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IN a system where income levels, savings, costs, population density, demand, supply, rents, property sizes, property condition, property usage and preferences are so different, how does a property acquire “a” price that is acceptable to a buyer and subsequently acceptable to the market?
Why does a property sell at RM1.6mil when almost everyone living there can at best afford only RM800,000 or sell at RM800-RM1,000 per sq ft when up to a short while ago the maximum was only RM350 per sq ft?
Can 350 new properties in a scheme sell at the same price as one single latest transaction of an existing property in the vicinity? Can 10 developers sell 350 new properties each based on the abovesaid one single latest transaction?
Let’s take a look over the last 30 years at how properties had been priced in the market. Subang Jaya would make a good starting point.
In 1980 when I first started working, I noted that the latest phase of the new single and double-storey terrace houses in Subang Jaya were priced at between RM90,000 and RM140,000 per unit respectively, up from their previous pricing of between RM60,000 and RM90,000 in 1979. The 1980 pricing echoed the newly revised housing loan amounts of Division 2 and Division 1 government officers. All the launched units were quickly sold with the new and huge demand. In the subsequent phases, the pricing followed the momentum of the earlier fully sold sale prices with additional premiums for time, newer design and specifications and variations in the floor and land areas.
Then in the 1990s in the condominium city of Mont’Kiara, I noted the new condominiums were priced based on the price range of the existing two-storey terrace houses in Sri Hartamas/Desa Hartamas which were no longer being built due to land shortage and high land prices. The new condominiums provided an ideal alternative for the affluent younger Malaysians who were seeking a lifestyle change. The prices were also influenced by foreign buyers who preferred a new property with security and property management services at prices and rents which they could afford.
When the number and type of foreign buyers and tenants increased, the developer started to build larger units which were priced based on the price range of semi-detached and detached houses in the neighbourhood. This was well accepted by the market as it was based on actual demand for new, secure and well managed properties by foreigners especially since there were two international schools in the vicinity.
I also noted that in pricing the newly-launched terrace houses in the mid-1990s in Bandar Utama, the prices were 10% to 20% lower than the last transacted prices of existing comparable houses in the same neighbourhood such as TTDI, Damansara Jaya and Damansara Utama. Here the rationale was that the price of the newly-launched house should reflect a discount compared to an existing property, to take into consideration the 2-year waiting period during which interest has to be paid to the bank and rents have to be paid to stay in the current accommodation. It is interesting to note that this rationale is no longer followed by developers and their marketing gurus who now price the newly-launched schemes at higher prices than the highest sale price of an equivalent existing house. The basis being, “why not” when everybody wants to invest in properties and loans are easy and cheap.
Pricing trend
Another pricing trend noted was the continuous rise in the prices of shopoffices in Bangsar and Desa Hartamas, etc. Here the price rise was directly influenced by the rentals paid for the ground floor retail units which were in high demand by food and beverage outlets. This trend continues in all the new smaller shopping complexes as well, where the food and brewerage (F&B) outlets form the largest composition of tenants. The reason they can pay higher rents is because there are a large number of people/small entrepreneurs who find this sector the easiest to enter or invest in, as the payback period is only a short 3 years and there are no barriers to entry.
The other occupiers of the shopoffices and small shopping complexes have no choice but to cough up the same rent as the F&B outlets, as they set the “tone” for the rent in that particular row of shops. As the rents rise, so will the prices as they are directly related.
Similarly, properties in areas which can be converted to a different use where new demand is being created such as showrooms, bridal studios, etc can afford a higher rent. Prices rise due to the higher rents paid. Then by way of the much misused comparison method of valuation, other properties in the vicinity also rise in price, irrespective of their current use, rent and turnover.
I note that in highly popular areas where supply of a particular type of preferred property is limited, like in Damansara Heights/Bangsar etc, the number of transactions per year is very limited as no one really wants to sell since there are no other similar alternatives to move into. Then when out of the blue, a unit here is advertised for sale (usually because the owner is migrating or just wants to test the market) a “special purchaser” will come along and easily pay 20% to 30% above the last transacted price to secure the unit. This is repeated in the next sale when the second “special purchaser” pays another 20% to 30% above the last special purchaser price.
After two such transactions, the price paid by the “special purchaser” becomes the market price and extends to all other properties which are considered comparable, such that the price is now beyond the capacity of the people who have always lived or traded in that vicinity.
The price here is based more on the price which someone living or trading elsewhere is prepared to pay. This is what is happening in Singapore, London, etc. where foreign purchasers set the price. In Malaysia this is happening in Iskandar, KLCC and Penang.
Prices are also directly influenced in the following manner. Say a typical terrace house in a locality measuring 20’ by 60’ and 20 to 30 years old, is fetching prices in the range of RM350,000 per unit. A new scheme comes up in the area where the new unit measures 24’ x 80” and is of modern quality. Here the two properties are not comparable in terms of size and quality. The new unit is priced at say twice the price of the older smaller unit (based on cost, floor area and land area) and sets a new price benchmark for that locality. Then in a matter of time, all the existing properties in the vicinity (particularly all those that have been renovated) try to adopt a similar selling price per sq ft as the new property, using the location, location, location theory, never mind that upon purchasing the older property, the new buyer has to spend a hefty sum to make it livable to modern standards.
Then there is the effect of the policies of the lending institutions on the price. The policies of the lending institution in respect of loan tenure, interest rates and the loan to value ratio directly influence the pricing of a property. During a period of high confidence, sellers can quote high prices just to test the market, but as long as the purchase of the property can be financed, the buyer is prepared to pay the higher asking price as the loan is spread over 20 to 35 years and almost 90% to 100% of the purchase price can be financed.
And all it takes is for one property to be sold and financed at the newly tested price and the new price level will then be tested even higher with the next lending institution. This is particularly true for new types of properties which the buyer and lending institution cannot compare with an existing property.
The above real examples clearly indicate how properties have been priced by the market. It is noted that despite property being a long-term investment and outlay, the market’s pricing mechanism is very short term and dynamic particularly when moving upwards. The prices being set by the market in the short term may not always equate with sustainable market values. It is a strong probability that if one blindly follows the pricing set by the market during a very short-term dynamic cycle, life can become one of endless and needless debt.
Andy Ko, DH 고동한
REAPFIELD PROPERTIES(HARTAMAS) SDN BHD
HP : +60 (0)12-722 2308 Malaysia
OFFICE : +60 (0)3-2300 1813
FAX : +60 (0)3-2300 1823
EMAIL: andyko@reapfield.com
부동산 매물 리스트 : http://malaymyhome.com/
한국 연락처 : 070-8800-4875 핸드폰 011-613-1967
번호 | 제목 | 닉네임 | 조회 | 등록일 | |
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15 | Vista Kiara 비스타키아라 임대매물 | ||||
andyko |
20754 | 2012-12-10 | |||
몽키아라 플라자 도보생활권인 비스타 키아라 임대물건 입니다. 방3개, 중간층, 주방 리노베이션, 페인트작업 등 올 수리한 유닛 임대가격 : 2,500
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14 | 비스타 키아라 임대매물 | ||||
andyko |
9900 | 2012-12-04 | |||
몽키아라 플라자와 도보거리가 장점인 비스타 키아라 임대물건입니다. TV는 LCD로 바꾸고 페인트 새로 칠했습니다. 고층입니다. 임대는 2800 네고가능
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13 | 몽키아라 최고의 거주지 MK10 임대매물입니다. | ||||
andyko |
12046 | 2012-11-17 | |||
몽키아라에서 콘도내 환경이 가장 좋은 MK10 임대물건입니다.
사이즈 약3,500sf
옵션 : Partly Furnished
층수 : 중간층
임대가격 : 9000링깃 네고불가
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12 | One Kiara 특별 분양물건 소개 | ||||
andyko |
7116 | 2012-11-07 | |||
몽키아라 체리안 키아라 앞에 새로 짓고있는 원키아라의 2차분 사전분양 물건입니다.
30%다운페이 조건으로 제한된 유닛을 스퀘어피트당 610-630Rm 가격으로 선분양합니다.
분양물건으로 투자수익을 얻고자 하시는 분에게 매력적인 물건으로 ...
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11 | 몽키아라 임대 매물 4000-4500rm | ||||
andyko |
10346 | 2012-11-06 | |||
몽키아라의 대부분 매물은 Fully Furnished 입니다. 4000-4500링깃 범위에서 Partly Furnished 매물을 소개합니다. Fully furnished는 아래 임대가격에 500-800rm정도 높다고 보시면 됩니다. 1. 아유리아 1700sf 저층 4,300rm 2. 아유리아 1...
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10 | 팔라지오 디벨로퍼 보유유닛 매물 소개 | ||||
andyko |
11306 | 2012-11-02 | |||
하타마스에 개발된 고급 빌라인 팔라지오의 특별가격 매물을 소개합니다. 기존 가격은 730psf 였으나 현재 10개 유닛의 경우는 700psf의 가격으로 매도하고 있습니다. 관심있으신분께서는 연락주시기 바랍니다.
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9 | SENI 시세대비 저렴한 임대물건 소개 | ||||
andyko |
10724 | 2012-10-29 | |||
안녕하세요?
몽키아라 솔라리스 쇼핑몰과 가까운 SENI임대 매물을 소개합니다.
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2) 사이즈 2,411sf 저층 붙박이장...
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8 | 몽키아라 투자용 물건 매입합니다. | ||||
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매입을 고려하는 물건은
1. 몽키아라 다마이 2,272sf
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혹시 위 물건을 보유하고 계시거나 매도하고자 하시는 분께서는 연락주시기 바랍니다.
감사합니다.
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7 | 몽키아라 Ayuria 아유리아 콘도 매매합니다. | ||||
andyko |
16585 | 2012-09-18 | |||
안녕하세요?
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임대도 문의 받습니다.
감사합니다.
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6 | MK28 매매합니다. | ||||
andyko |
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안녕하세요?
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고층이고 전망 좋습니다.
입주 예정시기는 올해 연말로 예상하고 있으며 아직까지...
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5 | MK11 매매유닛 | ||||
andyko |
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안녕하세요?
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감사합니다.
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4 | 몽키아라 플라자 사무실 임대 | ||||
andyko |
8686 | 2012-08-29 | |||
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3 | 몽키아라 가든인터네셔널 인근 체리안 콘도 매매 및 임대물건 | ||||
andyko |
14208 | 2012-08-01 | |||
안녕하세요?
몽키아라 가든인터네셔널 도보 3분거리인 체리안 콘도에 다양한 임대 및 매도 물건이 있습니다.
한국인이 많이 매입한 B블록 뿐만아니라 조용한 A블록도 임대 및 매도 물건이 있습니다.
한국인이 보유한 2036sf사이즈 뿐만...
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2 | 몽키아라 인근 신규콘도 임대 매물리스트 | ||||
andyko |
14715 | 2012-07-21 | |||
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1 | 몽키아라 반얀 대형평수 Partial Furnished 임대 | ||||
andyko |
12955 | 2012-06-07 | |||
안녕하세요? 몽키아라 국제학교 옆, 꾸준히 인기가 있는 반얀의 대형평수 임대물건입니다. 임대전에 매입도 가능합니다. 몽키아라의 안정적인 스테디셀러 물건입니다. 투자로도 좋습니다.^^ 사이즈 : 2,318sf 임대가격 : 6,000링깃 / 월 매도...
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