Even if owners are willing to rent, the average occupancy rate for existing luxury condominium in KL has been on a downtrend since 2008 except for the Kenny Hills area, according to C.H. Williams Talhar & Wong’s Property Market Report 2012. “In the first half of 2012, the average occupancy rate further decreased by about 5% to 61.6%.
This is because new units were entering the rental market at a faster rate than the slower projected demand from working expatriate professionals entering Malaysia.
Furthermore, many more luxury condo units will be completed in the Klang Valley this year, says the report. “Approximately 6,113 units by 25 developments are expected to be completed by 2013, giving the total cumulative supply registering at 29,038 units by 2013.”
