KUALA LUMPUR: Property consultancy Savills Malaysia has picked four stand-out stories in 2018 for the property market.
The consultancy said 2018 will be significant for the Malaysian property market, at least in terms of some critical milestones for major success stories.
Among the top stories are Tun Razak Exchange (TRX), Mass Rapid Transit Corp Sdn Bhd (MRT Corp) connectivity and logistics properties.
“TRX will emerge as the most successful commercial development in the country in 2018,” Savills said.
It said TRX was on track to be the most successful masterplanned commercial development and the development had attracted an array of international and domestic institutions including HSBC, Prudential, Affin, Mulia and Lendlease.
“The TRX site, which was initially inaugurated as the KL International Financial District in 2010, has achieved remarkable growth in terms of market acceptance and speed of development,” Savills said.
It noted that the Menara Prudential was slated for completion by year-end, Affin HQ and Mulia’s Exchange 106 to be completed in 2019 while HSBC HQ by end-2020.
The consultancy firm said, MRT would creadt a new property yardstick in 2018. It said MRT was rapidly gaining wide acceptance, and as it changes commuter patterns, it would also influence property values.
“This will focus demand around stations and reshape the pattern of property values in Greater KL. Properties will increasingly be assessed by the distance from the stations,” it added.
Additionally, Savills said logistics properties would be the focus in the industrial sector . It said the sector has seen significant incrase in demand for large sites in strategic locations.
“There will be some major acquisitions and development of logistics assets as e-commerce gathers pace, primarily with Alibaba’s move into Greater KL to adopt it as its regional logistics hub,” it said.