依斯干达特区续领风骚

去年，我国建筑领域增长主要由住宅产业带动，其中柔佛产业发展活动最蓬勃。

由依斯干达特区产业迅速发展带动，柔佛不仅受到本地发展商关注，还吸引中国发展商前来抢滩，成交表现尤其亮眼。

这个未来国际大都会的房地产走势，去年甚至超越了雪隆区。

今年，柔佛或依区能否继续一马当先？

去年成交劲扬52.7% 柔州房产续领风骚

去年，我国建筑领域增长率较2012年的18.1%显著放缓，但主要在住宅建筑活动带动下，仍取得10.9%增长。

财政部房产估价及服务局（JPPH）旗下国家产业资料中心（简称NAPIC）最新数据显示，巴生谷、槟城和柔佛的公寓和高档产业建筑活动，是去年建筑领域增长的支柱。

当中，柔佛去年的产业交易量占按年增7.1%，成交总值却劲扬52.7%，再再反映了该州的房产动力。

根据NAPIC的房地产报告，去年，整体产业市场增长动力虽放缓，交易量按年下滑10.9%，不过交易值则按年微扬6.7%。其中柔佛州的产业活动蓬勃，表现最亮眼。

比较国内其他主要城市，柔佛的房价增长率最高，达63.2%。

NAPIC数据显示，去年，全国共有38万1130项房产交易，成交总值达1523亿7000万令吉；2012年则有42万7520宗，交易值为1428亿4000万令吉。

柔佛的产业交易量就占了5万2779宗，较2012年4万9296宗，按年增7.1%。

住宅商务交易激励

柔州的房产成交总值则从167亿6581万令吉，劲扬52.7%至301亿0684万令吉，主要受到住宅、商务和发展土地的交易激励。

NAPIC的报告中也指出，今年内，柔佛州产业将持续乐观，因为产业价格将维持稳健水平。

该局预计，依区亮眼的发展趋势，将可持续吸引更多投资者，其中玛迪尼（Medini）A区和B区的住宅产业尤其公寓供应会增加；商务产业也会受到带动。

房产咨询公司威廉氏、达哈与王私人有限公司（CH WilliamsTalhar&Wong，简称WTW）也指出，去年，新山产业市场持续吸引投资者眼光。

依区截至去年10月，共取得达493亿令吉投资额，占该区自2006年推介以来，累积达1294亿令吉投资额中的38%。

绿盛世倒置收购受关注

2013年，新山房产市场的活动可说是国内最炙热，迎来了多项大型的投资交易，其中最受关注的事项有绿盛世（ECOWLD，8206，主板产业股）倒置收购活动。

绿盛世前身为富阁苑（FOCAL），由Eco World发展有限公司与丹斯里刘启盛之子刘添雄，以每股1.40令吉收购65.05%股权后，借壳上市。

富阁苑原本市值为2亿3000万令吉，在巴西古当和雪兰莪拥有地库。

而倒置收购活动前，Eco World曾以5亿3470万令吉购买柔佛613.7英亩的土地。

其他主要产业活动包括马星集团（MAHSING，8583，主板产业股）也宣布以逾4亿1100万令吉，收购巴西古当面积约1352英亩的永久地皮；怡保花园（IGB，1597，主板产业股）在新山，占地200万平方尺的Southkey美佳广场发展计划。

名校进驻刺激经济

多家名校入驻依区EduCity，为当地制造庞大的人口。

EduCity至今吸引了大马纽卡索医药大学（Newcastle University Medical Malaysia）、荷兰海事技术学院（Netherlands Maritime Institute of Technology）、大马马尔波罗学院（Marlborough Collage Malaysia）及依斯干达莱佛士大学（Raffles University Iskandar）。

该些高等学府的进驻，料进一步激励柔佛州的经济和产业市场活动。

此外，昔加末、居銮好和甘拔士（Kempas）将受惠于双轨火车工程；公共交通提升，将激励相关地区的经济和产业发展活动。

住宅单位最热

根据NAPIC，柔佛截至去年第四季，住宅产业增长率达16.6%，且产业领域即将完成的供应中，住宅产业最多，达11万8191单位。

同时，已规划好，即将兴建的住宅产业达16万8371单位；现成住宅产业达70万5329个单位。

此外，去年新推介的住宅产业达1万161个单位，按年增长13.4%，4483个单位已被认购。

销售表现也达44.1%，较2012年的43.6%好。

柔佛新推介的产业中，排屋最多，占42.8%，包括1135个单层排屋，3209个双层和3层排屋。

滞销单位少过1%

在购屋者热烈追捧下，去年柔佛州的滞销单位保持温和增长。

滞销单位从2012年的3552单位，微增加至2013年3578个单位，总值7亿1915万令吉，占产业总数少过1%。

惟随着产业价值上涨，滞销产业的价值也按年增8.6%。

兴建中，未出售的产业单位增加至1万1807个单位，按年增27.8%；未出售，且未建筑产业则达3170单位，上扬13.9%。

中国发展商抢滩

柔州产业魅力不仅在国内，也吸引来自中国的发展商，碧桂园、绿地、富力、新华联等中资发展商已陆续进军大马。

广州富力地产（Guangzhou R&F Properties）以45亿令吉向柔佛苏丹依布拉欣殿下购买新山市中心116亩的地段作商业发展项目。

碧桂园金海湾还举行“环球缤纷嘉年华”，推销旗下9000个公寓单位和占地100万平方公尺的商业中心。

另外，尽管柔佛州政府限制外国人购买100万令吉房产措施落实，并调高外国购房者手续费，由1万令吉改为缴付相等于房价2%手续费。

业界认为，外国卖家仍积极进军新山房产市场，未受影响。

将建约12万有地房产

随着新推介项目增加，新的有地产业供应将持续扩大。

去年内，柔佛州完成的有地产业达1万812单位；即将竣工有地产业则达6万319单位。

同时，NAPIC报告指出，已获得核准有地产业发展达11万9509单位。

另一方面，WTW报告显示，柔佛州双层排屋平均二手价为每平方尺240令吉，去年的交易价较2012年增长15%。

新山最早期的住宅区之一，彩虹花园的屋价已达每平方尺230令吉，百万镇与柏伶花园的平均售价则为每平方尺190令吉和160令吉。

数据显示，新兴屋业计划如五福城和浩然山庄（Horizon Hills），双层排屋的二手价，也达到每平方尺450令吉和325令吉。

围篱保安住宅热卖

在新山，围篱保安住宅俨然成为新的居家生活趋势。

双层半独立式洋房价也随着大幅增长，二手价可达每平方尺600至800令吉。

East Ledang2012年时，平均售价为每平方尺600令吉，去年已增长至700令吉；浩然山庄则从2012年每平方尺430令吉，大幅涨至700令吉。

新山一带于去年上半年推出的半独立洋房，价格介于每平方尺280至410令吉；古来一带的半独立式洋房售价则为每平方尺200令吉。

WTW报告也指出，靠近马新第二通道的Leisure Farm和Ledang Heights的半独立式洋房，售价分别从每平方尺50令吉至70令吉，和每平方尺70至120令吉起跳。

公寓如雨后春笋

在发展最蓬勃的住宅产业领域中，WTW却指出，公寓也是最热门的产业项目，去年共有超过1万8000个新单位推介。

一些位于黄金地段如金海湾、公主港和马迪尼的产业已突破每平方公尺1000令吉水平，平均售价飙涨至目前每平方尺700至1200令吉。

同时，认购率介于60%至100%。

WTW预计，柔佛新山未来1至3年内，公寓单位供应将增加2万5673个，兴建中单位占新山现有公寓数目的85%。

NAPIC资料则显示，去年，柔佛州内有1376单位服务式公寓和公寓单位竣工，即将完工的单位则达3万1659单位。

同时，新获得核准的新服务式公寓和公寓发展项目，共达4万9478单位。

公寓二手价也上涨

WTW指出，公寓单位二手价，从2012年每平方尺350令吉，涨至去年每平方尺400令吉。

数据显示，靠近新山中央医院的SriSamudera公寓，二手价最近创新高，每平方尺达540令吉。

其次是武吉英达新建竣Sky豪华公寓，二手价为每平方尺490令吉，及百合花园MolekPine公寓，二手价为每平方尺450令吉。

商务产业投资炙热

在活跃的经济活动带动下，加上产业投资炙热，去年柔佛州商务产业增长率达9.7%。

即将完成店铺达1万3884单位、工业产业则达1144单位；已获准店铺发展项目达1万4946单位，工业产业达3492单位。

但根据NAPIC报告，柔佛办公楼发展项目出现放缓迹象。去年，即将完成的办公楼有9座，可租用面积达9万7243平方米，但新获准办公楼发展计划为零。

所幸去年完成的2座办公楼，可租用面积达1万6540平方米，租用率达100%。

截至去年，柔佛办公楼有205座，总面积达102万5335平方米，达78万5934平方米出租面积，出租率平均为76.7%。

商场零售单位料稳升

商场的零售单位需求在今年预料会稳健攀升，在新山市中心商场内的黄金零售单位，租金每月介于每平方尺15至70令吉。

WTW报告指出，新山城中坊是目前商业单位租赁价最高的商场，黄金地点租金每平方尺达40至70令吉，相较于其他商场如淡杯安莎娜广场、五福城广场的首要单位，租金介于每平方尺15至20令吉。

商场的零售单位租赁率在2013年依然保持在70%以上；总供应维持在1330万平方尺，包括购物中心和霸级市场。

随着州内第四间永旺购物商场在古来投入运作，面积占地18英亩，提供可租赁的单位空间达45万7800万平方尺。

新山市中心的敦拉萨大厦（KOMTAR）重建项目预料在明年完成，Southkey Megamall广场则预料在2016年竣工。

东南亚首座“愤怒鸟”主题乐园已敲定正式落户在前身为KOMTAR的新山城市中心广场（JBCC），占地2万6000平方尺。”

二手交易市场内，新山假日广场底层零售单位成交价格，介于每平方尺1500至2400令吉；上层楼面零售单位，每平方尺介于370至460令吉。

五星酒店住客率最高

去年，新山有3间国际酒店开业，分别是公主港商贸酒店（Traders Hotel）、玛迪尼的大马乐高乐园酒店（Legoland）及百万镇的万丽酒店（Renaissance）。

这些新酒店共提供877间房间，平均房价300令吉；乐高乐园酒店房价则高达620令吉。

新山三至五星级酒店，共22间，达6434间客房。

五星级酒店有5间（2329间客房）、4星级酒店共7间（1914间客房），及三星级酒店10间（2191间客房）。

平均房价分别是230令吉（五星级）、190令吉（四星级）及105令吉（三星级）。

五星级酒店住客率最高，达72%，四星级和三星级分别是68%和63%。

WTW预计，希尔顿逸林酒店（Hilton Double Tree）2015年竣工后，客房数量将再增加。

办公楼需求稳定

WTW预计，今年的办公楼租赁率继续保持平稳，因2013年的新山办公楼需求稳定，空置率仅约25%。

黄金地段的办公楼每月租金每平方尺介于2.80至3.50令吉；市郊租金则介于1.80至2.80令吉。

二手交易量仍占少数，去年的交易价稍有微升，介于每平方尺230至350令吉，2012年则是每平方尺介于200至300令吉。

新山现有的办公楼单位供应维持在870万平方尺，111栋办公楼当中有70%是私人持有建筑物，其余则属政府拥有。

努沙再也厂房最吃香

WTW预计今年内，柔州厂房需求备受看好，尤其是古来、泗隆、努沙再也和巴西古当的工业地段。

努沙再也最吃香，工业房地产区域强劲的需求，推高二手价。

柔南工业及物流中心（SiLC）厂房售价从2012年每平方尺介于35至60令吉，跃升至每平方尺55至75令吉。

马星集团发展的工业园———“i-Parc”，半独立式多功能厂房成交价涨至每平方尺310令吉，2011年售价是每平方尺270令吉。

森那美去年成功以每平方尺介于50至55令吉价格，脱售位于巴西古当的工业地。

依斯干达特区 还能一马当先？

去年，我国建筑领域增长主要由住宅产业带动，其中柔佛产业发展活动最蓬勃。

由依斯干达特区产业迅速发展带动，柔佛不仅受到本地发展商关注，还吸引中国发展商前来抢滩，成交表现尤其亮眼。

这个未来国际大都会的房地产走势，去年甚至超越了雪隆区。

今年，柔佛或依区能否继续一马当先？

去年成交劲扬52.7% 柔州房产续领风骚

去年，我国建筑领域增长率较2012年的18.1%显著放缓，但主要在住宅建筑活动带动下，仍取得10.9%增长。

财政部房产估价及服务局（JPPH）旗下国家产业资料中心（简称NAPIC）最新数据显示，巴生谷、槟城和柔佛的公寓和高档产业建筑活动，是去年建筑领域增长的支柱。

当中，柔佛去年的产业交易量占按年增7.1%，成交总值却劲扬52.7%，再再反映了该州的房产动力。

根据NAPIC的房地产报告，去年，整体产业市场增长动力虽放缓，交易量按年下滑10.9%，不过交易值则按年微扬6.7%。其中柔佛州的产业活动蓬勃，表现最亮眼。

比较国内其他主要城市，柔佛的房价增长率最高，达63.2%。

NAPIC数据显示，去年，全国共有38万1130项房产交易，成交总值达1523亿7000万令吉；2012年则有42万7520宗，交易值为1428亿4000万令吉。

柔佛的产业交易量就占了5万2779宗，较2012年4万9296宗，按年增7.1%。

住宅商务交易激励

柔州的房产成交总值则从167亿6581万令吉，劲扬52.7%至301亿0684万令吉，主要受到住宅、商务和发展土地的交易激励。

NAPIC的报告中也指出，今年内，柔佛州产业将持续乐观，因为产业价格将维持稳健水平。

该局预计，依区亮眼的发展趋势，将可持续吸引更多投资者，其中玛迪尼（Medini）A区和B区的住宅产业尤其公寓供应会增加；商务产业也会受到带动。

房产咨询公司威廉氏、达哈与王私人有限公司（CH WilliamsTalhar&Wong，简称WTW）也指出，去年，新山产业市场持续吸引投资者眼光。

依区截至去年10月，共取得达493亿令吉投资额，占该区自2006年推介以来，累积达1294亿令吉投资额中的38%。

绿盛世倒置收购受关注

2013年，新山房产市场的活动可说是国内最炙热，迎来了多项大型的投资交易，其中最受关注的事项有绿盛世（ECOWLD，8206，主板产业股）倒置收购活动。

绿盛世前身为富阁苑（FOCAL），由Eco World发展有限公司与丹斯里刘启盛之子刘添雄，以每股1.40令吉收购65.05%股权后，借壳上市。

富阁苑原本市值为2亿3000万令吉，在巴西古当和雪兰莪拥有地库。

而倒置收购活动前，Eco World曾以5亿3470万令吉购买柔佛613.7英亩的土地。

其他主要产业活动包括马星集团（MAHSING，8583，主板产业股）也宣布以逾4亿1100万令吉，收购巴西古当面积约1352英亩的永久地皮；怡保花园（IGB，1597，主板产业股）在新山，占地200万平方尺的Southkey美佳广场发展计划。

名校进驻刺激经济

多家名校入驻依区EduCity，为当地制造庞大的人口。

EduCity至今吸引了大马纽卡索医药大学（Newcastle University Medical Malaysia）、荷兰海事技术学院（Netherlands Maritime Institute of Technology）、大马马尔波罗学院（Marlborough Collage Malaysia）及依斯干达莱佛士大学（Raffles University Iskandar）。

该些高等学府的进驻，料进一步激励柔佛州的经济和产业市场活动。

此外，昔加末、居銮好和甘拔士（Kempas）将受惠于双轨火车工程；公共交通提升，将激励相关地区的经济和产业发展活动。

住宅单位最热

根据NAPIC，柔佛截至去年第四季，住宅产业增长率达16.6%，且产业领域即将完成的供应中，住宅产业最多，达11万8191单位。

同时，已规划好，即将兴建的住宅产业达16万8371单位；现成住宅产业达70万5329个单位。

此外，去年新推介的住宅产业达1万161个单位，按年增长13.4%，4483个单位已被认购。

销售表现也达44.1%，较2012年的43.6%好。

柔佛新推介的产业中，排屋最多，占42.8%，包括1135个单层排屋，3209个双层和3层排屋。

滞销单位少过1%

在购屋者热烈追捧下，去年柔佛州的滞销单位保持温和增长。

滞销单位从2012年的3552单位，微增加至2013年3578个单位，总值7亿1915万令吉，占产业总数少过1%。

惟随着产业价值上涨，滞销产业的价值也按年增8.6%。

兴建中，未出售的产业单位增加至1万1807个单位，按年增27.8%；未出售，且未建筑产业则达3170单位，上扬13.9%。

中国发展商抢滩

柔州产业魅力不仅在国内，也吸引来自中国的发展商，碧桂园、绿地、富力、新华联等中资发展商已陆续进军大马。

广州富力地产（Guangzhou R&F Properties）以45亿令吉向柔佛苏丹依布拉欣殿下购买新山市中心116亩的地段作商业发展项目。

碧桂园金海湾还举行“环球缤纷嘉年华”，推销旗下9000个公寓单位和占地100万平方公尺的商业中心。

另外，尽管柔佛州政府限制外国人购买100万令吉房产措施落实，并调高外国购房者手续费，由1万令吉改为缴付相等于房价2%手续费。

业界认为，外国卖家仍积极进军新山房产市场，未受影响。

将建约12万有地房产

随着新推介项目增加，新的有地产业供应将持续扩大。

去年内，柔佛州完成的有地产业达1万812单位；即将竣工有地产业则达6万319单位。

同时，NAPIC报告指出，已获得核准有地产业发展达11万9509单位。

另一方面，WTW报告显示，柔佛州双层排屋平均二手价为每平方尺240令吉，去年的交易价较2012年增长15%。

新山最早期的住宅区之一，彩虹花园的屋价已达每平方尺230令吉，百万镇与柏伶花园的平均售价则为每平方尺190令吉和160令吉。

数据显示，新兴屋业计划如五福城和浩然山庄（Horizon Hills），双层排屋的二手价，也达到每平方尺450令吉和325令吉。

围篱保安住宅热卖

在新山，围篱保安住宅俨然成为新的居家生活趋势。

双层半独立式洋房价也随着大幅增长，二手价可达每平方尺600至800令吉。

East Ledang2012年时，平均售价为每平方尺600令吉，去年已增长至700令吉；浩然山庄则从2012年每平方尺430令吉，大幅涨至700令吉。

新山一带于去年上半年推出的半独立洋房，价格介于每平方尺280至410令吉；古来一带的半独立式洋房售价则为每平方尺200令吉。

WTW报告也指出，靠近马新第二通道的Leisure Farm和Ledang Heights的半独立式洋房，售价分别从每平方尺50令吉至70令吉，和每平方尺70至120令吉起跳。

公寓如雨后春笋

在发展最蓬勃的住宅产业领域中，WTW却指出，公寓也是最热门的产业项目，去年共有超过1万8000个新单位推介。

一些位于黄金地段如金海湾、公主港和马迪尼的产业已突破每平方公尺1000令吉水平，平均售价飙涨至目前每平方尺700至1200令吉。

同时，认购率介于60%至100%。

WTW预计，柔佛新山未来1至3年内，公寓单位供应将增加2万5673个，兴建中单位占新山现有公寓数目的85%。

NAPIC资料则显示，去年，柔佛州内有1376单位服务式公寓和公寓单位竣工，即将完工的单位则达3万1659单位。

同时，新获得核准的新服务式公寓和公寓发展项目，共达4万9478单位。

公寓二手价也上涨

WTW指出，公寓单位二手价，从2012年每平方尺350令吉，涨至去年每平方尺400令吉。

数据显示，靠近新山中央医院的SriSamudera公寓，二手价最近创新高，每平方尺达540令吉。

其次是武吉英达新建竣Sky豪华公寓，二手价为每平方尺490令吉，及百合花园MolekPine公寓，二手价为每平方尺450令吉。

商务产业投资炙热

在活跃的经济活动带动下，加上产业投资炙热，去年柔佛州商务产业增长率达9.7%。

即将完成店铺达1万3884单位、工业产业则达1144单位；已获准店铺发展项目达1万4946单位，工业产业达3492单位。

但根据NAPIC报告，柔佛办公楼发展项目出现放缓迹象。去年，即将完成的办公楼有9座，可租用面积达9万7243平方米，但新获准办公楼发展计划为零。

所幸去年完成的2座办公楼，可租用面积达1万6540平方米，租用率达100%。

截至去年，柔佛办公楼有205座，总面积达102万5335平方米，达78万5934平方米出租面积，出租率平均为76.7%。

商场零售单位料稳升

商场的零售单位需求在今年预料会稳健攀升，在新山市中心商场内的黄金零售单位，租金每月介于每平方尺15至70令吉。

WTW报告指出，新山城中坊是目前商业单位租赁价最高的商场，黄金地点租金每平方尺达40至70令吉，相较于其他商场如淡杯安莎娜广场、五福城广场的首要单位，租金介于每平方尺15至20令吉。

商场的零售单位租赁率在2013年依然保持在70%以上；总供应维持在1330万平方尺，包括购物中心和霸级市场。

随着州内第四间永旺购物商场在古来投入运作，面积占地18英亩，提供可租赁的单位空间达45万7800万平方尺。

新山市中心的敦拉萨大厦（KOMTAR）重建项目预料在明年完成，Southkey Megamall广场则预料在2016年竣工。

东南亚首座“愤怒鸟”主题乐园已敲定正式落户在前身为KOMTAR的新山城市中心广场（JBCC），占地2万6000平方尺。”

二手交易市场内，新山假日广场底层零售单位成交价格，介于每平方尺1500至2400令吉；上层楼面零售单位，每平方尺介于370至460令吉。

五星酒店住客率最高

去年，新山有3间国际酒店开业，分别是公主港商贸酒店（Traders Hotel）、玛迪尼的大马乐高乐园酒店（Legoland）及百万镇的万丽酒店（Renaissance）。

这些新酒店共提供877间房间，平均房价300令吉；乐高乐园酒店房价则高达620令吉。

新山三至五星级酒店，共22间，达6434间客房。

五星级酒店有5间（2329间客房）、4星级酒店共7间（1914间客房），及三星级酒店10间（2191间客房）。

平均房价分别是230令吉（五星级）、190令吉（四星级）及105令吉（三星级）。

五星级酒店住客率最高，达72%，四星级和三星级分别是68%和63%。

WTW预计，希尔顿逸林酒店（Hilton Double Tree）2015年竣工后，客房数量将再增加。

办公楼需求稳定

WTW预计，今年的办公楼租赁率继续保持平稳，因2013年的新山办公楼需求稳定，空置率仅约25%。

黄金地段的办公楼每月租金每平方尺介于2.80至3.50令吉；市郊租金则介于1.80至2.80令吉。

二手交易量仍占少数，去年的交易价稍有微升，介于每平方尺230至350令吉，2012年则是每平方尺介于200至300令吉。

新山现有的办公楼单位供应维持在870万平方尺，111栋办公楼当中有70%是私人持有建筑物，其余则属政府拥有。

努沙再也厂房最吃香

WTW预计今年内，柔州厂房需求备受看好，尤其是古来、泗隆、努沙再也和巴西古当的工业地段。

努沙再也最吃香，工业房地产区域强劲的需求，推高二手价。

柔南工业及物流中心（SiLC）厂房售价从2012年每平方尺介于35至60令吉，跃升至每平方尺55至75令吉。

马星集团发展的工业园———“i-Parc”，半独立式多功能厂房成交价涨至每平方尺310令吉，2011年售价是每平方尺270令吉。

森那美去年成功以每平方尺介于50至55令吉价格，脱售位于巴西古当的工业地。

Medini產业炙热

2013下半年，柔佛新山附近地区推行一些高耸產业、有地房屋发展计划，由Eco World发展私人有限公司推行的Eco Botanic，是位於努沙再也的永久地契发展计划，由624个单位的四合院，以及半独立式洋楼组成。

其中四合院的建筑面积介於2千400至3千100平方尺，售价90万至130万令吉，至於半独立式洋房標准建筑面积介於3千400平方尺，售价180万至200万令吉，以抽签方式进行的销售，在推出的6个小时內卖完。

另外，由Front Concept私人有限公司推售的Isola Grandeur滨海別墅，一共有86个单位的三层滨海別墅，建筑面积介於4千800至6千500平方尺，一共有9款设计，个別单位价格从300万令吉起跳。
双威集团在新山的首个发展计划双威乐南高原，位於摩立园，这项永久地契的住宅產业，建有112个单位，分別是2层半独立式洋房、3层半独立式洋楼，以及3层独立式洋房。

半独立式洋房的建筑面积介於2千943至3千865平方尺，独立式洋楼面积在4千535至5千零90平方尺之间，其中半独立式洋楼的售价从170万令吉起跳，至於独立式洋房的价格则从300万令吉起计。

办公楼租金稳定

2013年第三季，量身订造办公楼可出租面积包括：新山的私人建筑物与政府大厦，大约有815万平方尺，平均出租率大约73.3%。

目前，私人大厦大约佔新山量身订造办公空间的71%（578万平方尺），平均出租率大约72.8%，首要及非首要中央商务区办公空间租金保持稳定，首要办公楼每平方尺介於2令吉50仙至3令吉30仙之间，非首要办公空间每平方尺租金介於1令吉60仙至2令吉50仙之间。

在上述期间，一些综合產业发展计划將量身订造办公楼预算在內，这些计划包括：Medini Empire、Zikay@Medini、D'Pristine@Medini、Southkey、Vantage Bay、18@Medini；预料后者將於2014年首季推出，2013年上半年推出的计划包括：Austin 18 Versatile Suites，这是一座25层的永久地契商业大厦，拥有319个单位的办公、零售空间，以及6层楼的泊车位。

该项產业发展计划预料可迎合市场对办公空间的需求，更多年轻专业人士及企业家，寻求优质与现代化办公空间，工程预定在2017年完成。

零售產业出租率73.7%

2013年第三季，新山的可出租零售空间（包括购物中心、霸级市场）保持在1千208万平方尺的水平，平均出租率在73.7%之间。
首要办公空间的出租率不错，维持在超过80%的水平，每月租金介於每平方尺15至40令吉。

在上述期间，有不少综合性產业发展计划，包括零售產业单元在內，例如Zikay@Medini、Medini Empire、D'Pristine@Medini、Medini@Senibong、18@Medini、Vantage Bay、Sunway Medini、Medini Lakeside及The Suasana。

由Distinctive Ace集团发展的Iskandar Residence，其设计包括零售墩楼。7月，永旺（马）有限公司收购位於拿督翁一块8公顷（20.93英亩）的土地，交易价7千零20万令吉（或每平方尺77令吉），该地段料將兴建零售广场。

Kota Southkey私人有限公司与怡保花园（IGB，1597，主板建筑组）联营的Southkey Megamall，放眼每月会有超过200万名的购物者，首期计划预期在2016或2017年启用，届时会有350至400名会员。

Premium Outlets第二期推出

另外，柔佛Premium Outlets第二期计划於11月非正式推出，主要有40间商店，国际著名品牌包括Aigner、Swatch、Cotton On Kids、Furla、BCBGMAXAZRIA、LeSportsac、Hugo Boss、Kate Spade及Tory Burch。

此外，永旺首个旗舰广场开张，那是一座4层楼的商场，位於古来再也，可出租面积45万7千平方尺，由两层零售商场，以及两层泊车场组成，其中一些租户包括F.O.S、大眾书局、宝光金钻行、SaSa，以及EFFU Boutique精美商品。

柔佛州政府已计划从2014年5月开始，对购买各个领域產业的外国买家，徵收2%的税率，包括在转手產业市场的交易，这项税率比之前传出的4%至5%低，目前的措施是：各类型產业一律徵收1万令吉的费用。

2014年財政预算案宣佈冷却產业市场措施，以抑制本地產业市场的投机，包括外国人购买產业的最低价，从50万令吉调高至100万令吉，5年內脱售產业的產业盈利税，徵收率从15%调高至30%，以及撤销发展商承担兴建期间的利息等措施，皆已在2014年1月1日起生效，可能多少影响投资者对柔佛州二手產业的需求。

不过，外国人特別是新加坡人，將继续在柔佛州购买產业，因为州內多数的高档產业，售价已超过100万令吉，而且大马的產业价格与新加坡相比，仍有一段距离，相对来说还是比较便宜。

另外，强大的新元匯率，以及海外买家的购兴，特別是对Medini与努沙再也的產业，將继续推动州內住宅產业市场的发展；Medini继续是“產业热点”，主要是位於依斯干达经济特区，而且不受100万令吉最低价的影响。

中期內，新山的產业市场保持坚稳，更多的新加坡与大马產业发展商將进驻依斯干达地区，发展活动继续集中在城市中心Danga Bay及努沙再也或Medini等地带，除了高档共管公寓与公寓，在依斯干达的领空，將可看到有更多的零售广场，以及量身订造办公楼。

Sustainability of China developers in question

The Star

Even before the physical presence of the property developers from China can be seen in Johor Baru, the psychological impact the builders have on the industry as a whole in Malaysia is already being felt.

The fear of developers from China flooding the market with their large-scale development is real among property developers, not only in Johor Baru but also the country at large.

This is because all the big boys of the property sector have a presence in Johor Baru, or Bandar Iskandar. Without a project in the southern tip of the peninsula, a property developer is not considered to have “arrived”.

That is the clout that Johor Baru commands, thanks to the initiative of the federal government to make Iskandar Malaysia the thrust of its development of the southern economic corridor.

The might of the China developers was well displayed when Country Garden Holdings Ltd launched 9,000 apartment units in August, of which 6,000 were taken up within two months.

The Malaysian market is not used to developments of such a scale, for sure.

What now that the property market is already softening in Iskandar Malaysia?

The latest launch in Puteri Harbour by a Singapore-based developer saw a booking rate of only 25%, according to a report by a business weekly.

Puteri Harbour is about the most strategic of locations in Bandar Nusajaya, which is the hub of Iskandar Malaysia. It faces the Straits of Johor and is near the second link connecting Malaysia and Singapore.

Some 18 months ago, sales were brisk in Puteri Harbour, with prices transacting at around RM700 per square foot (psf).

The latest project launched by Pacific Star Development Pte Ltd is being marketed at between RM1,300 and RM1,600 psf. Property agents feel that the pricing is the reason for the poor take-up rate.

The view of most developers is that as long as the developing company has the ability to hold on to the property, it will be sold eventually. The critical factor is that the developer has to have deep pockets to weather periods of slowdown.

In this respect, there is a view that developers from China indeed have deep pockets and would be able to hold on to their projects and continue to develop them even if demand is poor.

Lastly, the developers from China are not dependent on buyers from Malaysia but from their country itself, where there is supposedly still strong demand from a select group of investors.

Put in a nutshell, the presence of developers from China is projected as not having any adverse impact on the local property market.

Is this really going to be the case?

Closer scrutiny, however, suggests that it may not really be the case after all for several reasons.

Firstly, there is a property slowdown in China impacting all developers there.

It is already being reflected in the share prices of the likes of Country Garden and Greenland Hong Kong Holdings Ltd, which have lost more than 40% of their market capitalisation in the last six months.

Property prices are stable in the tier-one cities and showing little weakness in tier-two cities. But in tier-three and tier-four cities, there is a massive oversupply of properties and prices are coming down.

Funding for developers with projects in the least-preferred cities has practically stopped, and authorities are looking at ways to ensure that new supply slows down and existing projects are completed.

The slowdown in the property sector in China has a spiralling effect on the economy as a whole.

In the past decade, the property sector has grown 10-fold in China and played a big role in keeping its economic growth vibrant. According to Moody’s Analytics, the construction of apartments accounts for some 23% of China’s economic growth.

Apart from keeping the industries growing, the proceeds from the sale of land is one of the major income earners for local authorities.

Now, new land sales are being transacted at lower prices compared to previous years.

This has allowed new developers to price their products cheaper, putting investors of older developments in a spot. House buyers are already complaining of new projects coming in at cheaper prices, causing an erosion in value of existing projects.

The developers from China are coming to this part of the world because of weak demand in their own country and to position themselves as being able to offer their customers properties overseas.

But Malaysia has imposed restrictions on foreigners buying properties that are only above RM1mil, meaning US$300,000 and above for buyers from China.

With prices in China falling and the yuan depreciating, would buyers from China be attracted to properties worth RM1mil and above in Johor Baru?

Wouldn’t the buyers be able to find bargains in China itself, given that the prices there are already falling in the less-preferred cities?

Finally, funding for developers from China for their overseas projects is also taking a beating.

Because it is difficult to take money out of China, developers use offshore companies to raise debt that are backed by the financial resources of the onshore company.

The arrangement is called the “keepwell” agreement, where the onshore company backs up the debt with a promise to inject liquidity or buy up the bad assets. The lenders to the offshore companies are foreign investors.

But increasingly, the foreigners are not lending to offshore companies or seeking higher rates for loans because of the fear of defaults.

History has shown that foreign developers tend to flock back to their homeground when there is a slowdown.

The Middle East developers came in a big way when Iskandar Malaysia was being promoted prior to 2008. They prided on having an abundance of oil money and being able to splash it around in Islandar Malaysia, come what may.

However, when the property bubble in the Middle East burst, they dropped everything in Iskandar Malaysia to consolidate their positions in their home country.

So, why wouldn’t the developers from China do the same?

Another developer from China comes to Johor Baru, plans RM10bil project

The Greenland Group is the latest developer from China to purchase land for a property project in Danga Bay, Johor Baru.

It entered an agreement yesterday to buy 13.96 acres from Iskandar Waterfront Holdings Sdn Bhd (IWH) for RM600mil with plans to develop projects with a potential gross development value (GDV) of RM2.2bil. The transaction comes amid an environment where property developers are seeing lacklustre response from buyers for their launches in Johor.

The latest to feel the heat was Singapore’s Pacific Star Development Pvt Ltd that saw only 25% bookings in the second phase of its condominium project in Puteri Harbour that is located in Iskandar Malaysia.

The purchase price works out to RM984 per sq ft, which is just below the record RM991 psf that Hao Yuan Pte Ltd, a Singapore-based but China-owned firm paid for 37 acres in Danga Bay last December.

However according to sources, Greenland planned to purchase more land at lower valuations, an exercise that may average down its cost.

“This is only the beginning for Greenland which is a state-owned enterprise” sources said. The Shanghai-based firm is understood to be eyeing a GDV in excess of RM10bil in Danga Bay with several more transactions to be wrapped up in the coming months.

This is Greenland’s maiden investment in Malaysia, for which it will form a joint venture with IWH to develop the land into an integrated project within five years.

Inclusive of the Greenland transactions, IWH has to-date inked 17 deals with local and foreign partners to develop properties worth RM127bil in GDV, providing a fillip to its ambitious plan of transforming the coastline of Johor bordering Singapore into a waterfront metropolis.

According to industry executives, Greenland is set to finalise “very soon” the purchase of two more land parcels on the eastern corridor of Johor Baru near the Permas Jaya township, where Tropicana Corp Bhd is also a landowner.

Previous news reports said Greenland was keen on acquiring around 60ha in Iskandar Malaysia.

At least four other major China developers were in talks with IWH for mixed-use developments featuring waterfront properties, the company said in a statement.

“This massive influx of foreign direct investment is a boon for Malaysia and Johor because of the economic spillover and thousands of job opportunities that these projects will generate,” IWH managing director Tan Sri Lim Kang Hoo said.

“We believe Greenland Group will pave the way for more China state-owned companies to invest in outstanding property projects in Iskandar Malaysia and IWH’s extensive waterfront landbank in Johor Baru.”

A delegation from Greenland had visited Malaysia in February to explore investment opportunities. The state-backed group has over the past few years snapped up real estate in major cities such as New York, Los Angeles, Sydney, London and South Korea.

IWH is the master developer of 1,620ha of waterfront land in the eastern and western side of the Johor Causeway, with Danga Bay, located in Zone A of Iskandar Malaysia, as its centrepiece.

Other international property players who have already secured a foothold in Danga Bay include Singapore’s Temasek Holdings Pte Ltd and CapitaLand Ltd, Australia’s Walker Group and China’s Country Garden Holdings Ltd and Hao Yuan, while local firms with ongoing developments include Tropicana and the Brunsfield Group.

Maybank IB Research had recently expressed concern about Iskandar Malaysia’s medium-term prospects, saying the massive incoming supply of residential and retail properties in hotspots like Danga Bay and Nusajaya could be harmful to asset values.

“Judging from the planned launches (serviced apartments, hotels, office and retail spaces) by Country Garden, Hao Yuan, Guangzhou R&F Properties Co Ltd, CapitaLand and Greenland Group, the hotspot areas, ie, Danga Bay and Tanjung Puteri, could be flooded with an enormous supply of high-rise mixed development projects, inducing price volatility,” it said in a client note last week.

“For instance, Guangzhou R&F plans to launch 15 blocks of 35-storey apartment buildings under phase 1 in the second half of this year, which implies an enormous 3,150 units of apartments, assuming six units per floor.

“That said, investor interest could return to developers with projects in Iskandar Malaysia on the finalisation of the Johor Baru-Singapore rapid transit system. Also, the listing of IWH in the second half could re-rate existing players in Iskandar Malaysia.”

PA International Property Consultants Sdn Bhd executive director V Sivadas told StarBiz that buyers were in “transition mode” due to changes in state policy and foreign ownership.

“People still have money, but they are being more careful about how they use it,” he said.

Slowdown looming for Johor property?

The Star

It never rains but it pours. That seems to be the scenario in the property sector this year. Into the fourth month of the year, property consultants continue to see 2014 as “challenging” as the effects and impact of the various measures to curb property speculation take hold.

The soaring household debt of 86.8% of gross domestic product at the end of 2013, from 80.5% a year ago, according to Bank Negara, continues to cast a shadow over the sector.

Earlier this week, StarBiz reported that more measures to curb lending to the property sector may be introduced.

Although much of the speculation has been weeded off with the removal of developers’ interest-bearing schemes (DIBS), property prices remain high as it is deemed to be “the safest investment with lucrative returns in Malaysia,” says Malaysian Rating Corp Bhd (MARC) chief economist Nor Zahidi Alias in a report. The low interest rates is also discouraging savings. At 86.8%, Malaysian households are among the most highly indebted in Asia.

While anti-speculation measures and Bank Negara’s aim to reduce household debt has curbed demand, a third force may be playing out in the short term which is expected to affect Johor specifically because mainland Chinese developers have bought chunks of land there while individual Chinese house buyers, deterred by anti-speculation measures in Hong Kong, Singapore and China itself, have fanned out into the global property market. Malaysian properties are considered cheap by comparison.

Country Garden Holdings Co, the developer based in Foshan in southern China, plans to build 9,000 condominium units on 22.62 hectares (56 acres). It is reported to be involved in a land reclamation project that goes into “a few thousand acres” in Pendas, Johor.

Other Chinese developers in the country include Guangzhou R&F Properties Co Ltd and Agile Property Holdings Ltd with a combined investment of US$2.7bil in Malaysia and the Greenland Group which announced a US$3.3bil deal in two residential and hotel projects in Malaysia last month.

Johor-based Landserve valuer and executive director Wee Soon Chit says the MH 370 tragedy will affect Johor’s tourism and property purchasers in the short term as it is the intention (of Chinese developers) that their countrymen buy into their products.

Says Steven Ng, managing director of Johor-based property firm Cheston International in an email: “Whether the Chinese investors will refrain from investing or buying properties here is left to be seen but in the short term it would have negative connotations. This negative sentiment may take a few months to recover. This is provided the final episode of this unfortunate saga is played out favourably.

“(But) you can expect our name to be dragged through mud in China, and their perception of us (our products, people, exports) to go downhill. These are the things that cause them to pull their brakes (on us),” says Ng. The loss of MH 370 and the trail of events that followed have drawn the world’s attention to the security issues in the country. In the short term of six months to a year, it is expected to affect Johor in particular, real estate professionals say.

While the loss of MH 370 on March 8 is a tragedy, the loss of the plane has drawn focus on to a larger issue. Security and safety matter have beset Malaysia for years. The state of flux vis-a-vis security, brought on by the MH 370, was reinforced with the kidnapping of a Chinese tourist and a Filipina worker in a resort in Semporna, Sabah, on April 2, five months after a Taiwanese man was murdered and his widow kidnapped. In February last year, armed Sulu nationals entered Lahad Datu precipating a massive shoot-out in which 11 Malaysian police officers and soldiers were killed.

The security issue started with snatch thefts and petty street crimes. Personal security broadened into neighbourhood security, resulting in communities collectively hiring their own guards to deter break-ins. This may explain why gated and guarded projects have enjoyed a premium compared with other residential projects, C H Williams Talhar & Wong says in the 2014 property outlook report.

The loss of MH 370 and the Sabah incursions have now taken security issues to yet a higher level – national and military. Although the two Johor-based real estate professionals say MH 370 issue will affect only Iskandar Malaysia with its high Chinese interest there, time will tell if security matters will deter other forms of investments on a national level.

The Sunway group, with its recent purchase of 1,800 acres in Johor, says they will hire auxilliary police team to maintain security in their projects. For years, Johor has battled an issue on security.

As for the various measures to cool the market, Ng says these are meant to prevent the property market from overheating and to minimize the severity and intensity if the bubble does burst.

“Whether it is a small ‘pop’ or loud ‘bang’ would probably be known next year when many of these projects are ready for occupation,” he says.

Uneasy feeling

Ng says “there may be a problem in sight” as he has the “uneasy feeling” these various high-rise residential housing will remain unoccupied. Unlike Kuala Lumpur, Johor Baru does not have a pool of expatriates who normally would stay in high-rises, Ng says.

“The latter part of 2014 and 2015 would be crucial in determining the market situation for the next phase. Is it going full steam ahead or has the brakes been applied?” he asks.

“Since the beginning of 2014, the Johor Baru market has been rather quiet. Industry players (are) taking stock of the various measures instituted by the government such as disallowing DIBS, real property gain tax increases and loan eligibility based on net instead of gross income. Developers are (also) trying to fathom what the competitors are doing.”

The presence of Chinese developers has attracted many mainland Chinese investors into the state. Landserve executive director Wee Soon Chit says condominiums and serviced apartments, which have been dominating the market in the last two to thee years, will be most affected if the market takes a dip.

A “delicate balance” need to be maintained, he says. The recent announcement of three new nodes in Iskandar – Vantage Bay, Danga Bay and Medini – to enjoy unlimited foreign purchase and foreign purchasers not limited to RM1mil price tag would be keenly watched, Wee says.

Vantage Bay is developed by Rowsley Singapore, which is controlled by Peter Lim while the Danga Bay area is mainly dominated by China developers like Country Gardens, Guang Zhou R & F and Hao Yan.

“The current weak market sentiment is only short term. One must not lose sight that the relationship between Singapore and Malaysia is at its peak. Both countries are working hard for a mutual long-term relationship. Physically, Iskandar Malaysia has to be the link for this to happen.

“This will be a reality before 2020. When that happens, developers and investors, who already have a position in Iskandar will stand to win handsomely,” says Wee.

Another issue befuddling the Johor market may be imported. The Chinese economy is slowing. Property sales have fallen 3.7% compared with a gain of 26.3% in 2013, according to the Financial Times (April 3, 2014).

Although marginal, it belies severe weakness in certain parts of the country.

Declining sales have led developers to cut prices outright or offering a range of promotions instead of cutting headlilne prices. Agile Property, which has invested in Johor, is among them, FT reported. Hong Kong-listed Agile Property Holdings Ltd share price was down by 45% on March 17 compared to a year ago.

It has regained some ground since but nowhere year its price a year ago. Country Garden Holdings Company Ltd went from HK$3.96 a share on April 8, 2013 to a high of HS$5.71 on Oct 10, 2013, before dropping 37% to HK$3.58 on April 8.

签备忘录后按兵不动 依区中资发展减速

马航客机事件虽未影响到出口和贸易数据，但部分之前有意到柔南依斯干达特区投资的中国企业，已有暂缓行动之意。

过去两、三年，不少中国产业公司因国内市场遇冷风，纷纷出走海外投资，我国就吸引到不少著名的中国发展商前来，当中又以瞄准依区为多。顺手拈来就有碧桂园集团、雅居乐地产、富力地产等。此外，还有在邻国发展不错的中国发展商皓源投资，以及透露有意购地的绿地集团。

部分原本布局大马产业市场，并已与地主签署解备忘录的中企地产公司，在MH370事件后按兵不动。

碧桂园如火如荼动工

“目前，除了碧桂园在金海湾的项目已如火如荼动工，其他中资发展商，包括已和本地签署了解备忘录或已洽商的，至今未有动静。”

这当中，包括了有意和依斯干达海滨控股（Iskandar Waterfront Holdings，简称IWH）缔结合作的潜在伙伴；之前有指依斯干达海滨城（Iskandar Waterfront）将迎来另3家中国公司投资。

MH370引发负面情绪

不愿具名的消息透露：“这与中资发展商行事快速高效的作风很不相符。相信这和MH370涌现中国对马的负面情绪有关，并坦承依区吸引中资必定受影响。”

他指出，马航事件后，中资发展商与地产的洽商几乎已暂停，来马发展产业项目是否成事仍是未知数。

相信中国发展商主要是担心，原本主要吸引中国买家的大马产业，将遇上滞销问题。

“或许要等到中国投资情绪较为冷静，可是，他们更担心，这情况会持续好一阵子。”

《华尔街日报》报道则引述不愿具名的中国地产顾问，称近期都难以向中国买家推介大马楼盘，影响大马产业市场和来马投资的中国产业公司。

绿地集团：照原定计划进行

绿地集团发言人回应询问时，强调集团在马投资目前仍依照原定计划进行。

“我们会继续关注大马市场，并会持续向媒体汇报计划进展。”

该公司2月时有意到金海湾（Danga Bay）投资，一项发展总值料达30亿令吉的综合产业计划。

至于碧桂园，早前曾坦承，马航客机事件对大马造成负面印象，不排除影响集团在依区的产业计划。但该公司却也表示对大马的投资项目仍抱有信心。

另一方面，根据马银行投行的报告，富力地产和皓源投资将在今年下半年，推介依斯干达特区的产业计划。

尽管富力地产在中国拥有大批客户群，但主要市场仍会瞄准大马和新加坡买家。

柔州打房措施 中资静观其变

除了MH370事件后，柔州政府推出更严厉的打房措施，也是促使中资发展商静观其变的原因。

柔佛州政府之前宣布，将提高外国人购屋的最低门槛，从50万令吉调高至100万令吉，新条例将在5月1日生效。

业界人士形容：“柔佛今年5月开始落实的新条例，更犹如雪上加霜。”

但他相信新加坡买家仍会继续流入依斯干达特区，稍微缓和流失中国买家的冲击。

据产业顾问公司第一太平戴维斯（Savills），中国机构投资者与散户2013年内，在大马产业市场投入高达19亿美元（约62.4亿令吉）。

Why another Iskandar launch falters?

By Tong Kooi Ong, The Edge

Since the latter part of last year, we have written extensively on the anticipated slowdown of the property market in Malaysia.

We paid particular attention to Iskandar, Johor. From literary plantation estates and nothing more, it became the “Promised land” to many developers, investors and property owners.

Over the last few months, there has been a series of mega land deals, some involving land reclamation. This has shocked the market and changed sentiment.

The latest launch last weekend is by Singapore-based Pacific Star Development Pte Ltd in Puteri Harbour, Iskandar. The Puteri Cove project comprises three 33-storey residential towers with almost 1,000 units on 7.8 acres of land.

Tower 1, with 329 units, was launched several months ago and currently has a roughly 70% booking rate.

Tower 2, also with 329 units and 33 storeys, was launched last weekend. It attracted a booking rate of only about 25%.

The poor response to Puteri Cove is in sharp contrast to the launch of the nearby Teega project by UEM Sunrise Bhd in late 2012, which was 98% sold within a month of its launch.

Apart from the now weaker overall market sentiment, there may also be some other reasons for the poor take up at Puteri Cove.

One major reason could be pricing. The “sea view” units are priced at between RM1,300 to RM1,450 psf. The “marina view” units are priced at between RM1,500 to RM1,600 psf.

These prices are higher than the top end of the market in terms of new launches in the area, in a now weaker environment.

Meanwhile, there is also the issue of design. A property investor commented that the design layout of the building looks like flats, with long corridors and up to 14 units per floor served by four central passenger lifts and a service lift.

It remains to be seen whether Puteri Cove’s poor launch take-up rate is due more to the weaker property market or its pricing or other issues.

Whatever the case, it highlights two important lessons.

One, Iskandar is like the goose that lays the golden egg. Don’t kill it by over-expanding development and supply.

Two, a more challenging market means developers must offer their customers a better all-round value proposition.

Read more on this in The Edge this week.

Irda extends tax holidays and incentives

The Iskandar Regional Development Authority (Irda) has extended special tax holidays and other incentive packages currently reserved for investments in Medini in Nusajaya to three other nodes in the Iskandar Malaysia development region, according to a source.

Privileges previously exclusive to investments within the 929.20ha area of Medini, have now been expanded to include Pinewood Iskandar Studios for creative projects, Vantage Bay (healthcare projects) and Danga Bay (tourism projects).

There is now no restriction on foreign ownership in Medini, which is sub-divided into three development clusters – the financial district, Medini Central and lifestyle and leisure with each developed by different developers.

Irda defines a node as an area dedicated to specific defined activities or development with those having projects there enjoying certain privileges and benefits.

Among others, local and foreign companies investing in projects in these nodes can now qualify for exemption of income tax, stamp duty and real property gain tax for between five and 10 years.

Under tourism, this applies for new hotel projects, convention centres, resort properties or the upgrading and expansion of existing hotels of up to three-star status.

Danga Bay, which is a flagship development by Iskandar Waterfront Holdings Sdn Bhd, is being transformed into Johor Baru's new integrated international waterfront city.

It has to date secured several multi-billion-ringgit investments by both local and foreign investors, many of whom have earmarked the waterfront destination for a myriad of world-class tourist attractions.

Pinewood Studios is an integrated media production studio facility jointly developed by UK-based Pinewood Shepperton PLC and Khazanah Nasional Bhd. It is designed to boost Malaysia's status as a regional and international film production hub, with a comprehensive range of film and TV studios, post production services and other sophisticated facilities.

"Any film company using Pinewood studio for production can now enjoy a host of special tax and other incentives," a source close to the matter told theSun, adding that this included full exemption from National Film Development Corporation (Finas) controls.

Vantage Bay, a RM10 billion integrated development here, is a joint venture between the Johor royal family and Singaporean businessman Peter Lim. The centrepiece of the project is a medical hub to be operated by Thomson Medical Centre. Spanning 10ha, the waterfront project is a gated city with its own medical campus, residential apartments, hotels, convention centres, shopping malls and commercial offices.

Irda believes the creation of the three new nodes will further accelerate and spearhead Iskandar Malaysia into the next level to become an international metropolis by 2025.

柔佛產业恐供应过剩

国內產业界近期遭政府打房利空笼罩，產业股表现低迷，丰隆研究为此南下考察柔佛產业市场，並与主要发展商会面，结果发现柔州產业市场未来或出现供应过剩忧虑，展望无法令人振奋。

丰隆发现，新加坡產业买家目前最关心的课题，无非最新推出的海外买家100万令吉最低购价条例，以及3至4%的潜在徵税额，主要因这些措施將直接衝击產业购买能力，反观產业盈利税则不会。

“然而，我们相信新加坡买家可能在短期內退却，但却会在未来重新回归大马產业界，主要因本地產业仍是较可负担的选择。”

此外，该行也得知当局已口头承诺美迪尼地区豁免於100万令吉最低海外买家购价限制，这对在当地进行著高档產业发展的发展商而言，如马星集团（MAHSING,8583,主板產业组），无疑是项喜讯。

不过，考量目前在新山各地进行的高档產业计划数量不断增加，丰隆直言担心產业供应將於未来2至3年內进入高峰，造成供应过剩忧虑，认为產业界短期展望將陷入低潮。

整体而言，丰隆不认为柔佛產业界展望令人振奋，反而更看好那些涉足可负担有地城镇发展的业者，因其长期盈利具备更强免疫力，重申產业领域“中和”评级不变。

UEM阳光工业產业看俏

走访奴沙再也和美迪尼的丰隆研究发现当地拥有许多进行中和筹备中產业计划，並且对市场能否在未来2至3年內吸纳这些產业感到好奇。

UEM阳光（UEMS，5148，主板產业组）在奴沙再也和公主港的主要產业计划，海外买家比重高达76%，因此估计100万令吉最低购价將对UEM阳光旗下“Teega”產业计划造成影响，但其他叫价达300万至400万令吉的產业计划，则不受影响。

在住宅產业展望充满挑战之际，丰隆研究看好UEM阳光未来成长可能由工业產业带动，如该公司现有工业园计划已成功吸引多家新加坡公司光临。

马星销售强劲

马星集团（MAHSING，8583，主板產业组）目前在美迪尼进行的Meridin@Medini產业计划，即使在缺乏发展商承担利息制度（DIBS）情况下也依然取得强劲销售表现，首阶段A座和C座產业销售一空，上月推介的B座產业则取得70%销售率。

上述强劲销售表现，有55%销售额是来自海外买家贡献。

同时，丰隆研究相信马星未来將把其坐落於Bandar Bistari的地库打造成可负担房產，以吸引工作阶层青睞，就该地库约每平方呎7.35令吉成本计算，相信马星可在相关產业计划中取得不俗赚幅。

实达综合產业需求持稳

实达集团（SPSETIA，8664，主板產业组）旗下实达Tropika综合產业计划需求保持健康，这项总发展值达35亿令吉的產业计划，仍剩余50%价值有待开发。

另一项正面因素在於，实达Tropika拥有直通新加坡巴士服务，且坐落在南北大道隔壁，相信这有助吸引长期市场需求。

值得一提的是，海外销售仅佔实达Tropika总发展值的20%，显示该公司未完全依赖海外买家来支持销售量，且该公司拥有的充裕地库成本低廉，让未来推介活动具备极强的弹性。