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COVER STORY
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2012 issue 3
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SPECIAL INTERVIEW REAL ESTATE INVESTMENT AND
STRATEGY NEW BUSINESS
MALAYSIA REAL ESTATE PERFORMANCE AOVERVIEW AND OUTLOOK 2012
SINGAPORE OPPORTUNITY
IN MALAYSIA
Institutional investment drive growth TO MALAYSIAN DEVELOPERS >> Read more >> Read more
SPOTLIGHT
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GRAPHICALLY SPEAKING
TRANSFORMING MALAYSIA TOWARDS HIGH INCOME ECONOMY
UNSOLD
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IN A NUTSHELL GLOBAL PRIVATE EQUITY FUNDRAISING OVERVIEW
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UNIT LAUNCHED & UNITS OF PROPERTY BY SELECTED STATES, 2008 -2011
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CROSSBORDER QUERIES LOOKING FOR
INVESTMENT >> View details
COVER STORY
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A SINGAPORE OPPORTUNITY
Figure 2: Singapore Housing Index by type 1Q1997 - 1Q2011 260 240 220
FOR MALAYSIAN
DEVELOPERS
200
by Veena Loh
140
Singapore is Malaysia’s number one market for real estate. This is not surprising given the proximity and close business, trade and investment ties. As bilateral relations improve and more investments are made to increase the speed of connectivity between the two countries, Malaysia becomes a natural choice for further expansion of Singaporean industrial activities that are land-intensive. Familiarity with the Malaysian culture, language and terrain makes it easier for Singaporeans to invest in Malaysia. Time has proven this and Singapore remains Malaysia’s single largest investor for the past 3 years.
120
180 160
Index 4Q1998
100
=100
Legend:
Figure 1: House Price Change q-o-q Malaysia Q1
Q2
Q3
Q4
2011
1.29
4.02
-1.29
2010
0.59
2.48
2.42
2.44
2009
0.47
2.08
0.76
2.10
2008
2.22
0.16
1.94
-1.83
2007
0.24
0.16
1.21
0.64
Q1
Q2
Q3
Q4
2011
2.21
1.96
1.33
0.24
2010
5.61
5.26
2.93
2.74
2009
-14.07
-4.72
15.75
7.39
2008
3.75
0.17
-2.37
-6.06
2007
4.84
8.28
8.25
6.75
Source: NAPIC
Singapore
Source: URA
1Q2011
1Q2010
1Q2009
1Q2008
1Q2007
1Q2006
1Q2005
Detached Semi-detached Condominium Terrace
Apartment
Source: IP Global
“
Limitations to land reclamation and limited expansion for real estate on the island and rising population density as a result of successful immigration policies drawing in knowledge workers have made its low density neighbour, Malaysia a natural choice for Singaporeans to invest in real estate. There are several types of
1Q2004
1Q2003
1Q2002
1Q2001
1Q2000
1Q1999
1Q1998
1Q1997
80
Malaysian housing index has a stable and rising trend as opposed to a relatively volatile housing index for Singapore
investors from Singapore and they fall into the following categories: those that buy to stay, Malaysian diaspora who may have become permanent residents in Singapore and foreigners who invest in Singapore real estate. Singapore, often labeled as the Switzerland of Asia, has the world’s highest concentration of wealthy people. A sanctuary for the world’s wealthy and their money, Singapore attracts foreigners who value banking secrecy. The number of high-net worth individuals from China and India is expected to nearly triple in a decade by 2018, according to a Merrill Lynch/ Capgemini study. Singapore, with its central location, financial infrastructure and stable government will continue to attract these high net worth individuals. A-quarter of its population are expatriates that earn world’s highest income compared to counterparts in
other countries and many of them own properties in Singapore given the relatively liberal policy on foreign ownership. Singapore has always been the first choice for foreign investors in the region because it is a very efficient financial centre, offering a stable value for holding investment assets combined with the ease of transfer of money at competitive costs and relative ease of exit of such funds with little hassle or red tape. Singapore real estate toppish Notwithstanding this, there can be times when the Singapore property market is volatile. (Figure 2) The Singapore property market has been more volatile than the Malaysian one. In the 1Q2009, the Malaysian house price index fell by 2% compared with 4Q2008 in contrast to the Singapore housing index which fell 15% in the aftermath of the global financial crisis. Currently, property analysts foresees that Singapore is at the top of its cycle and chances are that a bear cycle could begin this year. Malaysia is relatively considered a safe haven for risk-averse investors as well as a safe harbor during turbulent and uncertain times. Figure 3 shows the Malaysian housing index has a stable and rising trend as opposed to a relatively volatile housing index for Singapore. In addition, Singapore has reversed some of its past liberal policies on rich foreigners.
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COVER STORY
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should live long and use up their Central Provident Funds or Medisave. Singaporeans live longer than most with a life expectancy of 82 years, a shade away from Japan and one of the fastest aging societies in the world.
Figure 3: House Price Index 225
Singapore (1998=100)
200
Malaysia (2000 =100) 175
150
125
2011
2009
2007
2005
2003
2001
1999
0
Source: NAPIC, URA
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Now foreigners can no longer qualify to become permanent residents through just placing money in the island. As a result, some of these rich global investors are starting to look at other countries for a second home. Singapore recently has tried to rein in runaway prices by introducing short term measures such as penalties for purchasing second and third properties in terms of additional stamp duty and lower loan to value ratios for financing for foreigners. This has cooled the property market somewhat and attention has moved from Singapore to elsewhere especially into Iskandar, KL and Penang. By default, the 10% additional buyer’s stamp duty and the increase in Real Property Gains Tax has made Malaysia a considerably cheaper entry into real estate. Chinese & Indonesians investors look elsewhere In contrast to the smaller foreign ownership of Malaysian property, the number of private property transactions by foreigners and permanent residents from Singapore comprise 30% of Singapore home sales. Mainland Chinese account for 25% of these purchases followed by Indonesians. When the Singapore property market softens, Malaysia becomes a very credible second choice to this pool of investors. Malaysia has abundant land, lower cost of living, health and medical facilities that rivals Singapore. As the cost of living is high in Singapore, those who retire may find it difficult to make ends meet if they
75% of our sales in Melbourne are to Malaysians. More than half of the sales in Singapore are to Malaysians.” Nearly half of the Malaysian diaspora lives in Singapore. The higher salary and stronger exchange rate that Malaysians enjoy in Singapore enables many of the While Singapore ranks sixth largest in Malaysian diaspora to buy Malaysian terms of MM2H with only 78 in 2011, property assets for investments or for these numbers are likely to increase their relations to stay. with an aging population in Singapore. A report published by Manulife Asset Window of opportunity Management said that 9% of the Malaysian developers should take this Singaporean population is above 65 opportunity to look at pushing their but by 2050 this percentage will rise to projects to Singapore to take advantage 32%. This will also have implications for of the gap in investments due to the the demand for Malaysian retirement new regulations. Singaporeans have villages and health tourism and hence long memories and remember the years the need for Malaysian developers to during the financial crisis when many brand themselves in Singapore if they are developers abandoned their projects. serious long term industry players. Though it is now a thing of the past, there are hurdles to overcome in terms Profile of Singaporean investor of perception. Companies like Gamuda Ranked third highest in per capita and SP Setia have penetrated the market income in Asia, Singaporeans have strong by just addressing these concerns purchasing power. According to a survey and providing solutions such as gated by Ascendant Assets Pte Ltd, the typical and guarded community living and profile of a Singaporean property investor extraordinary green features. is fairly cash rich. Almost 42% are holding on to between S$100,000-S$400,000 of Developers can raise profile under MPI cash on hand. The average age is 46 and banner 82% of the respondent are married. They Malaysia Property Incorporated (MPI) are generally risk-averse and unwilling which has been in Singapore for the last to accept large declines in value even two years and as a government agency if it means the potential for higher tasked with providing the right message returns. Generally speaking, these to foreign investors about Malaysian property investors are generally not the property has been successful in shedding speculative type and are prepared to hold that perception of negativity. Developers on to their investments for more than 10 who have used the MPI showroom on years. However, these investors are not the Ground Floor of the Singapore Stock as familiar with the different locations Exchange building in Shenton Way have in Malaysia and developers need to also seen their profile rise in Singapore as brand the location of their projects Singapore investors begin to appreciate and their company when exhibiting in the quality of the developers promoted Singapore. under the MPI banner. The showroom in Singapore serves to provide a continuous Singaporean preferences presence for Malaysian developers to “Generally, our Singaporean neighbours market themselves in Singapore. At the are in favour of higher-end developments, same time, developers save on the cost especially projects with strong security of advertising when they exhibit their system, lush green environment, and projects collectively as a group. are lifestyle-driven,” said Dato’ Wan Abdullah of UEM Land. He said that “We believe it is a good time to enter the majority of foreign buyers in Nusajaya, Singapore market to promote high value Johor, were Singaporeans. Singaporeans Malaysian real estate. Joland launched are also fond of Penang, a state island its new Paragon Residences at the where they can relate their experiences Malaysian Property Gallery and sold 170 on Singaporean real estate as well as units between 30th June to 15th July. The Malacca which still offers authentic bulk of the units were sold in the first Nyonya cuisine and medical health hour of launch and the last few units facilities. facing the seafront had to be balloted.” Diaspora Last but not least, familiarity of a country is a very strong basis for investment in property. According to SP Setia, “About
For more information about Malaysia Property Gallery in Singapore, kindly contact Michael A. David at michael@malaysiapropertyinc.com
SPOTLIGHT on Malaysia - Japan Relations
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TRANSFORMING
or a macro-economic perspective. The problem arises when by a policy directive or a decree, incomes are forced to rise on the assumption that the aggregate income so achieved is an indication of the general well-being of an economy. Malaysia’s desire to become high income nation is laudable. At the same time there are efforts to scale up skills and productivity as well as technological innovation to producing high-end high value products. Therefore, the by Veena Loh possibility to move gradually into a high Datuk Seri Mohamed Iqbal is currently income nation is there. the Secretary of Malaysia-Japan Economic Association (MAJECA), Majeca follows very closely Japanese Secretary-General of the Asean Business trends and innovations. Having Forum, Chairman of the Malaysian contributed significantly to private Institute of Management and Chairman sector participation from Japan. The of the Business Advisory Council of Japanese policy of doubling the income United Nations Economic and Social is an example Malaysia can draw Commission for Asia and the Pacific lessons. The conditions in the sixties and seventies are not the same now. (UNESCAP). However, the objectives and policy Datuk Seri Mohamed Iqbal has served measures are not too dissimilar. The in the past as Associate Professor Malaysian initiative is a timely move. in the Faculty of Economics and Administration, University of Malaya Datuk Seri Mohamed Iqbal (DSMI): 一 and Executive Director of Institute of 般的に、あらゆる種類の費用が多くの要因によ Bankers Malaysia, an institute set up by り次第に上昇し、人件費、賃金や給与も上が the banking industry on the initiative of りますが、インフレでない限りにおいては、それは 望ましい傾向であります。実際の大幅な技術 the Bank Negara Malaysia. 並びに労働性の向上に起因する所得の上昇 Property Quotient (PQ) interviewed him は、ミクロやマクロ経済の観点から、目標とされる recently to gain insight on transforming ものの一つです。問題は、政策策定または指令 Malaysia towards high income nation によって、所得が経済の健全性の一般指標で and the Japanese corporation’s あることを前提として、総所得増加のために、所 perception on Malaysia as a low cost 得が上昇を余儀なくされた場合に発生します。 高所得国になろうというマレーシアの願望は称 manufacturing location. 賛に値します。同時に、技術と最高級品・高付 PQ: Many developing countries have 加価値製品の製造に生産性だけでなく、技術 tried to move upwards from the upper 革新をスケールアップするために努力をおしみま middle income nation status but have せん。したがって、高所得国に徐々に移行する found great difficulty in doing so. Many 可能性があるわけです。 end up stuck in the middle income trap. Please give your honest opinion as to PQ: Would it be difficult to change the whether Malaysia has the requirements perception of the Japanese of Malaysia that will make it succeed in getting out as a low cost manufacturing location? of the middle income trap. PQ: マレーシアの低コストの製造拠点としての PQ:多くの途上国は、上位中所得国の状態 認識を、日本人が変更することは難しいでしょ から上方に移行しようと努力していますが、そう うか？ することで大きな困難にも直面してきました。結 果として多くの場合が、中位所得という罠には DSMI: The Japanese are realistic and まってきました。マレーシアに関しては、中所得の know that Malaysia is no longer a low罠から抜け出せるための要因があるかどうか、あ cost production base. Also, Malaysia なた方の率直な意見を頂戴したいと思います。 is no longer competitive in ASEAN and in the rest of the world for electric and DSMI: Generally, costs of all kinds rise electronic products. The Japanese are over time due to many factors, labour well aware of the quality of the workforce costs, wages and salaries also rise. So - educated and able to acquire skills on long as the rise is non-inflationary, it is a fast track. These characteristics are a desirable trend. In fact a rise in income attracting high-end technologies such due to greater skills and job enrichment as nano and biotechnologies. There is a is one of the objectives from a microlot more to be done by Malaysia to excite
MALAYSIA TOWARDS
HIGH INCOME ECONOMY
Datuk Seri Mohamed Iqbal Secratary, MAJECA
the Japanese and attract them to locate their research and production centres in Malaysia. DSMI: 日本人は現実的であり、マレーシアは もはや低コストの生産基地ではないことを知っ ています。また、マレーシアは、電気•電子製品 分野ではASEANやそれ以外の諸国間ではも はや競争力を失っています。日本人はよく教育 され、早く技術を習得できる労働力の見極めに 熟知しています。これらの労働力の特性は、ナ ノ、バイオテクノロジーなどのハイエンドの技術を 引き付けています。日本人の注目を集め、マレ ーシアでの研究や生産拠点の設立に向け、マレ ーシアが行うべきことはまだまだたくさんあります。 PQ: What else do you think Malaysia can do to help it work towards a high income nation?
PQ: あなたは、マレーシアが、高所得国に向け ての活動を支援する他に何ができるかと思いま すか？ DSMI: The 80:20 rule may be alluded to in this respect. The focus is on the 20% of the population who may be contributing 80% of the income. If the 80% of the lower end population is not addressed in this effort, the income disparity will be widened. There should be assertive efforts to not double, but treble or quadruple the income of these people especially those in the rural and less developed regions of Malaysia. DSMI: 80:20ルールは、この点で言及するこ とができます。焦点としては、収入の80％に貢 献しているであろう20％の人々にあります。もし ８０％の低所得の人々が放っておかれれば、 所得格差は拡大されます。所得格差を倍増 しないように、特に農村部や低開発地域の人 々には３倍や４倍の所得格差が生じないよう に断固とした努力が必要です。
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SPOTLIGHT on Malaysia - Japan Relations
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(from previous page)
economically transformed Malaysia?
PQ: How do the Japanese see their role as Malaysia moves towards a high income nation?
PQ: 日本のどのような企業分野が、経済的に PQ: マレーシア不動産株式会社は、国際的 変革を遂げたマレーシアへの投資に興味がある にマレーシアの不動産を販促していくために設 でしょうか？ 立された官民の事業体です。MPIはこの変換 に向けた国の動きを助けていくためにどのように DSMI: It is difficult to pin-point the type 日本人またはMajecaと活動していくことができ of companies at this juncture. From ますか？ the Malaysian point-of-view, a few areas are considered priorities. Cutting- DSMI: MPI is industry specific for real edge technology companies with estate and related investments. In new innovative products being nano addition to building environment for and biotechnologies are one cateory. human habitation and commercial Small and medium scale enterprises structures, MPI should develop a niche which form a web with big industries within its strategy to provide a one-stop such as auto industry and bio-medical focal point for advance technologyinstruments are another category that driven new ventures. These require not hold potential. The latter are becoming only built-up space, but sophisticated IT non-viable in the current Japanese infrastructure and power supply without economic scenario. They may be viable fluctuations in nano caliberations. if technology transfer and supply-chain DSMI: MPIは、不動産とそれに関連する投資 connections are entrenched. のための専門事業体です。人の居住と商業構 DSMI: 現情勢では、企業のタイプを絞り込む 造の環境を構築することに加えて、MPIは、その のは困難であります。マレーシアからの見地か 戦略の中で技術主導の新規事業のための総 ら、いくつかの領域が優先項目とみなされてい 合案内所としての適所を開発していく必要があ ます。ナノとバイオテクノロジーという新しい革新 ります。これらの構築された空間だけでなく、洗 的な切削技術がその一つの分野です。自動車 練されたITの産業基盤とナノの影響による変動 産業、バイオ-医療機器といった大きな産業とつ に作用されない電源の確保も必要となります。 ながりを持った中小規模の企業が可能性を秘 めているもう一つの分野があります。後者は現 PQ: Can MAJECA provide the networking 在の日本経済のシナリオでは、非現実的なもの to increase business-to-business となってきています。技術移転およびサプライチェ opportunities between Japanese and ーンへの連結が確立した場合、それらは現実的 Malaysian companies or publicity to this effect? な可能性があります。
PQ: 日本は高所得国に向けたマレーシアの動 きにたいする日本人の役割をどのように見てい ますか？ DSMI: The Japanese are very positive about Malaysia. The almost five decades of friendships are excellent trade relations, coupled with about 30 years of participation in industrial ventures, is a very rich experience to cherish. On this track record, the opportunities are bright for the future. DSMI: 日本人はマレーシアについて非常に肯 定的でありました。友情のほぼ五十年は非常 に優秀な貿易相手国で、産業•ベンチャーへの 参加の約30年は非常に重要な経験となりま した。こういった実績は、将来のために明るい機 会となっています。 PQ: Malaysia’s labor cost is likely to increase with the minimum wage rate. Will that affect the Japanese companies who have invested here?
PQ: マレーシアの労働コストは、最低賃金率 が増加する可能性があります。それはここで投 資している日系企業に影響を与えるのでしょう か？ DSMI: In the past, the cheap labour and the labour component of the massproduced goods were critical factors. These days are over. High end products produced in Japan with Japanese labour and technical expertise is done so at very high cost. Japan has to bring down this cost to compete with other technologically advanced countries. The same expertise can be sourced in Malaysia at a competitive cost. High income for Malaysia, lower factor cost compared to Japan. It is a winwin formula. This would be the future direction. DSMI: 過去には、量産品の安価な労働力と 労働力成分が切実な因子でありました。こうい った時代は終わりました。日本の労働力と技術 的専門知識により、日本で生産されたハイエン ドの製品は非常に高いコストになっています。日 本は他の技術先進国と競争するためにこのコ ストをダウンさせる必要があります。同様な専門 知識を、競争力のあるコストで、マレーシアで供 給することができます。マレーシアにとっては高所 得、日本と比べてより低いコスト。それはwinwin（相互利益）の式です。これは、今後の 方向性であると思われます。 PQ: What sort of Japanese companies would be interested to invest in the
try move towards this transformation?
PQ: What can Malaysia do to help PQ: MAJECAは、日本とマレーシアの企業のビ these new types of Japanese industries ジネスチャンスを高めていくための宣伝効果のた relocate in Malaysia? めにネットワークを提供することや宣伝をしていく ことができますか？ PQ:マレーシアとしては、日本の産業のこれらの 新しいタイプのマレーシア移転のために何ができ DSMI: MAJOCA has been in the forefront of private sector business-to-business るのでしょうか？ connections and networking. In fact, DSMI: The MITI, MIDA missions coupled it was formed with its counter-part with MAJECA initiatives has produced JAMECA to spearhead such initiatives. excellent results. The same pattern MAJECA has proposed to the government can continue on a broad level. What to extend the Look East Policy beyond is needed are specific thrusts, for the 30 year success. MPI and MAJECA can example, to connect with research and join hands to contribute to, the targets development institutions and, secondly, of a developed nation states by 2020. enterprises which are facing succession DSMI: MAJOCAは、民間企業間のビジネス problems. マッチング、およびネットワーキングの最前線に D S M I : 通 産 省 と M I D A の ミ ッ シ ョ ン 立ってきました。実際には、そういった陣頭指揮 は、MAJECAの取り組みと相まって、優れた結 を執るため，カウンターパートであるJAMECA 果を生み出しています。同じパターンは、広範 と一緒に設立されました。 MAJECAは30年 なレベルで継続することができます。例えば、後 以上、東方政策を拡張するための提案を政 継者問題に直面している企業には、研究開発 府に行って成功してきました。 MPIとMAJECA 機関との連携を推奨していくといった積極的な は、2020年までに発展途上国となることを策 定した国家の目標に貢献するため、手を取り 試みが必要になってきています。 合って進んでいくことができます。 PQ: Malaysia Property Incorporated is a public-private entity that is set For more information about Malaysiaup to promote Malaysian real estate Japan Economic Association (MAJECA), internationally. How can MPI work with kindly email to the Japanese or Majeca to help the coun- majeca@masscorp.net.my
SPECIAL INTERVIEW Macromeister - Japanese Investment Advisor for Malaysian Real Estate
REAL ESTATE INVESTMENT
6 Bandar Sunway A resort living within the city
STRATEGY AND
NEW BUSINESS
IN MALAYSIA マレーシアの不動産 投資戦略と新事業 の可能性
by Tetsuo Ikeda In this report, we introduce the market trend, investment strategy by foreign investors and an interview with the leading developer. 今回のレポートでは、投資すべき物件エリアと 物件タイプ、今後の外国人の投資戦略、大手 デベロッパーの戦略について調査した内容を紹 介する。 Investable areas and type of properties 投資すべきエリアと物件タイプ It is said that popular area and types of property in Malaysia is a condominium located near KLCC area. Despite rising property prices by 8 to 10% compared to the last year, asking rents appear to slow down, especially, luxury condominiums in the districts such as Mont’ Kiara which targets foreign expats. For long-term investments investors need to take into account supply-demand gap for lease. The reason that rents have been stagnant in these areas is due to the large excess supply rising from the rush of newly built condominium construction and heavy traffic conditions. It is said that the local residents are reluctant to rent in areas of traffic congestion. On the other hand, even in the suburban area, properties with good access have been kept at stable rent levels. For the local residents who use a car to commute to work, traffic congestion is a major factor in selecting to stay. In addition, many of these buyers are not foreign investors, but many local buyers purchase it for use. With respect to the type of property, commercial facilities have been growing steadily rather than condos in both rent levels and prices. Consumer confidence of Malaysians in recent years has become strong and prices of consumer goods including food has risen. Subsequently, retail tenants have raised their rents.
“
Diversification of portfolios is one of the key success factor of Sunway Integrated Properties to be a leading propertyconstruction group in the region
Commercial properties rental demand is validated where has high possibility of rental growth and are good investable opportunities. KLCCエリアにあるコンドミニアムは、前年比8％ －10％増で価格は引き続き高騰しているもの の、賃料水準に陰りが出始めている。特に日本 人にも人気のエリア、モントキアラの外国人駐在 員向け高級コンドミニアムは継続的に売れてい るが、長期的な賃貸を考えた場合、賃料ニー ズと設定賃料の需給ギャップに注意が必要だ。 これらの地域で賃料が停滞している原因は、新 築マンションの建設ラッシュで供給過剰が顕在 化し始めていることと、交通事情によることが多 い。特にモントキアラでは、交通渋滞を嫌がるロ ーカル層にはあまり人気がない。一方、少し離
れた郊外エリアでも、アクセスがいいエリアでは価 格が上がり、比較的賃料水準も安定している。 通勤に車を使うローカル層にとって、交通渋滞 が少ないことは大きな要因だ。物件タイプに関 しては、コンドミニアムより商業施設が賃料、価 格ともに順調に伸びている。賃料が上がる原因 は、近年マレーシア人の消費意欲が旺盛で、 消費に費やす支出も増えているからだ。特に食 品・外食等が最もインフレしており、ファンダメン タルが強い。賃貸需要が検証され、賃料上昇 が見込める商業物件は投資対象になりうる。 Investment strategy by foreign investors 外国人投資家の投資戦略 F o r e i g n i n v e s t o r ’s r e a l e s t a t e investment strategy is to invest in prelaunch projects and resell at the time of completion. Properties like SoHo type and small unit condominiums are popular. However, due to the escalated speculative investment in recent years, the Malaysian government has begun to tight regulation towards foreign investors. In the newly elected opposition state of Penang, the government announced that minimum purchase by foreigners has been raised from RM500,000 to RM1 million.
(continued next page)
SPECIAL INTERVIEW Macromeister - Japanese Investment Advisor for Malaysian Real Estate
7
(from previous page) This ruling has not been announced in any other state and has not been extended to MM2H owners. Foreign players observed that the rise of minimum purchase amount may impact on Japanese investors, and the developer may face loss on investment opportunities. On the other hand, local officials observe that this action won’t impact on the market. Because of the fact that the share of foreign investment is still a minority, majority of buyers are still the local buyers who rather support this policy announcement. This cooling measure on property may cause foreign investors’ strategy to shift to long-term holding strategy with an emphasis on actual demand. 外国人のマレーシアでの不動産投資戦略は、 開発型物件へ竣工前に投資し、竣工と同時に 転売するスタイルが多い。特に小さいユニットの コンドミニアムやSOHOタイプなど価格が低い物 件は人気が高い。しかし、近年の投機的な投 資により、政府が外国人投資家に対し規制を 強化し始めている。先日、ペナン島で、MM2H ビザを持たない外国人の最低購入額が現在の 50万から100万リンギット（1リンギットは約25 円）への引き上げが発表され、外国人の投資 機会損失を危惧する声を耳にする。 一方、現地関係者の中ではあまり影響してい ない様子だ。なぜなら、いまだ外国人に占める 投資は少数であり、ほとんどがローカル層による 投資だからだ。むしろこの政策発表は、次期選 挙に向けた彼らへのアピールと考えられており、 支持されている。今後は、外国人も短期での 転売より、実需を重視した長期保有の戦略や 現物投資以外の投資にシフトしてくるだろう。 Strategies of leading developer and cooperation with Japanese companies 大手デベロッパーの戦略と日系企業との連携 We interviewed Mr. Ho, Managing Director from a leading real estate development group, Sunway. Sunway, is an integrated developer with a unique, integrated property business model where they can handle all aspects in the property value chain from landbanking, master planning, construction, property management and sales and recycling capital through the REIT vehicle. Sunway has a track record of developing the township “Bandar Sunway” large, including water park “Sunway Lagoon”, university, shopping mall “Sunway Pyramid” and a hotel in the city Petaling
Management Team of Sunway (The center is Managing Director of Sunway, Mr. Ho)
サンウェイグループ経営陣（中央がマネージングディレクターのホー氏）
Jaya. Being sponsored by GIC, the Sunway City-REIT has been listed as the largest REIT in 2010. Sunway’s strength comes from ability to develop integrated developments which pays importance to location and size of landbank. As an example, Sunway’s ongoing development, Sunway Damansara is a thriving commercial center and a retail mall as well as residences comprising terrace houses, bungalows, townhouses and condominium. The next projects are Sunway Velocity, integrated development located near KL, and Sunway Iskandar which is next to Second Link which connects to Singapore. For collaboration with Japanese c o m p a n y, S u n way c a n e x p l o r e the possibility of sharing project information, marketing in Japan, developing investment products incorporating Sunway’s project. In addition, there are possibilities of working together on tenant leasing. For example, the large tenant of Sunway’s commercial facility, Sunway Pyramid is Aeon Mall. Due to the opportunities of market expansion into Malaysia, not only a large tenants, but also small and medium-sized tenants can be targeted. Japanese real estate players and service providers may find business opportunities by helping those tenant candidates launch office in Malaysia by partnering with companies like Sunway. 先日、大手不動産開発グループ、サンウェイ社 のマネージングディレクターであるホー氏にインタ ビューを行った。同社は、複合施設開発と建設 を得意としており、ペタリンジャヤ市の郊外
に大型ウォーターパーク「サンウェイ・ラグーン」や 大学、ショッピングモール、ホテルを含んだ大型 タウンシップ「バンダー・サンウェイ」を開発した実 績を持つ。 同社は、GICが第2位の大株主と なっており、2010年にはマレーシア証券取引 所最大のSunway City-REITを上場させて いる。今後の開発には立地と開発用地の大き さを重視し、ローカル層に人気のあるKL近郊の プロジェクトだけでなく、シンガポール国境近くの イスカンダルでの開発も予定している。今後の展 開として、日系運用会社や投資会社、不動産 会社と連携の可能性について尋ねたところ、サ ンウェイのアセットを組み入れたアジアでの投資 商品の開発や日本でのマーケティング、案件情 報の提供など十分に検討できるという。また、 テナントリーシングにおいても連携できる可能性 がある。例えば、サンウェイが運営している商業 施設サンウェイ・ピラミッドの最大テナントは、イ オンモールだ。日系中小テナントはまだ少ないた め、今後、日本企業のマレーシア進出に伴い、 大型テナントだけでなく中小規模のテナントリー シングニーズも考えられる。ベンチャー企業進出 や駐在所の立ち上げで、テナントを誘致できる 企業と手を取ることも視野に入れているようだ。
Tetsuo Ikeda [Macromeister] 池田哲郎 [マクロマイスター]
Mr. Ikeda has been involved in real estate fund management business for institutional investors. He currently runs Malaysia Real Estate Investment Club and focused his efforts on investor relation. Prior to the career, he was Investment Analyst at Morgan Stanley Real Estate Fund (MSREF) and Merrill Lynch Japan Securities. He started his career at NYSE listed Investment Company and was in charge of corporate accounting and SEC filing. He received MBA in finance from McGill University in 2009. 愛知県出身。海外大学卒業後、2003年にNYSE上場日系投 資会社に入社。その後モルガン・スタンレー・キャピタルでMSREF のInvestment Analyst としてモデリング、ポートフォリオ管理を 担当。メリルリンチ日本証券を経て、マレーシア不動産投資クラブ を主宰している。カナダ マギル大学 経営学修士 ファイナンス専攻。
IN A NUTSHELL Private Equity International (PEI) Report on Global Capital
GLOBAL
Figure 4: Regional Breakdown of 2011 global capital raised
PRIVATE EQUITY FUNDRAISING
Central & Eastern Europe
0.6%
Western Europe
12.2%
OVERVIEW
Middle East/ Africa
1.1%
North America
36.2%
Asia Pacific
14.7%
US$186 billion
PEI Surveys shows that Malaysia was selected as one of new area of opportunities for investors globally along with other SEA countries such as Vietnam, Laos and Philippines
Latin America
5.3%
Funds targeting multiple regions
29.9%
Source: IPE Research Centre
by Faza Sakinah & Hazrul Izwan
“
The number of private equity (PE) funds globally has declined by 49.8% from US$422 billion in 2008 to US$212 billion in 2009 due to reduction in the number of capital raised. The market seems unpredictable and upheaval from 2009 to 2011 which is caused by economic slowdown, overheated economy in China, sovereign debt crisis in Europe and debt ceiling debate in US are the key factors which continuously make global fundraising activities more challenging.
North America remains the largest region for capital raising by securing 36.2% of total capital raised, followed by Asia-Pacific region (14.7%) and Western Europe (12.2%) (Figure 4). According to “Asia Pacific Private Equity Review” survey results released in March 2012 by Private Equity International, growth/ expansion capital, venture capital and buyout funds represent the top three strategies
China is dominating the private equity market with an aggregate fund of US$16 billion, other Asian countries that are also growing are Indonesia, Japan, Malaysia, Mongolia and South Korea
adopted by general partners (GPs) targeting Asia in 2011. Out of these three strategies, growth/expansion capital funds outperformed across all type of fundraising strategies with an aggregate amount of US$12 billion.
Figure 5: Limited Partners’ (LP) current and future country-specific strategies % 30 25 20 15 10
Legend:
Current investment/s
Future investment/s
Source: IPE Surveys
I have not invested in APAC
Vietnam
Thailand
Taiwan
S. Korea
Singapore
Philippines
Malaysia
Laos
Japan
Indonesia
India
China
Cambodia
Australia
Hong Kong
5 0
8
The increasing PE investments in Asia (particularly Southeast Asia and China) has been caused by issues in the US and Europe such as the regulatory pressures and financial instability which give advantages towards the Asian countries. The top two countries that are GP favorites are China and India with 57% of capital raised and 12% respectively. As for India, it was from US$2 billion to US$3 billion from 2009 to 2011. Although China is dominating the private equity market with an aggregate fund of US$16 billion, other Asian countries that are also growing are Indonesia, Japan, Malaysia, Mongolia and South Korea. Malaysia is way behind as compared to China and India. However, the past increase in investment is making Malaysia a hotspot to invest in given the attractiveness of its location within Asia’s geographical market. Malaysia was selected in a group of seven out of eight countries highlighted by respondents for the new area of opportunities in the SEA region together with Vietnam, Laos, Philippines, Cambodia, Thailand and Singapore (Figure 5). The survey report also highlighted that a sector which is favored by PE firms in the SEA countries include the consumer and retail sector, energy sector, and commodities sector to name a few. Also with the young population and the growing middle class and higher consumer spending, this makes Malaysia along with other SEA countries more appealing and attractive. This is an opportunity to attract more private equity firms to invest in Malaysia.
GRAPHICALLY SPEAKING Supply of Housing in Malaysia
UNITS LAUNCHED SHOWS DECLINING SUPPLY IN ALL STATES,
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SELANGOR Units ‘000
LOWER UNSOLD UNITS OF PROPERTY
AND SHOWS SUSTAI N ED DEMAND IN SELECTED STATES,
35 30 25
2008 - 2011
20 15 10 5
2011
2010
Units ‘000
2009
0 2008
KUALA LUMPUR & PUTRAJAYA 16 14 12
PENANG
10 8
Units ‘000
6
3.5
4
3.0
2 2.5 2011
2010
2009
2008
0
2.0 1.5 1.0
2011
2010
0
Units ‘000
2009
0.5
2008
JOHOR 35 30
MALAYSIA
25 20
Units ‘000
15
140
10
120
5
2011
2010
2009
100 2008
0
80 60 40 20
2011
0 2010
Unsold units
2009
Source: NAPIC
Unit launched
2008
Legend:
CROSS-BORDER QUERIES
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LOOKING FOR
INVESTMENT
Malaysia Property Incorporated (MPI) receives foreign investor queries on an ongoing basis. For any parties interested to pursue these investment requirements, please contact the MPI team at research@malaysiapropertyinc.com Request
Client
Requirement
Location
Hiroshima, Japan
Development land less than RM 15 million for high-end condomium project
Penang, Ipoh, Kuala Lumpur and Selangor
Landbank
Guangzhou, China
10 - 20 acres of land for furniture mall
Greater KL
Landbank, Development rights
Dhaka, Bangladesh
5 - 7 acres of land for development
Greater KL (Southern part)
Dubai, UAE
10,000 square feet area
Klang Valley
Landbank, Development rights
Singapore
10 acres and above of freehold land to built a logistic park
Klang Valley (Shah Alam, Bukit Raja)
Landbank, Development JV
Singapore
Mixed development with medical component, medical resort e.g medical themed service apartments, retirement village
Klang Valley, Johor, Penang
2Q 2012 Landbank
1Q 2012
4Q 2011 Factory cum distributor office
3Q 2011
ABOUT US Malaysia Property Incorporated is a Government initiative set up under the Economic Planning Unit to drive investments in real estate into Malaysia. As the first port-of-call for real estate investment queries, Malaysia Property Inc. connects interested parties through an extensive network of government agencies, private sector companies, real estate firms, business councils and real estaterelated associations. MPI has two core objectives; to create international awareness and to establish connections between foreign interests and Malaysian real estate industry players, ultimately contributing to real estate investments into the country.
For further information and up-to-date tracking of Malaysian real estate data, visit: www.malaysiapropertyinc.com For further enquiry, write to: info@malaysiapropertyinc.com
Disclamer: This report contains information that is publicly-available and has been relied on by Malaysia Property Incorporated on the basis that it is accurate and complete. MPI is not liable if the case proves to be otherwise. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed.