Leasehold Land are Renewable

The tenures of all leasehold land are renewable, unless the land is needed by the government for public usage.

所有租赁土地的使用权是可续期的，除非政府需要有关土地用于公共使用。

Govt reviewing proposed 30-year age threshold for ageing buildings

The government is reviewing the proposed 30-year age threshold for buildings under the Urban Renewal Bill to ensure it better reflects technical, economic and social realities, says Housing and Local Government Minister Nga Kor Ming.

He said the ministry is studying the best way to set the threshold, taking into account building conditions as well as technical, economic and social factors.

Nga was responding to Datuk Seri Dr Wee Ka Siong (BN–Ayer Hitam), who asked why the ministry chose 30 years when Public Works Department standard JKR 20800:2020 states that building structures should have a working life of at least 50 years.

He explained that the 30-year figure was never meant to represent a building’s full structural lifespan. Instead, it is a general indicator of when many buildings start to show signs of ageing and become less suitable for modern use.

This includes physical wear and tear, outdated designs or technology, higher maintenance costs and failure to meet current safety or regulatory standards.

Physical deterioration depends on materials, soil conditions and maintenance, while functional issues can appear within 20 to 30 years — for example, older walk-up flats without lifts that no longer meet residents’ needs.

From an economic point of view, some buildings become uneconomical to maintain once operating and upkeep costs exceed their market value, usually after 30 to 40 years depending on location and market conditions.

Nga said buildings aged 25 to 40 years often need major repairs, those between 40 and 60 years may require full renewal or redevelopment, and non-heritage buildings around 70 years old are usually considered outdated unless well maintained.

He noted that existing law already recognises the need for checks as buildings age. Under Section 85A of the Street, Drainage and Building Act 1974, high-rise buildings must undergo visual and structural inspections 10 years after the Certificate of Completion and Compliance (CCC) or Certificate of Fitness is issued, and every 10 years after that.

These inspections must be carried out by a professional engineer and submitted to the local authority.

He said the requirement for inspections every decade shows that a 50 to 60-year design lifespan alone does not guarantee safety or liveability, as these depend heavily on maintenance, management and environmental conditions.

Nga added that by the time a building reaches around 30 years old, internal systems such as lifts, water tanks, wiring, piping and sewerage usually start to deteriorate. The situation is worse in poorly managed strata properties, including some less than 30 years old.

He stressed that any change to the age threshold will be made carefully to avoid placing unnecessary financial pressure on residents.

“The ministry will ensure that any policy introduced does not place an unreasonable burden on occupants, whether in terms of maintenance or new development,” he said.

交易量降 成交额稍升 大马房市依然稳定

2023上半年房地产市场报告时指出，今年上半年的房地产成交量超过18万4000宗，成交额达853亿7000万令吉。交易量比去年同时期稍为降低了2.1%，成交额则稍为上升1.1%。

我国在今年第二季取得2.9%的经济增长，令上半年的经济增长达4.2%，这符合政府的预测，即我国将在今年达到4至5%的经济增长，通货膨胀率从今年5月的2.8%下降至6月的2.4%，而同时期的失业率也从3.5%降低至3.4%。

住宅次领域继续引领房地产的市场活动，交易量占62.4%，交易额则占52.5%；其次为农业次领域，交易量占19.8%，交易额占19.6%。

与去年同时期相比，住宅次领域和农业次领域的市场活动分别下滑1.0%和12.4%，不过，商业次领域和土地发展的交易量分别增加16.0%和1.4%，交易额则分别上升19.5%及7.3%。

2024年财政预算案会有房屋课题，例如住房课题和租赁房屋等课题，以及政府为了协助人民拥房而提供的援助等。

大部分滞销住宅单位为售价50万令吉以上，反映出国内房价太高以致巴生河流域有许多人买不起房屋。

根据马来西亚国家房产信息中心（NAPIC）发布的2023上半年数据，今年上半年，国内总共有2万6286个住宅单位滞销，总值高达183亿令吉。

柔佛是滞销单位最多的州属，达4717个单位，其次为雪兰莪的4307个单位，总值皆超过40亿令吉；霹雳则有3333个滞销单位。

房产估价及服务局（JPPH）指出，与去年同时期相比，滞销住宅单位和价值分别下降了5.3%和0.6%。

在滞销住宅单位当中，有8536个为售价介于50万至100万令吉的单位，总值达57亿6000万令吉，占滞销住宅单位的32.5%。

其次为售价低于30万令吉的住宅单位，达7036个或26.8%，总值达14亿9000万令吉，售价介于30万至50万的滞销住宅单位则有6669个或25.4%，总值达26亿8000万令吉。

至于售价超过100万令吉的滞销住宅单位则有4045个或15.4%，总值达83亿7000万令吉。

至于未售出的在建住宅单位则有5万4844个，与其年同时期的5万7659个单位相比，减少了4.9%。

未出售的未建住宅单位达7927个；吉隆坡有最多未出售的在建和未建住宅单位，达1万1567个，雪兰莪（9653个）和霹雳（8404个）紧随在后。

另一方面，服务式公寓次领域的滞销单位达2万2497个，价值达191亿3000万令吉，比去年同时期分别减少6.2%和5.2%。

其中，在柔佛总共有1万3366个单位滞销，占全国滞销单位的59.4%，雪兰莪有5450个（24.2%），吉隆坡则有2689个（12.0%）。

滞销的服务式公寓当中，高达65.7%或1万4784个为售价50万至100万令吉的单位，总值111亿6000万令吉。

其次为售价超过100万令吉的单位，达5137个或22.9%，总值达69亿9000万令吉。

商业次领域和土地发展次领域的交易量分别增长16.0%和1.4%，而住宅、工业和农业次领域的交易量分别小幅下降1.0%、2.5%和12.4%。

交易额方面，商业、工业和土地发展次领域分别增长19.5%、1.8%和7.3%，而住宅和农业次领域则分别下降1.8%和17.7%。

在需求方面，住宅和非住宅房地产需求指标也呈现出喜忧参半的趋势，用于购买非住宅产业的贷款申请和贷款批准金额，分别增长了28.0%和24.3%；而用于都买住宅产业的贷款申请金额下降5.8%，批准的贷款金额则小幅增加 1.7%。

住宅产业的交易量为11万4973宗，交易额达447亿8000万令吉，与去年同时期相比，分别微跌1.0%和1.8%，槟城、吉隆坡、柔佛和雪兰莪占全国交易量的50%。

商业产业方面，则录得1万7602宗交易，价值达167亿6000万令吉，与去年同时期相比，分别增长了16.0%和19.5%。

雪兰莪供应了全国最高的交易量和交易额，即4590宗交易或26.1%，以及44亿4000万令吉或26.5%。

新推出的房屋单位超过1万600个，与去年上半年的3万3205个单位下降了50.2%，比去年下半年的2万零913个单位减少20.9%。

新推出房屋计划的销售业绩达32.2%，高于去年上半年的14.6%，却稍为低于去年下半年的36.8%。

柔佛是最多新房屋计划的州属，达4286个单位，占全国总数的25.9%，销售业绩为34.5%，雪兰莪以2978个单位或18.0%位居第二，销售业绩为38.6%，槟城则以1632个单位或9.9%排在第三，销售业绩达64.0%。

新推出的房屋计划以排屋居多，即3489间单层排屋和4795间两至三层排屋，占总单位数量的50.1%，销售业绩为49.1%，其次为公寓单位，数量为5126个单位或31.0%，销售业绩为27.8%。

至于马来西亚房价指数（MHPI），则是继续以温和趋势上涨。截至今年第二季度，MHPI为 212.3，同比增长2.2%，但比今年年第一季度的215.8下降了 1.6%。

在今年上半年，国内商业综合空间的入住率分别为76.6%，而去年同时期的入住率则是75.7%，其中，吉隆坡和雪兰莪的入住率分别达82.8%和79.2%，柔佛和槟城则分别为70.0%和72.9%。

今年上半年的特建办公楼入住率达79.0%，包括1578栋私人建筑（面积达1837万零380平方公尺）以及1013栋政府大楼（面积达615万5509平方公尺）。

Residential property overhang improves

Malaysia's residential property overhang recorded an improvement, with a total of 28,286 overhang units worth RM18.3 billion recorded in the first half of 2023 (1H2023), down by 5.3% in volume and 0.6% in value against the same period last year.

Of the 28,286 units, Johor continued to have the highest number with 4,717 units, followed by Selangor with 4,307 units.

58% of the overhang was condominiums and apartments. In terms of the price range, almost half of these properties cost more than RM500,000 per unit.

There were 22,497 overhanging units of serviced apartments worth RM19.13 billion in 1H2023, down by 6.2% in volume and 5.2% in value compared to the same period a year earlier.

Meanwhile, the outlook for the office sector remains challenging due to high vacancy rates. Although occupancy rates have improved, there is still a significant amount of unoccupied office space in the country, indicating an imbalance between supply and demand in the market.

The average occupancy rate of offices was 72.4%, up from 70.8% in 1H2022. Despite the higher occupancy rate, there was 5.06 million sq m of vacant office space, more than half of which was in Kuala Lumpur.

As for the retail sector, the country had more than 17.4 million sq m of commercial space available, with only 4.08 million sq m occupied. The occupancy rate, however, increased from 75.7% to 76.6%.

隆市高级公寓供需失衡

建材涨价令房屋成本和价格首当其冲

大马房地产发展商公会(REHDA)主席拿督童银坤日前透露，4大建材洋灰、钢铁、铝和砖，平均价格增涨逾20%，高劳动力成本使得建筑成本平均增加17%，大部分发展商会选择提高房产售价（63%）、其次是减少赚幅（55%），以及采用更有效率的材料（53%）等。

根据大马莱坊的《2023年上半年产业市场报告》显示，今年上半年吉隆坡高级公寓或服务式公寓的房源供应达到7万4053套，其中有6个项目已竣工，为现有的供应再添3298套单位。同时，今年下半年也有数个项目展开，总共增加7312套单位。

今年上半年，吉隆坡高级公寓或服务式公寓的平均呈交价格，较去年同期小幅下降约1.3%，其中肯尼山和满家乐地区的房价上涨，反观吉隆坡市中心和孟沙的平均交易价格则略有下降。

此外，安邦希里尔、宁丹路和白沙罗高原地区的屋价保持稳定。

外劳短缺拖慢工程

另一家跨国产业咨询公司仲量联行(JLL)今年第二季产业市场监测报告也显示，吉隆坡高级公寓已竣工项目中，存有大量的库存未出售的情况，影响发展商新项目的交付速度。

“建筑成本扬升和外劳短缺问题，以致发展商成本上扬，进而拖慢工程的进度。

“多个原定今年竣工的项目，也正式宣布竣工日期延至明年，我们也预测还有多个原定今年交付的项目，可能会推迟至明年。”

尽管如此，吉隆坡今年预料将交付逾5000间高级住宅，按年激增40%。

仲量联行指出，今年次季吉隆坡5个新的高档住宅项目中，3个项目即白沙罗Fifty6、Trinity Pentamont和Sentral Suites已交付，总库存增加了1820个单位。

由于国内利率在冠病期间持续下调，这些项目纷纷录得不俗的销量，97%单位已售出。

“今年首季按揭申请显示强劲的增长和复苏，但4月有所减弱，而5月房贷申请反弹至3月份的水平，但未对高级住宅市场需求产生积极的影响。”

高级住宅租金下跌

至于住宅售价和租金，基于外国专才的需求已过了高峰期，加上国内高级住宅的需求仍低迷，促使次季的高级住宅租金下跌。

此外，高级住宅售价今年首季稍增1.5%后，第二季下跌2.9%。

在升息的情况下，高级住宅市场靠外籍买家支撑，本地买家对经济变化保持敏感和谨慎，相信是本地投资者需求疲弱，导致高级住宅售价下跌的主因。

展望未来，仲量联行预测，鉴于今年及明年交付项目的销售比率相当高，这意味着新增供应的市场风险较低，因此高级住宅售价将适度增长。

推优惠配套吸引买家

眼看市场走势不妙，高级公寓发展商纷纷使出浑身解数，刺激市场买气。

发展商和房地产经纪人积极向政府反映国内房地产发展项目的处境，并建议政府能重新检讨马来西亚我的第二家园计划(MM2H)和大马高级签证计划(PVIP)，以吸引外资、海外人才退休人士移居大马，拉动高级住宅市场。

向政府喊话外，也有发展商推出优惠配套，如现金回扣、零利息、低首付、免费橱柜等吸引买家进场。

不仅如此，发展商在开发项目下足功夫，提升数字化、环境、社会和监管(ESG)指标、绿色空间和可持续性已成为不可或缺重要关键。

以UEM阳光（UEMS，5148，主板产业股）发展的The Minh为例，是本地首个主打西贡风情的豪华度假公寓项目，融合越南文化与法国殖民风格设计，毗邻隆市武吉满家乐，占地6.2英亩，发展总值达9亿7900万令吉，主打中高收入群和外国投资者为目标客户。

两栋公寓共496个单位，具备私人电梯、多功能阳台与青少年套间外，也设有充电桩设施，以满足电动汽车驾驶者充电的需求。

该项目5月推出，第一栋公寓的认购率就达到了70%，项目预计在2027年交付。

还有另一个例子，森那美产业（SIMEPROP，5288，主板产业股）与印度在线家居设计平台Livspace联手合作，通过全新的数字化体验，为旗下服务式公寓项目提供“零麻烦”(hassle-free)和客制化室内设计，打造梦想家园的概念。

大马莱坊认为，在内需回升、就业改善及有利的房屋政策支持下，虽然面对借贷成本扬升和通胀压力，从减少新项目推出能看出，发展商保持谨慎态度。

租客不搬 该怎么办？

问：我几年前已经退休，现在是一个“包租公”。现在我面临了一个问题，简单来说就是租客在租约期限满了之后不愿意离开我的物业。事情是这样的，我和该租客签署了3年的租约以出租我的一家小型工厂店铺，就在上个月期限满了。虽然租客表示它还有意愿继续租下去，但是价格就谈不妥。因为他不是要求维持租金，而是要求减价，更过分的是他现在缴付的租金还是减价后的租金！他还说他的机械已经安装好了，如果拆除至少需要2至3个月的时间。其实已经有别的租客以更高的价格想租我的小型工厂店铺，请问我该怎么办？

答：在马来西亚的房地产租聘合同简单来说可以归类于2大类型：

（1）固定期限租约（Fixed Term Tenancy）

（2）周期性租约（Periodic Tenancy）

固定期限租约一般上的期限为6个月、1年、2年和3年不等，一旦签下就不能无缘无故或没有根据合同的情况下解除合约或退房，一旦没有根据合约，后续的租金也必须要照样缴付，或负责可能因为退租而对屋主导致的损失（例如：空出期间的损失违约金等）。

相反地，周期性租约是指没有设定期限的租赁协定，它较具有弹性和轻松，任何一方只需给予对方合理的通知就能够解除合约了。

在一般的情况下，如果最初的固定租约到期而租客继续租赁，该固定租约会自动转换成周期性租约，就好像你所诉说的情况。

在这情况下，你可向租客给予正式的书面通知叫他搬离工厂并且缴付租约上的租金。如果该租客没有在你所给予的限期内搬离，那么身为屋主的你是可以入禀法庭向他要求索赔，因为他的行为（在通知期满后仍然留在工厂）已是“入侵者”。

不能强行驱逐

话虽如此，身为屋主的你虽然拥有合法权利终止租约并且收回工厂，但是你不能直接强行驱逐租客而必须获得法庭所给予驱逐租客的判决才可以。

简单来说，你不能直接驱逐租客、换锁或闯入房屋并扔掉租客的物品。

实际上来说，屋主必须耗费几个月的时间才能获得将租户驱逐出产业的法庭判决，这可能让屋主很无奈。

再换另一个方面想，屋主仍然可以从另一方面获得少许安慰。如上面所说，在屋主给予“终止通知期”满后，租户就成为了房产的侵入者。然后，租客是有责任向屋主支付所谓的“中间收益” （Mesne Profit）。

一般来说，法院会接受并以双倍租金作为合理的“中间收益”征收，用来补偿屋主（可以参考Syed Ahmad Al-Junied & Ors v Reshty[1969]的这一个案件），我相信这个中间收益应该可以补偿你的损失了。

S P Setia-Mah Sing Semenyih land deal

For S P Setia, the developer expects to free up RM278 million of cash and a gain on disposal of RM31 million.

The deal announced by developer S P Setia Bhd on Monday (June 19) pertaining to the divestment of 500 acres of freehold land in Semenyih, Selangor to peer Mah Sing Group Bhd for RM392.04 million, has been viewed positively by analysts in general.

The land has an estimated gross development value (GDV) of RM3.3 billion, and will be developed as an integrated township to be named Glengowrie Estate, Mah Sing's largest township in the Klang Valley.

According to preliminary plans, Glengowrie Estate will be developed with two-storey landed homes, amenities and commercial lots. The residential homes will be priced from RM446,800 indicatively.

The proposed development is expected to commence by the third quarter of 2024 (3Q2024), and developed over eight- to 10 years. Registration of interest for the project, which is aimed at potential buyers living in Semenyih, Kajang, Seri Kembangan, Bangi and Seremban, is expected to start in 2024.

'A sweet exchange'

Research house UBS said in a note on Tuesday (June 20) that the land deal is a beneficial arrangement for both parties, as S P Setia’s plan to monetise assets is paired with Mah Sing’s balance sheet strength and affordable brand positioning that would drive earnings accretion.

For S P Setia, the developer expects to free up RM278 million of cash and a gain on disposal of RM31 million. The deal is targeted to complete in 2Q2024. This means that earnings will continue to be dragged by higher interest costs in the financial year ending Dec 31, 2023 (FY2023), with meaningful progress in FY2024. The research house thinks S P Setia’s net gearing (excluding redeemable convertible preference shares) could hit 0.4 times by FY2024 (1QFY2023: 0.56 times).

As for Mah Sing, this is its third land bank deal in 2023 that is affordability-focused and deemed to be earnings-accretive. The deal breaks down to RM18 psf, which UBS thinks is an attractive land rate. It also believes units in the project can likely be sold faster than the initial time frame of eight- to 10 years, which should ease concerns over the holding cost of the land on the developer’s balance sheet.

Mah Sing also expects its net gearing to be largely stable. With the deal expected to close in 2024, it will be receiving free cash flow of RM400 million/RM541 million across the financial year ending Dec 31, 2023 (FY2023)/FY2024. UBS does not discount the chances of more to come.

UBS has a "buy" call on Mah Sing with a target price (TP) of 80 sen, and a "sell " call on S P Setia with a TP of 55 sen.

S P Setia still an 'outperform' for PublicInvest Research

In another note on Tuesday, PublicInvest Research maintained its earnings estimates for S P Setia, pending completion of the land deal, while maintaining its "outperform" call and TP of 95 sen, which is pegged at an about 60% discount to book value.

The sale, said PublicInvest, shows S P Setia’s commitment to right-size its huge land bank of about 7,500 acres, with an estimated GDV of RM128 billion, as well as its burdensome debt load. The research house believes that the land disposal could reduce the developer’s net gearing from 0.56 times to 0.53 times. S P Setia further aims to lower it to 0.5 times by end-FY2023, which will be supported by the sale of non-core assets such as land and investment properties, with an estimated total value of RM5 billion.

Meanwhile, Hong Leong Investment Bank (HLIB) Research in note on Tuesday maintained its "hold" rating of S P Setia, with a TP of 53 sen, based on an 89% discount to its estimated revalued net asset value (RNAV) of RM4.84.

Even though the research house is neutral on the land sale, it expects the deal to lower the group’s net gearing to 76.8%, from 79.8% as of March 31, 2023. The expected gain on disposal of RM31 million is quite low, in HLIB’s view, at only 7.9% of the transacted price, compared to the developer’s gross profit margin of 23.9% in FY2022.

Land acquisition seen as positive for Mah Sing

HLIB, however, is positive on the land acquisition for Mah Sing, given: i) the attractive acquisition price, with a land cost-to-GDV of 11.9%; ii) time and cost savings as some of the infrastructure work was done, and some infrastructure costs were already paid; and iii) swift time-to-market, with the launch targeted for the second half of 2024.

The research house expects the group’s net gearing to increase to 32.4% from 20.1% as at March 31, 2023, while its remaining GDV will increase to RM24.6 billion from RM20.82 billion as at March 31, 2023.

HLIB made no changes to its forecasts, maintaining its "buy" call on Mah Sing with an unchanged TP of 86 sen, based on sum-of-parts valuation.

Higher TP for Mah Sing

MIDF Research too, in a note on Tuesday, kept its "buy" call on Mah Sing, and revised up its TP to 78 sen from 75 sen, based on an unchanged 65% discount to RNAV. It thinks the active land acquisition by Mah Sing would support its new property sales outlook and earnings visibility in the near term. In addition, the estimated dividend yield is also attractive at 5.7%.

As Mah Sing intends to fund the land acquisition through a combination of internally generated funds and bank borrowings, MIDF expects its net gearing to increase to 0.31 times, from 0.2 times in 1QFY2023. The research house sees limited earnings impact in the near term, as the project is expected to launch only in 2024. Thus, MIDF made no changes to its earnings forecasts.

At the time of writing on Tuesday, Mah Sing was 1.5 sen or 2.5% higher at 61.5 sen, giving it a market capitalisation of RM1.49 billion. S P Setia, on the other hand, was unchanged at 52 sen, with a market value of RM2.12 billion.

后疫情最畅销二手产业 雪柔有地住宅表现看俏

展望2023年，预计二手住宅的成交量将增加，其中，雪州和槟城价格约50万令吉的高楼住宅的需求将持续上升。随着马来西亚最近宣布首购族享有印花税全免的优惠，希望购屋者能把握这项奖励，从而带动二手住宅市场的稳步发展。

根据产业网iProperty.com.my今天公布吉隆坡、雪州、槟城和柔佛州最畅销二手产业项目的数据，有关资料来自产业估价及服务局（JPPH）。

这些创下最高成交量纪录的产业项目是于2021年7月至2022年6月期间成交，并有助于人们了解我国在后疫时代，尤其经济复苏期间，消费者的购屋喜好。

在此期间，最畅销的产业都属于永久地契房屋。在二手产业市场的成交量方面，雪州和柔佛的有地住宅表现令人鼓舞，尤其是面积超过1100平方尺的房屋。

吉隆坡特定的热销产业主要座落在绿意盎然的环境，并且备有各种便利设施，这显示购屋者非常重视宜居因素。另外，柔佛的有地住宅继续在该州占主导地位。

吉隆坡最热销的有地住宅—购屋者向往座落在自然环境附近的奢华有地住宅。

1.敦依斯迈花园（排屋）
-成交量（63）
-屋价中位数150万令吉
-面积中位数1800平方尺

2.白沙罗岭或白沙罗高原（独立式洋房）
-成交量（46）
-屋价中位数500万令吉
面积中位数7782平方尺

3.大城堡（排屋）
-成交量（46）
-屋价中位数66万令吉
-面积中位数1760平方尺

4.旧巴生路华联花园（排屋）
-成交量（38）
-屋价中位数80万令吉
-面积中位数1647平方尺

5.甲洞武吉马鲁里花园（排屋）
-成交量（37）
-屋价中位数74万令吉
-面积中位数1873平方尺

吉隆坡成交量最高的两个产业项目分别座落在高档社区敦依斯迈花园（TTDI）和白沙罗高原，屋价中位数超过150万令吉，主要吸引富裕购屋者的卖点是环境翠绿，容易出入市中心。

敦依斯迈花园以63笔成交量位居榜首，这个上层和中层阶级居住的城镇，其产业多为永久地契；另外，录得49笔成交量的白沙罗高原里都是1970年代的高档独立式洋房，拥有复古的设计风格。

吉隆坡最畅销的高楼住宅 — 购屋者物色豪华和宽敞的共管公寓。

1.Seni Mont Kiara（满家乐）（共管公寓）
-成交量（33）
-屋价中位数236万5000令吉
-面积中位数2895平方尺

2.Royal Domain Sri Putramas 2（古晋路）（共管公寓）
-成交量（29）
-屋价中位数51万令吉
-面积中位数1238平方尺

3.The Estate（孟沙南城）（共管公寓）
-成交量（28）
-屋价中位数188万令吉
-面积中位数2519平方尺

4.Bukit OUG（武吉加里尔）（共管公寓）
-成交量（27）
-屋价中位数38万令吉
-面积中位数1,448平方尺

5.The Z Residence（武吉加里尔）（共管公寓）
-成交量（27）
-屋价中位数65万令吉
-面积中位数1238平方尺

在高楼住宅方面，吉隆坡的购屋者也追求奢华享受，2栋高级共管公寓即Seni Mont Kiara和孟沙南城The Estate凭借33笔成交量和29笔成交量跻身前三名。

这些公寓单位的面积都超过2000平方尺。此外，这2个永久地契产业项目其他卖点包括人口密度低、私人电梯门厅，并且还可以饱览城市美景。

雪兰莪最畅销的有地住宅 — 城郊区的排屋脱颖而出。

1.双文丹武吉圣淘沙（排屋）
-成交量（223）
-屋价中位数26万令吉
-面积中位数1170平方尺

2.巴生圣淘沙花园（排屋）
-成交量（166）
-屋价中位数39万令吉
-面积中位数1205平方尺

3.双文丹武吉布伦东（排屋)
-成交量（121）
-屋价中位数25万5000令吉
-面积中位数1195平方尺

4.加埔武吉拉惹（排屋)
-成交量（118）
-屋价中位数59万5000令吉
-面积中位数1302平方尺

5.万达镇（排屋）
-成交量（110）
-屋价中位数140万令吉
-面积中位数1647平方尺

雪州有地住宅成交量最高的5个地区皆坐落在城郊区，距离吉隆坡市中心大约35公里，此现象与混合式办公逐渐成为常态趋势一致，因为购屋者都想拥有一个面积较大的房屋。

在有地住宅类别排名前三的产业项目中，有2个坐落在乌鲁雪兰莪的双文丹，分别是录得223笔成交量的武吉圣淘沙，一个占地面积2411英亩的永久地契综合城镇。此外，在畅销排屋类别排名第二的巴生圣淘沙花园录得166笔成交量。

雪兰莪最畅销的高楼住宅 — 经济实惠和舒适的生活体验完美融合在这些高楼住宅。

1.Sg Long Residence（双溪龙 ）（共管公寓）
-成交量（60）
-屋价中位数57万5900令吉
-面积中位数1410平方尺

2.Venice Hill（蕉赖）（共管公寓）
-成交量（54）
-屋价中位数28万令吉
-面积中位数1539平方尺

3.Serunai Apartment（加埔武吉拉惹）（公寓）
-成交量（52）
-屋价中位数27万令吉
-面积中位数1001平方尺

4.Mutiara Heights（加影）（共管公寓）
-成交量（38）
-屋价中位数53万令吉
-面积中位数1250平方尺

5.Palm Spring（哥打白沙罗）（共管公寓）
-成交量（35）
-屋价中位数40万令吉
-面积中位数1023平方尺

雪州城郊区经济实惠及宜居的高楼住宅深受购屋者的欢迎，录得60笔成交量的双溪龙Sg Long Residence属于永久地契产业项目。排在第2位的是位于蕉赖附近的Venice Hill，其成交量达54笔，2022年也成为最值得投资的高楼住宅和2022年上半年资本增长最高的顶尖住宅项目。

槟城最畅销的有地住宅 — 槟城成交量最高的有地住宅座落在威省。

1.Putera Villas（甲抛峇底）（联排住宅）
-成交量（57）
-屋价中位数27万5000令吉
-面积中位数1130平方尺

2.Bandar Tasek Mutiara（新邦安拔）（排屋）
-成交量（42）
-屋价中位数33万令吉
-面积中位数1302平方尺

3.Taman Widuri（双溪爪夷）（排屋）
-成交量（38）
-屋价中位数18万5000令吉
-面积中位数1195平方尺

4.Bertam Perdana（ 甲抛峇底）（排屋）
-成交量（33）
-屋价中位数36万令吉
-面积中位数1540平方尺

5.Taman Merak（新邦安拔）（排屋）
-成交量（26）
-屋价中位数25万令吉
-面积中位数1001平方尺

槟城购屋者在威省倾向选择屋价低于50万令吉的产业。这些成交量显示了当地的有地住宅专为年轻的专业人士、中收入和低收入家庭而设。此外，这些产业还备有各种便利设施、交通四通八达。

槟城最畅销的高楼住宅 — 专为那些追求度假式生活的购屋者而设。

1.The Tamarind（丹绒道光）（服务式共管公寓）
-成交量（21）
-屋价中位数72万令吉
-面积中位数1047平方尺

2.Ideal Vision Park @ Tree Sparina（峇六拜）（共管公寓)
-成交量（21）
-屋价中位数58万令吉
-面积中位数1130平方尺

3.Quayside（丹绒道光）（共管公寓）
-成交量（20）
-屋价中位数195万令吉
-面积中位数2145平方尺

4.The Golden Triangle（新港）（共管公寓）
-成交量（18）
-屋价中位数50万令吉
-面积中位数1216平方尺

5.Pangsapuri Regensi Oren（北海）（公寓）
-成交量（18）
-屋价中位数59万令吉
-面积中位数1765平方尺

槟岛排名前三的高层共管公寓面向风景优美的海景，非常靠近海边。这些特点吸引了那些追求度假式生活的高收入购屋者。

柔佛最畅销有地住宅 – 新山区面积超过1300平方尺的排屋是人们首选的产业。

1.士古来大学城（排屋）
-成交量（171）
-屋价中位数30万8000令吉
-面积中位数1302平方尺

2.努沙再也依斯干达公主城武吉英达花园（排屋）
-成交量（156）
-屋价中位数58万令吉
-面积中位数1399平方尺

3.士姑来丽宁镇（Taman Mutiara Rini）T（排屋）
-成交量（111）
-屋价中位数64万5000令吉
-面积中位数1606平方尺

4.地不老实达英达（Taman Setia Indah）（排屋）
-成交量（110）
-屋价中位数50万令吉
-面积中位数1399平方尺

5.努沙再也依斯干达公主城武吉英达花园（排屋）
-成交量（99）
-屋价中位数61万令吉
-面积中位数1765平方尺

柔佛是继雪州之后，有地住宅成交量最高的州属。在5个最畅销的有地住宅开发项目中，有4个项目的成交量超过100笔。尽管疫情仍未消散，但如此高的成交量显示了购屋者愿意在发展完善的社区购买设施齐全及交通完善的房屋。

2018拍卖市场的五大重点：

#多少间房地产遭拍卖？

去年共有32,611宗拍卖案，价值约RM155.6亿。每月平均有2,717间、每日有90间房地产遭拍卖。

去年的拍卖案按年增加15.4%，拍卖房产价值按年增幅为27.6%，相较2017年的28,262宗（价值约RM122亿）。

#哪里最多拍卖案？

中马地区拍卖房地产占全马之最，累积宗数达17,212间（价值约为RM97亿），占全马拍卖房产的54%。

北马地区共有6,860宗价值约RM19亿的房地产遭拍卖；南马地区则有4,444间价值约RM23亿的房地产进入拍卖市场。

#哪一类房产最多？

遭银行拍卖的住宅房地产中超过半数（51%）为有地房产，预计价值达RM62亿。平均每月有1,180间房子造拍卖。

有地住宅中，排屋占80%，共有11,247间价值达RM34.44亿的房地产遭拍卖。

半独立洋房排名第二，去年累计1,492宗（价值约RM10.56亿）。

遭拍卖的独立式洋房累计达1,021间（价值约RM15.56亿），还有394间联排房屋，价值约RM1.51亿。

#这些拍卖房地产价值约多少？

在去年的拍卖市场中，住宅房地产宗数报27,877宗，预计价值达RM100.2亿，数量按年增加13.7%（房产价值按年扬升30.8%）。住宅房地产宗数占整体拍卖房产的85.5%。

商业房地产累计宗数达3,663宗，价值约RM40.24亿，相较2017年，拍卖案宗数按年扬升26.7%,价值则增加31.6%。

去年市场上出现1,017块价值约15.17亿的土地遭拍卖，拍卖宗数与价值按年增加24.5%以及2.4%。

#是不是有很多公寓单位遭拍卖？

共有13,723间高楼住宅单位，预计价值达RM38亿。平均来说，每个月有约1,144间高楼房产遭拍卖。

去年产业总成交额创21年新高

住宅房产销售 取得强劲增长

国家产业资讯中心（NAPIC）公布的2022年产业市场报告，捎来振奋市场的消息。去年我国的房产交易总额达1790亿7000万令吉，按年增长23.6%，房产交易量达38万9107宗，按年增长29.5%。

这么亮眼的房产交易总额，创下自2001年记录以来的最高纪录。此前的最高纪录是2014年的1610亿令吉。

2021年的房产交易总额是1448亿7000万令吉，房产交易量则是30万497宗。

根据2022年产业市场报告，住宅房产的交易量领先其他房产种类，达24万3190宗（占62.5%），交易额为942亿8000万令吉（占52.6%）。

住宅房产的销售取得强劲增长，主要由5个州属和联邦直辖区的交易带动，分别是槟城（31.1%）、柔佛（24.3%）、霹雳（18.9%）、吉隆坡（18.4%）及雪兰莪（15.9%）。

2022年，农业地交易量排第二，达8万2040宗（21.1%），依序是商用产业3万2809宗（8.4%）、发展地2万2986宗（5.9%）及工业产业8082宗（2.1%）。

虽然农业地交易量比商业单位高出两倍多，然而交易额却少于商业产业。商业产业的交易额达326亿1000万令吉（18.2%），农业地交易额则是178亿6000万令吉（10%），接着是工业产业211亿6000万令吉（11.8%），发展地131亿6000万令吉（7.4%）。

按年比较，5种类型的产业交易额都取得双位数增长。住宅产业从19万8812宗，成长22.3%至24万3190宗。商用产业从2万2428宗，提高46.3%至3万2809宗，这也是成长率最高的产业。

工业产业从5595宗，增长44.5%至8082宗。农业地从5万6730宗，提升44.6%至8万2040宗。发展地从1万6932宗，增加35.8%至2万2986宗。

新冠肺炎疫情过渡至地方流行病近一年，市场重新开放，经济活动热络、房产需求复苏等利好因素刺激下，使2022年产业领域取得辉煌交易额和成交量。然而，市场预计2023年的经济缓慢成长，房产市场的增长将保持谨慎乐观。宽松政策、政府持续扶持和执行2023年财政预算案的措施，以及第12大马计划的策略措施，都将支撑房地产增长。

Malaysia's overhang residential units dip below 30,000

A total of 27,746 overhang units were recorded in 2022, declining by 24.7% year-on-year (y-o-y) compared with 36,863 units in 2021.

Total overhang value also shrank 19.2% y-o-y to RM18.41 billion, from RM22.79 billion during the same period, according to the National Property Information Centre (Napic) in its Property Market Report 2022 released on Wednesday (March 15).

Malaysia’s residential property overhang units dropped below the 30,000-mark for the first time in two years in 2022 amid strong growth charts in total transaction volume and value in the property market.

A total of 27,746 overhang units were recorded in 2022, declining by 24.7% year-on-year (y-o-y) compared with 36,863 units in 2021. Total overhang value also shrank 19.2% y-o-y to RM18.41 billion, from RM22.79 billion during the same period, according to the National Property Information Centre (Napic) in its Property Market Report 2022 released on Wednesday (March 15).

2022 saw the lowest residential overhang and unsold units in the property market over the five-year period starting 2018. The previous low was in 2020, where 29,565 residential units were unsold after one year of completion, with a total value of RM18.92 billion.

Notably, the total residential overhang units in 2022 are led by those priced between RM500,000 and RM1 million at 33.6%, followed by RM300,000 to RM500,000 (at 29.3%) and below RM300,000 (at 23.5%) categories.

However, while properties priced above RM1 million only constitute 13.6% of the total overhang, the segment contributes to the highest value at RM7.5 billion or about 40.7% of the total overhang units value, according to Napic.

Johor remains the state with the largest number of overhang residential properties, with 5,285 units worth RM4.33 billion, accounting for 19.0% and 23.5% of the national volume and value respectively.

This was followed by Selangor (3,698 units worth RM3.36 billion), Pulau Pinang (3,593 units worth RM2.74 billion) and Kuala Lumpur (3,429 units worth RM3.15 billion).

Nevertheless, the overhang volume in all four states declined compared to last year, mainly due to the absorption of supplies in the affordable price bracket (RM300,000 and below), said Napic.

The residential sub-sector led the overall property market activity, having contributed 62.5% or 243,190 transactions to a total property transaction volume of 389,107 transactions posted last year. The segment also recorded a total transaction value of RM94.28 billion, accounting for 52.6% of the total property transaction value of RM179.07 billion.

Overall, the residential sub-sector recorded a y-o-y growth of 22.3% in volume and 22.6% in value, compared to a transaction volume of 198,812 worth RM76.9 billion posted in 2021.

Meanwhile, new launches for residential property stood at 54,118 units in 2022, higher than the 43,860 units recorded in 2021. Of the total new launches, 29,752 units are landed properties while the remaining 24,366 units are high-rise buildings.

Vacancy rates for office and malls decline

Occupancy rates for purpose-built office and retail spaces dropped in 2022.

Vacancies for purpose-built offices decreased slightly to 78.5% in 2022, down from 78.9% in 2021, while the shopping complex’s occupancy rate moderated to 75.4% from 76.3%.

Last year, the office market saw ten new completions offering new office space of 420,000 square metres (sq m), bringing it to a total of 24.30 million sq m.

There were another 1.53 million sq m (48 buildings) in the incoming supply and nearly 0.99 million sq m (31 buildings) in the planned supply, said Napic.

As for the retail sector, ten new shopping complexes were completed in the review period, adding nearly 264,000 sq m of retail space into the market, bringing the national total existing space to 17.51 million sq m.

There were another 40 complexes (1.38 million sq m) in the incoming supply with another nine complexes (35,000 sq m) in the planned supply.

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).