although the

numbers of new starts have rebounded since 2011, they

remain below the level seen during 2003 – 2007.

Scarcity of development land

About 75.7% of all the residential units in Greater Kuala

Lumpur are located in Selangor, with the remaining

24.0% and 0.3% located in Kuala Lumpur and Putrajaya

respectively. Putrajaya, the country’s administrative

capital, accounts for just over 4,740 units which are

primarily for the housing of civil servants.

Kuala Lumpur and its suburbs have grown at a rapid

pace, causing development land to become scarce and

in turn driving up capital values for many areas in

Selangor. New residential developments are being

located further and further away from the city centre, with

an increasing level of development seen in the southern

portion of Greater KL, forming a growth corridor linking

the city with Putrajaya/Cyberjaya and down to KLIA.

Previously overlooked areas such as Semenyih, where

SP Setia have recently launched a project and where

Sime Darby and Country Garden own large tracts of

land, are poised to see a marked increase in

development activity in the near future.

Nearly all incoming units are in construction

stage

As of Q2 2013, a total of 196,092 units were classified as

incoming supply, defined as units for which construction

permits have been approved (whether or not construction

has begun). The breakdown of the units by location is

more or less similar to the existing Greater KL unit

distribution.

186,581 units are deemed to be under construction,

implying that construction works have begun on 95.1% of

the units with construction permits.

This increase in new starts suggests that the overall

Greater KL housing market is now poised for a period of

stabilisation, with the period of significant growth in

capital values seen since 2009 being replaced by an era

of more gradual increases.

HOUSING MARKET SET FOR PERIOD OF MODERATION

Chart 12: Greater KL residential supply

LC = Low-cost; p = Preliminary

Source: [Department of Valuation, Ministry of Finance]

Chart 13: Incoming supply

Chart 14: 2012 Average transaction value



HOUSING

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Increase in luxury high-rise developments

Of the 42,979 units of high-rise developments

(condominiums and serviced residences) in Kuala

Lumpur valued at or above RM500 psf, about 35% are

considered to be ‘luxury’ (valued at RM800 psf and

above).

While the majority of new launches are in suburban

areas, there are also a number of upcoming new

developments in the KLCC vicinity, including projects

such as KL Trillion Serviced Apartments and Verve

Suites @ KLCC among others. The Mont’Kiara vicinity is

also seeing an increase in new launches, with projects

such as Pavilion Hilltop, Residensi 22 @ Mont’Kiara, Sun

Kiara Condominium, Kiara 163 Serviced Residence,

Weida Mont’Kiara and others due to be launched in the

near future.

During the review period, there were two new

completions in Mont’Kiara, i.e. Kiaramas Danai (287

units) and 28 Mont’Kiara (460 units). It is estimated that

as many as 6,484 units of high-end condominiums will be

completed in Kuala Lumpur during 2H 2013.

Improvement in secondary market activity

Activity in the secondary market remained moderate

during 1H 2013 and this trend is expected to continue

throughout 2H 2013. We have seen a slight increase in

the average price for secondary transactions of

condominiums in the areas of KLCC, Bangsar, and

Mont’Kiara (up 2.18% q-o-q to RM785psf during the

review quarter), primarily in older schemes in Bangsar as

well as Mont’Kiara, although activity appears to have

picked up in KLCC as well, with investors returning in

search of opportunities.

With ongoing speculation that BNM may curb developers’

ability to offer certain incentives such as DIBS (developer

interest bearing scheme), it will be interesting to see what

effect this has on the secondary market, assuming that

primary sales activity slows as a result. We believe that

such a restriction should spur sales of secondary units to

some degree, although the overall effect should not be

significant.

Rental rates remain flat

The rental market remained weak, although the rental

rate stayed firm at about RM3.32psf per month q-o-q. We

are seeing lower asking rents for some developments in

the study area, especially for larger units facing

increased rental competition from newer, more

reasonably (smaller) sized units.

Average asking rents in KLCC are about RM3.80psf per

month, while those in Bangsar and Mont’Kiara are

RM3.25psf per month and RM2.90psf per month,

respectively.

MORE HIGH-END CONDOMINIUMS IN THE PIPELINE

Chart 15: High-end condominium supply

Chart 16: Average capital values

Chart 17: Asking rental rates

Source: [CBRE Research]



CONDOMINIUM

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Increased tourist arrivals

Incentives announced during the 2013 budget appear to

have borne fruit as tourist arrivals rose by 15.9% y-o-y,

from 5.6 million for the period of January to March 2012

to 6.5 million for the same period in 2013. To recap, the

tourism sector has been allocated RM358 million (USD

$111.9 million) within the framework of ‘Visit Malaysia

2013/2014’ and is expected to attract 26.8 million tourists

by 2014.

Other incentives announced include a three-year income

tax exemption for local tourist operators who handle

more than 1,500 domestic or 750 foreign tourists

annually.

Steady incoming hotel supply

As at Q2 2013, the total supply of 3- to 5-star hotel rooms

in Kuala Lumpur remained at 26,921 keys, unchanged

from the previous quarter.

Completions in the immediate future include the 3-star

168-room Wolo Hotel, the 5-star 513-room Pullman

Kuala Lumpur Bangsar Hotel and 354-room hotel suites

within The One @ Bukit Ceylon development. These

1,035 rooms are expected to be completed by end-2013,

increasing the hotel supply by 3.8%.

Moving forward, 2014 will see expected completions of

1,299 rooms, equivalent to 4.6% supply growth, spread

across 5 properties. Notable completions include the 5-

star 160-key St Regis Hotel which will also house 48

serviced apartment suites (as well as branded

residences for sale), along with the 4-star, 203-room

Holiday Villa Kuala Lumpur located along Jalan Mayang

within KL City Centre.

Opportunities in affordable segments

The hotel sector remained healthy during Q2 2013, with

average occupancy rates for 5-star hotels increasing by

723 bp from 67.8% in Q2 2012 to 75.1% in Q2 2013.

Occupancy rates for 3-star hotels also increased y-o-y

from 57.1% in Q2 2012 to 60.8% in Q2 2013, although 4-

star hotels saw a slight decrease in occupancy rates.

Average room rates (ARR) for 3-, 4- and 5-star properties

were RM119 (USD $37), RM236 (USD $74) and RM354

(USD $111) respectively, with an average room rate

across all three segments of RM263 during Q2 2013.

Encouragingly, although 4-star occupancy rates declined

slightly, ARR for this segment improved by 1.7% q-o-q.

Given the cost associated with building new luxury

properties, we believe the 3- and 4-star segments offer

better prospects, especially as the number of modern

internationally-branded 3- and 4-star properties in the city

centre is limited.

HOTEL WOLO, PULLMAN AND OTHERS NEARING COMPLETION

Table 18: KL hotel snapshot Q2 2013

Chart 19: 3-5-star hotel supply & occupancy

Source: [JPPH / MIHR / CBRE Research]

Chart 20: 3-5-star hotels (ARRs)

Source: [MIHR / CBRE Research]

5-star 4-star 3-star

Total supply (units) 12,479 7,988 6,454

New supply (units) - - -

Occupancy rates

(%)

75.1% 66.9% 60.8%

Q-o-q change (pts) 190 pp (17 pp) 373 pp

Y-o-y change (pts) 723 pp (460 pp) (51 pp)

Average room

rates (RM / night)

354 236 119

Q-o-q change (%) 0.0% 1.7% (12.5%)

Y-o-y change (%) (1.3%) 1.3% (1.7%) Source: [JPPH / MIHR / CBRE Research]

40.00%

45.00%

50.00%

55.00%

60.00%

65.00%

70.00%

75.00%

80.00%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Occu

pan

cy (

%)

Su

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ly (Ro

om

s)

Supply (JPPH) Occupancy

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AR

R (

RM

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5-star 4-star 3-star

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SERVICED APARTMENT ASCOTT SENTRAL DUE TO BE COMPLETED IN 2H 2013

Table 21: KL serviced apartment (SA) snapshot

Q2 2013

q-o-q

change

(%)

y-o-y

change

(%)

Total supply (units) 5,889 0.0% 6.1%

Average

occupancy rates

(%)

71.1% 6.8% 0.2%

Average room

rates (RM / night)

281 (1.1%) 2.1%

RevPAR (RM /

night)

200 5.7% 2.3%

Chart 22: SA supply & occupancy


Chart 23: SA ARR and RevPAR


Steady serviced apartment growth

As of Q2 2013, the supply of serviced apartments in

Kuala Lumpur remained unchanged at 5,889 units in 33

serviced apartment developments.

The two serviced apartment developments which are

expected to be completed by year-end are still on track.

This will add a further 307 units (+5.2% of total stock) to

the market. These developments are the Lanson Place

Bukit Ceylon (150 units) and the Ascott Sentral Kuala

Lumpur (157 units), which should be completed in Q3

and Q4 2013 respectively.

We continue to receive queries from serviced apartment

operators eager to increase their Malaysian portfolios,

and we expect to see more such developments in the

near future. In particular, some midtown/ suburban areas,

such as Damansara Heights, Bangsar and Mont’Kiara,

where existing supply is quite limited, appear to be of

interest to major operators.

Robust serviced apartment performance

Average occupancy rates for serviced apartments was

recorded at 71.1% during the quarter, representing a

increase of 6.8% compared to 66.6% in the previous

quarter.

Average room rates (ARRs) saw a slight decrease from

RM284 to RM281.

We note that, this performance came despite General

Elections being held during the review period, resulting in

a moderate decline in commercial activity.

Hospitality Sector Outlook

Generally, the Kuala Lumpur hospitality market continued

to be resilient during the second quarter of 2013, driven

by increased tourist arrivals, as the overall performance

of the hotel and serviced apartment sectors remained

stable compared to the previous quarter.

With much of the concern about political uncertainty that

have been present for the past year seemingly resolved,

it remains to be seen what impact this has on tourist

arrivals and business activity. A number of prominent

developments are due for completion over the next 12

months, and the performance of these properties, plus

their impact on existing stock, will have to be monitored

closely.


60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

72.0%

74.0%

76.0%

78.0%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Occu

pancy

Rate

s (%

)

Se

rvic

ed A

part

ment S

upply

(Ro

om

s)

Supply of SA Occupancy Rate

RM0

RM50

RM100

RM150

RM200

RM250

RM300

RM350

RM400

2007 2008 2009 2010 2011 2012 Q1 2013

Q2 2013

Rat

es

(RM

)

ARR REVPAR

10

Q2

20

13

Gre

ate

r Ku

ala

Lu

mp

ur | M

ark

etV

iew


(333510P) (VE(1)0232)

CONTACTS

Nabeel Hussain

Associate Director

Research & Consultancy

Level 9, Menara Millennium

Jalan Damanlela, Bukit Damansara

50480 Kuala Lumpur, Malaysia

t: +603 2092 5955 ext 126

e: [email protected]

For more information about this Kuala Lumpur MarketView, please contact:

Fong Kean Hwa

Vice President

Residential Research




t: +603 2092 5955 ext 162


Lek Chay Tong

Assistant Vice President

Retail Research




t: +603 2092 5955 ext 134


Ridhwan Radzi

Senior Research Executive

Hospitality Research




t: +603 2092 5955 ext 134


Nur Hamizah

Research Executive

Economic Research




t: +603 2092 5955 ext 147


Global Research and Consulting

This report was prepared by the CBRE Malaysia Research Team which forms part of CBRE Global Research and

Consulting – a network of preeminent researchers and consultants who collaborate to provide real estate market

research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe.

Disclaimer

© 2013, CB Richard Ellis (Malaysia) Sdn Bhd. Information herein has been obtained from sources believed reliable.

While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation

about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions,

assumptions or estimates used are for example only and do not represent the current or future performance of the

market. This information is designed exclusively for use by CBRE clients, and cannot be reproduced without prior

written permission of CBRE.

Julien Hives

Assistant Vice President

Office Research




t: +603 2092 5955 ext 156


greater kuala lumpur marketview...the kuala lumpur city (golden triangle + cbd) office market showed...

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