2022年第三季房產市場報告

隸屬財政部的國家產業資訊中心（NAPIC）發佈《2022年第三季房產市場報告》，我國整體及各州滯銷房產都有所減少，意味供需失衡問題有所改善，而檳州依然是全馬滯銷公寓單位最多的州屬。

根據報告，我國今年首季滯銷房產為3萬5592間，第二季減至3萬4092間，第三季進一步減至2萬9534間；首季至第三季減幅17.02%。

全國首3季減幅17.02%

滯銷房產總價值方面，從首季224億4700萬令吉，減至第三季199億4961萬令吉，減幅11.13%。

以州屬來看，柔佛是今年第三季滯銷房產最多的州屬，有5348間。接著依序是檳州（5222間）、雪蘭莪（4386間）、吉隆坡（3362間）、沙巴（2645間）、霹靂（2400間）、彭亨（1197間）、砂拉越（1176間）、吉打（1133間）、森美蘭（945間）、馬六甲（597間）、登嘉樓（527間）、吉蘭丹（442間）、布城（71間）、納閩（48間）及玻璃市（35間）。

以價位段來看，100萬令吉以上的滯銷單位最多，有4464間。其他價位段則是10萬令吉以下1117間、10萬至20萬令吉2215間、20萬至30萬令吉3763間、30萬至40萬令吉4389間、40萬至50萬令吉4267間、50萬至60萬令吉3571間、60萬至70萬令吉2387間、70萬至80萬令吉1013間、80萬至90萬令吉1286間及90萬至100萬令吉1062間。

全國滯銷房產類型以公寓單位佔最多，有1萬8195間；接著是兩層至三層樓排屋（4560間）、兩層或三層樓半獨立式半獨立式房屋（1518間）及單層排屋（1206間）。

根據NAPIC給予的定義，在獲得完工及落成准證後的9個月內無法售出的產業，就會被歸類為滯銷產業（Property Overhang）。

新樓盤放緩推出

檳州是滯銷公寓單位最多的州屬，有3897間，佔全國1萬8915間滯銷公寓單位的21.9%。但相較今年首季的4344間滯銷公寓單位，檳州如今的滯銷公寓單位已有所減少。

綜合各類型房產，檳州的滯銷房產數量從今年首季5816間、第二季減至5508間、到第三季進一步減至5222間。發展商這期間普遍都放緩推出新樓盤，讓市場先消化房產庫存。

北馬另兩個州屬即吉打和玻璃市，同樣呈現滯銷房產減少的趨勢。

吉打的滯銷房產從今年首季2472間、第二季減至1971間、到第三季進一步減至1133間；在房產市場相對沒那麼活躍的玻璃市，滯銷房產從今年首季67間，在今年第三季減至35間。

第三季最貴房產交易 隆公寓單位賣944.6萬

根據NAPIC報告，我國今年第三季最貴房產交易涉及位於吉隆坡的一間公寓單位，價格達944萬6000令吉。

雪蘭莪最貴的房產交易則涉及八打靈縣一間獨立式房子，價格為680萬令吉。至於檳州最貴的房產交易則是在東北縣的一宗公寓交易，價格為200萬令吉。

另外，我國房產交易中位價今年連續三季提高，從首季29萬5000令吉、第二季32萬令吉、到第三季33萬令吉，顯示我國房產市場的購買力有回升之勢。

檳州房產交易中位價也同樣呈現上升勢頭，從首季31萬3000令吉、第二季33萬令吉、到第三季34萬5000令吉。這意味在今年第三季，檳州有一半房產交易是在34萬5000令吉以下，其餘一半交易則在這價位以上。

交易中位價（Median Price）是比起平均價（Mean Price）較適當用來衡量整體房產價格的指標，因為平均價容易受到高價房產交易拉高。

Property launches and sales in Peninsular Malaysia drop during 1H2022

Property developers in Peninsular Malaysia reported a 26% decline in unit launches and a 5% sales drop in the first half of 2022 (1H2022) from the second half of last year (2H2021), according to Real Estate and Housing Developers’ Association.

Rehda’s survey of 150 respondents released on Wednesday (Oct 12) found that 7,843 units were launched in 1H2022, of which 45% or 3,549 units were sold in the same period.

The association’s president Datuk NK Tong, who presented the data, said sales performance has trended downwards because 50% or 5,303 units were sold in 2H2021 from the 10,665 launched units during then.

The majority of launches in 1H2022 were residential properties at 94% or 7,287 units. Commercial properties made up the remaining 6%, Tong said.

The most launched property type in 1H2022 are two- to three-storey terraced houses at 3,884 units, followed by serviced apartments (1,783 units) and single-storey terrace houses (495 units), he said.

The most sold property type in 1H2022 is also the two- to three-storey terraced houses (2,365 units), with most of them located in Seremban, Negeri Sembilan and Jasin, Melaka.

Trailing at a distance in sales are commercial units at 367 units and single-storey terrace houses at 331 units.

First-time homebuyers made up almost half of property buyers in 1H2022 at 42%, followed by upgraders at 36% and investors at 21%, Tong said.

The top purposes for bought units are for self-dwelling (46%) or for family members (29%).

Most of the residential launches in 1H2022 were priced at RM250,001 to RM500,000 (53%), while most of the unsold units were priced at RM500,001 to RM600,000 (29%).

The top reasons for unsold units are end-financing loan rejections, unreleased Bumiputera lots and either high pricing or low demand.

Many developers also struggled with financing issues (87%) in 1H2022, of which 78% of respondents faced end-financing issues for buyers and 13% faced bridging financing issues.

In terms of business operations for developers, the overall cost of doing business has increased an average of 17% in 1H2022.

He pointed out that at least 24% indicated that they are “highly affected” or “severely affected” by the current economic scenario.

Respondents said the top cost components affecting cash flow in 1H2022 are material and labour cost, compliance cost and land cost, Tong shared.

可负担屋 严重滞销

国内整体产业领域在2021年第四季总成交量达9万9462宗，比起上一季激增62.3%。

住宅产业的交易量高占整体产业总成交量66.2%，是众产业次领域当中最为活跃的一个。

整体产业总成交值则录得468亿5000万令吉，比起上季的总额激增高达30.1%。显而易见的是，我国产业领域在整体上有着非常显著的复苏迹象。

雪州住宅滞销创新高

截至去年第四季，我国仍有3万6893住宅单位滞销，涉及总值227亿9000万令吉。

雪兰莪州去年第四季住宅单位滞销数量创下6095单位的新高，超越了之前一直是全国滞销最严重的柔佛州，成为全国住宅产业滞销最多的州属。

整体而言，柔佛在这季滞销住宅达6089单位，上一季的6509单位仍是有过之而不及。

其他住宅滞销的州属，包括槟州5493单位、吉隆坡3908单位、沙巴州2933单位，以及霹雳2748单位等。

吉隆坡滞销改善

从过去几季报告观察中，吉隆坡的住宅滞销情况已大幅度改善。随着国门今年4月1日全面重开，吉隆坡的住宅产业今年有望吐气扬眉。

雪州滞销住宅从上一季的3376单位激增至6095单位，增幅高达80.5%。从这些种种迹象看来，我国发展商在对房市复苏之路的信心满满，与房产投资者的持续观望看似却大相径庭。

越来越多百万豪宅卖不出

另一边厢，售价介于100万令吉的滞销住宅从去年第三季的3748单位增至4653单位，增幅24.1%，而在总值方面则从79亿增至92亿2000万令吉。

同时，售价介于50万至100万令吉的住宅滞销数量最多，达1万1139单位。

无论如何，随着我国已步入后疫情时代，100万令吉住宅滞销情况将在今年改善，主要是海外高端人士有望再次到我国进行投资置业。

可负担屋竟占三成

始料不及的是，去年末季的滞销住宅单位当中，售价低于30万的住宅单位竟占了31.5%。

然而，像这一类可负担房屋的严重滞销情况是前所未有，这也是在过去8年来的产业评论中未曾看过的。

难以想象的是，这类房屋滞销数量从7743单位飙升至1万1610单位，涉及总值21亿8000万令吉。

供过于求？

整体上，售价低于30万的滞销住宅单位从第三季到第四季竟暴增了49.9%，情况的确是令人感到担忧，毕竟过去几年，我国政府一直主打可负担房屋政策，除了之前拥屋计划（Home Ownership Campaign，简称HOC）的10%折扣优惠（直到2021年底），还有印花税减免等种种刺激房产销售措施。

然而，如今这类售价低于30万的住宅单位严重滞销，显而易见的是，可负担房屋在我国已严重供过于求。

有鉴于此，政府应重新检讨可负担房屋政策，包括是否必要兴建更多可负担房屋，抑或是探讨新方案，以刺激可负担房屋的销量。

Large supply of prime high-rise residential units expected for 2022 - JLL

An influx of prime high-rise residential properties is expected in 2022, adding further pressure on capital values, according to JLL Property Services (M) Sdn Bhd as reported by The Sun Daily on Apr 27.

The daily quoted researcher and consultant Eva Soo, who during a webinar at the JLL Q1'22 Real Estate Market Perspective said that the incoming large supply is mainly due to delays in completion over the past two years due to the economic restrictions brought on by the pandemic.

She added that this will lead to an increase in unsold properties over the next few years before the market adjusts itself. However, the present all-time-low interest rate of 1.75% would encourage investors to return to the market.

The capital value stood at RM953 psf as of Q1 2022, while the average asking rent at RM2.95 psf per month.

According to JLL Greater Kuala Lumpur property market monitor Q1’22 report, residential capital value growth declined 2.5% quarter-on-quarter (q-o-q) and average rent declined 2.3% q-o-q.

The market yield was at 3.02%, generally lower than other asset classes.

Prime high rise residential stock in Greater KL, covering KL City and extending towards Mont'Kiara, Damansara Heights, Bangsar, and Mid Valley was 51,000 units.

Additionally, the overall unsold rate is still considered quite healthy at 3.55%, said Soo.

Meanwhile, the ending of stimulus packages such as the Home Ownership Campaign and loan moratorium has led to a reduction in demand.

“The ending of the incentives has limit the demand for the residential market, but only for a very short term when talking about prime high rise residential,” said Soo, adding that the zerorisation of Real Property Gains Tax has encouraged many property owners to put their property on sale in the secondary market.

“As we see an increase in the primary market and at the same time, probably supply in the secondary market, capital values will likely compress quite a bit in this year," she noted.

Softer new launches; rise in residential overhang

 Transaction volume of properties rebounded in 2021 following a contraction in 2020. Based on the National Property Information Centre’s (NAPIC) Annual Property Market Report 2021 this month, property transaction volume increased

modestly by 1.5% YoY to 300,497 units in 2021, driven by higher number of transactions in residential, commercial and industrial properties (Exhibit 2). This was 91% of the pre-pandemic level in 2019. Although this represented a moderate annual increase in transaction volume, the property transaction value in Malaysia rose to RM144.9bil in 2021, the highest level since 2017 (Exhibit 3). The stronger growth in transaction value was contributed by higher percentage of transactions in residential and industrial properties priced over RM1mil.

By state, Selangor is largest contributor to the total property market transaction volume at 20%, followed by Perak and Johor with 12% each.

 Lowest residential new launches since 2007. In 2021, Malaysia’s property market saw the lowest number of new residential unit launches at circa 44,000 units since 2007 (Exhibit 5). Developers pulled back on new launches due to a softening property market and higher unsold inventories, resulting in a 6.7% decrease in new launches compared to 2020.

On a positive note, the sales performance of new launches improved to 39% in 2021 from 29% in 2020. We expect the conservative trend of property launches to continue in FY22F as most of developers (except Mah Sing Group and Lagenda Properties) have guided prudent sales targets for FY22F which were lower than FY21 actual sales. Selangor had the highest number of new launches in the country, followed by Johor and Perak (Exhibits 6 & 7).

 New residential launches dominated by terraced houses. In terms of types of property, terraced houses (60.1%) dominated new residential launches. This was led by single-storey houses (10,667 units), followed by 2-to-3-storey terraced houses (15,705 units) and the launch of high-rise properties, mainly condominiums/apartments (12,018 units). The latter made up a share of 27.4%.

 Rising residential overhang contributed largely by high-rise properties. YoY, residential overhang rose to 24.7% to 36,863 in units and RM22.8bil (+20.5%) in value as at December 2021 (Exhibit 8). Selangor still has the largest residential overhang. This was followed by Johor, Penang and Kuala Lumpur (Exhibit 10).

In terms of the overhang by type of properties, condominium/apartment units were the highest at 20,505 (55.6% of the total) followed by terraced houses at 7,839 (21.3%).

 Selected developers fared well in the affordable segment. The affordable housing projects of Mah Sing Group (Mah Sing) and Lagenda Properties (Lagenda) have achieved good take-up rates for their recent projects due to the fact that the projects are at strategic, established and underserved locations.

 Luxury high-rise property remains a concern. The overhang status in residential properties priced between RM500K and RM1mil is concerning, accounting for a significant share of the nation’s total residential overhang in units (30%) and value (33%) (Exhibit 9), with the bulk of them in high-rise residential properties. Meanwhile, serviced apartments accounted for 73.2% of the commercial property overhang in Malaysia.

 Diversified portfolios to mitigate the impact of residential overhang which is largely made up of high-rise units. The majority of developers under our coverage (except Mah Sing and Lagenda) have more than half of their properties priced above RM500K in their portfolios. However, with a diversified portfolio and stronger focus on landed properties with prices below RM1mil, these developers are seen as able to mitigate the impact of the residential overhang which comprised largely high-rise units.

 Lower impact on landed projects in Johor from stricter Malaysia My Second Home (MMSH) programme. Generally, foreign buyers tend to purchase apartments and rarely opt for landed properties in Johor. Hence, we believe the stricter criteria for the MMSH programme and the oversupply of high-rise residential units in Johor have lower impact on Johorbased developers such as UEM Sunrise (UEMS) as the company focuses more on landed property development. UEMS’ recently launched landed properties projects in Johor (Serimbun, Aspira ParkHomes, Aspira Gardens, Senadi Hills) have been well received with take-up rates ranging between 73% and 100%.

 Marginal increase in house prices. In 2021, the Malaysian House Price Index (MHPI) rose slightly by 0.6% YoY to 201.5 points (Exhibit 11). Continuous demand for terraced houses supported the stable growth in the Terraced House Price Index of 2%, while there a slight decline in the price indices for High-Rise (-0.2%), Semi-Detached (-0.1%) and Detached (-3.3%) Houses. In 2022, we expect property prices for new projects to increase at a higher rate as some of the developers (whom we have recently met through virtual meetings) plan to pass on a portion of the cost increase of building materials to buyers in order to preserve their margins.

 We reiterate our NEUTRAL stance on the property sector. In 2023, we expect a gradual recovery in property transaction volume with improved market sentiment post-lockdowns and higher property demand following the reopening of international borders. However, we expect property developers’ operating margins to be compressed in 2022 as a result of a prolonged supply chain disruption which has led to heightened building material costs. We are also concerned on the pre-existing affordability issue in the housing market, which has intensified since the Covid outbreak as consumers’ disposable income has been impacted.

 Our top BUY is Sunway (fair value RM2.27) given the strong brand recognition established by its highly successful landmark developments and expanding healthcare business, supported by substantive unbilled sales and outstanding order book. We like Lagenda (FV RM1.90) due to its focus on underserved landed affordable housing development in second-tier states with a large population of B40 and M40 income groups. We also like Mah Sing (FV RM0.93) for its focus on affordable housing developments at strategic locations as well as its savvy execution and quick turnaround business model.

NAPIC：去年逾220亿房产滞销

大马投资银行（AmInvestment Bank）引述马来西亚国家房产资讯中心（NAPIC）数据，2021年全年有逾220亿令吉的滞销房产，比2020年冠病第一年多了将近25%！其中，又以公寓的滞销情况最为普遍，比率超过所有滞销房产的一半。

滞销房产中雪州占最多

大马投资银行指出，2021年全马共有3万6863间房产滞销，总值达22亿8000万令吉，比2020年增加24.7%，其中又以雪兰莪有最多滞销房产，接着是柔佛、槟城与吉隆坡。

在总值逾220亿令吉的滞销房产中，超过一半是公寓与组屋，滞销数量达2万505间，占所有滞销房地产的55.6%，接著是排屋有7389间，占21.3%。

至于房价方面，该银行指50万至100万令吉的滞销房产已经达到令人担忧的情况，约占滞销房产的30%，其中又以高端房产占最大宗。

“另外，服务式公寓的滞销情况也相当严重，占了73.2%滞销房产比率。”

大马在2021全年仅进行了约4万4000间房产交易，是2007年以来最低的纪录。

由于市场买气低靡，因此发展商纷纷推迟新房产计划，导致去年全年的新房产项目，比2020年减少6.7%，不过新房产的买气却比2020年的29%更高，达39%。

A guide on rental income tax for residential properties

 CHELSEA J. LIM / EDGEPROP.MY

With a fast approaching deadline on April 30, many will be rushing to complete our tax filing. As you tick off your checklist, you may wonder if you have missed out any taxable items. If you are a property owner who have leased out your premises, do you know you need to declare your rental income as well? 

For those who are unaware, here are some tips in navigating through rental income taxation. 

What is rental income tax? 

Having bought properties for investment purposes, you may mistake the rental returns as investment gains that are tax-exempted, but unfortunately, any rent received is to be declared as taxable income. 

Set under a separate category, rental income tax comes with its own progressive tax rates that range between 0% and 30%. It is also calculated on a net basis, where all claimable expenses can be deducted.

What are the deductible expenses?

From the total payments you receive from your tenant within the assessment period, you are entitled to some deductible expenses:

• Assessment tax 

• Quit rent

• Fire insurance premium

• Expenses incurred on rent collection

• Expenses incurred on rent renewal

• Expenses on repairs and property maintenance

• Interest on home loan

• Maintenance fee for strata properties

Landlords, take note that these expenses are only claimable with a legal tenancy agreement. Don’t forget to keep the original receipts for all the claimable expenses. 

How to calculate net rental income

Your net rental income is derived after deducting the amount you have spent on the property’s upkeep as listed above. 

As an example, let’s say you have leased out your condominium unit with a monthly rental of RM1,000 for a one-year tenure. If the tenancy agreement starts from January 2021, you will calculate the contract term until year end. If the tenancy starts in February, then the taxable term is 11 months. You have also spent on an annual fire insurance for RM150, assessment tax for RM500, quit rent for RM50 and property repairs of RM5,000. 

Gross rental income	Rent per month	RM1,000
	Tenancy starts in January	12 months
Deductible expenses	Fire insurance	RM150
	Assessment tax	RM500
	Quit rent	RM50
	Property repairs	RM5,000
Deductible total		RM5,700
Net rental income	(Monthly rent x contract term) - Deductible expenses.   (RM1,000 x 12) - RM5,700 = RM6,300

Based on the example above, RM6,300 is the amount taxable under rental income.

Are there any tax incentives? 

You may have heard of tax incentives, where special deductions are given to landlords who give at least 30% rental discounts to their tenants to tide them through the Covid-19 pandemic.

While the incentives earlier covered only rental reductions provided for small and medium enterprises (SME) from April 1, 2020 to March 31, 2021, it was later expanded under the PERMAI Assistance Package introduced on Jan 18, 2021 to include non-SME and for a period up to June 30, 2021.

However, the “non-SME” refers to businesses such as “a bazaar lot, stall, vehicle park, storage warehouse” (https://lom.agc.gov.my/ilims/upload/portal/akta/outputp/1709370/PUA354_2021.pdf), and not residential leases. 

So the answer is no, there are no exemptions for residential rental income. So, remember to file your taxes accordingly if you want to avoid any penalties from the Inland Revenue Board (LHDN).

保修期满房屋下沉，可告？

房屋受到广泛损坏，是因为房子下沉了。

在缺陷保修期（Defect liability period）过后，买方或购屋者能否就手工是否精细的问题，起诉发展商、建造商？买方是否能因为缺陷而终止买卖合约？

在 Teh Khem On & Anor. V. Yeoh & Wu Development Sdn. Bhd. & Ors 的案件中，高庭认为，缺陷保修条款并不会剥夺对在缺陷保修期内无法发现的此类缺陷，而提出诉讼的权利。

案情摘要：保修期满房屋下沉

1 原告签订房屋买卖协议，购买由第一被告（发展商兼卖方）建造的一栋双层排屋，总价为7万8500令吉（以下原稿简称 “买方”，第一被告简称“卖方/发展商”）。

2 与本判决相关的协议条款如下：

(房屋买卖协议第12条文) 所述建筑物应按照规格及有关当局或其他主管当局批准的计划，以良好手工方式建造，这些规格和计划已被买方接受和批准，正如买方在此认同……

(房屋买卖协议第23条文) 建筑物中的任何缺陷、收缩或其他缺陷，在空屋持有权（vacant possession）日（即移交屋子与锁匙当天）算起的 12个月内变得明显，并且是由于手工或材料缺陷，或未按照有关当局批准的上述规格和计划所造成（视情况而定，修改或未修改），应由卖方在收到买方的书面通知一个月内，自费进行修理和修复。

3 在领取房屋锁匙后，买方发现，房屋倾斜并正在下沉。

4 买方搬离房屋，要求解除买卖协议、退款（房屋购买价格）、违约金等。

5 买方也进一步要求，发展商针对有关房屋发展项目建筑师和工程师因设计和监督疏忽所造成的损害，作出赔偿。

6 被告辩称他们不会对此负责，因为有关损害是在买卖协议中规定的12个月缺陷保修期届满后发生的。

法庭判决：发展商须负责维修

1 关房屋的上述损坏，是由于房屋的下陷所致，主要是由于建造房屋的建筑工地填充物太厚，所造成的差异沉降，而且是由松散的粉质沙组成，不够密实。房屋下陷也是由于打桩不足所致，而且随着房屋持续下陷，房屋受到的破坏是广泛且持续的。

2 在签署房屋买卖协议后，发展商与买方已拥有合约上的直接关系。买卖协议没有规定，房屋的下陷不在合约涵盖范围以下，很明显的，发展商违反协议第12条款，该条款规定房屋必须以良好和熟练的方式建造。

3 缺陷保修条款并不剥夺对在缺陷保修期内无法发现的此类缺陷提出诉讼的权利。即使缺陷是在缺陷保修期内发现的，提供修复相同缺陷的明确补救措施条款，也不会剥夺任何买方在卖方违反合约的情况下，按照普通法享有的权利。

4 由于买方已全额支付了购买价，房屋所在的土地已经转让给买方，但房屋在完成土地转让后出现下陷，买方仅有权针对明显和隐约违反合约条款所造成的损失，要求损害赔偿，但不能解除合约。在本案的情况下，损害赔偿的衡量标准是修复缺陷的成本，即微型桩 （micro-piling）的估计成本。此外，由于调查房屋损坏原因的报告和专家的费用已得到证明，所支付的费用应被允许。

结论：买方无权解除买卖协议

1 即使是缺陷保修期过后，发展商仍需对物业的手工品质负责。

2 缺陷保修条款是对买方的额外保障，无法阻止买方在缺陷保修条款失效后，向发展商索赔。

3 对于物业的缺陷，买方有权要求损害赔偿，但无权解除买卖协议，除非有关损害本质上已经抵触房屋买卖协议，且涉及买卖协议的根本。

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林国强律师
林国强律师事务所资深合伙人