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LAST year, local property map "guru" Ho Chin Soon pointed out that since early 2007, the prices of property in Malaysia had increased strongly and properties within the Kuala Lumpur City Centre (KLCC) area had doubled if compared to 2006 prices. Research showed that office rentals had generally surged 15% to 30% in the city centre, and are expected to go up further in 2008.
Ho attributed this to the lifting up of the freeze on office buildings in Kuala Lumpur and pent up demand for Grade A office buildings.This had led to several transactions of record prices with Mah Sing Group Bhd and Glomac Bhd transacting prices at RM969 per sq ft and RM1,150 per sq ft respectively with buyer, Kuwait Finance House.
Of the two companies mentioned in Ho's report, Mah Sing Group through its wholly owned subsidiary, Mah Sing Properties Sdn Bhd, is apparently making strides despite the uncertainties in the local property market.
In a recent media conference, …