KL property market improves

KL property market improves

KUALA LUMPUR: Malaysia's sluggish commercial property market, which had US$2.63 billion worth of office space vacant late last year, has improved slightly, international property consultants said Thursday.

The general occupancy rate in the capital Kuala Lumpur grew from 73.3 percent to 75.5 percent, CH Williams Talhar and Wong said in its property market outlook for 2003.

"If you look at the vacancy rate, there was an improvement from last year despite some new space coming into the market," director Goh Tian Sui said.

Three new buildings comprising 95,410 square metres entered the market in the capital's top business district, called the "Golden Triangle", bringing the total supply to 4.7 million square metres of office space.

A survey by CB Richard Ellis in July 2002 showed Malaysia enjoyed one of the lowest office rental rates in the Asia Pacific region, second only to Bangkok, at $13.3 per square foot compared with Tokyo, the most expensive at $136. -- AFP