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