Chang: Yam’s action plans can lift burden of the middle-income group

HOUSING Buyers Associations secretary-general Chang Kim Loong has heaped praises on Rehda president Datuk Seri Michael Yam for suggesting various action plans during the roundtable discussionHousing Affordability: Issues and Challenges.

He says several of the action plans are innovative and well-thought out and must be studied in order to alleviate the burden of the middle-income group.

Chang surveyed the property prices of several locations in Selangor in 2004, 2009 and 2012 and concluded that prices in Kota Damansara and Puchong have crept up over the years to the point where these properties have become unaffordable for many.

Chang: ‘In 2012, the average monthly household income in Selangor is no longer enough to buy selected properties even in Kajang.’

“Average monthly household income in Selangor in 2009 is only adequate to buy selected properties in Kajang in 2009. In 2012, the average monthly household income in Selangor is no longer enough to buy selected properties even in Kajang, he says (see chart).

He says the situation is dire for singles. “Single people who wish to buy their own properties find it difficult due to their limited income. Assuming the average household income in Selangor is RM6,856 a month (based on official statistics in 2009 and assuming at 15% increase to 2012), average single income is assumed to be halved, that is, RM3,428.

“Single income earners cannot afford to buy lower-end condominiums in Puchong or Kota Damansara and can only afford lower-end condominiums in Kajang in 2012,” he says.

Chang also highlights the difference between being able to buy a property and being able to afford the monthly mortgage repayments.

“In theory, a monthly household income of RM7,000 can afford a house worth RM500,000 and take a mortgage of RM450,000 at 90% margin of financing with a repayment of RM2,307 a month. However, in reality, such a household may not be able to afford such a house if one were to look at the net income after the various deductions.”

He says buying a house and buying a suitable house are two different things. A suitable house constitutes a property where the owner does not have to fork out a high cost for maintenance, toll charges and transportation costs.

“The issue is not just being able to buy a property, but being able to maintain that property without causing too much hardship on the owner,” he says.

He says property prices have risen rapidly in recent years due to excessive speculation fueled by easy credit.

“There is a need for a return of the real property gains tax (RPGT) and not the present system,” he says.

Effective since Jan 1 this year, the gains from property held for less than two years were subjected to a 10% tax. For properties held between two and five years, a 2% was imposed while those who kept it for more than five years are exempted from tax.

This, says Chang, will not deter speculators.

Under the previous ruling, a Malaysian individual who sold his property within the first two years of purchase was taxed 30% of the gains. The rates slid to 20% (third year), 15% (fourth year) and 5% (fifth year). He would not be on the sixth and subsequent year.

To beat speculation, Chang suggests making the stamp duty a flat rate for the third and subsequent property.

Utilities also pump up house prices. He says the Government used to provide water and electricity. The privatisation of these services turned these agencies into profit-oriented companies.

“These are companies which do business without capital outlay but developers are now compelled to provide land for sub-stations and reservoirs.”

He says developers, like any other businesses, are profit-oriented and when developers have to make provisions for such infrastructure, previously provided by the Government, house buyers will lose out because the cost of these outlay is passed on to them.

“These costs are lumbered on to the price of the house,” he says.

Chang says while he understands the Government’s wish to help bumiputras own real estate, the bumiputra discount should not continue for the third and subsequent property. Neither should this discount be for the purchase of commercial properties. He says buying a house is the basic need of every household, irrespective of race and status. Buying a commercial property is for investment, not a need and having to give discounts for commercial properties will result in the overall rise in property prices as somebody has to bear the cost of that discount. - The Star

Driving home a few points

THREE years after the spike in property prices, a roundtable discussion was finally held with the guest-of-honour being the Housing and LocalGovernment Minister Datuk Seri Chor Chee Heung.

Normally, for such events, the guest-of-honour will take his leave after the opening ceremony. Instead, Chor sat through the presentation given by three speakers. After hearing them out, he called on the speakers and those present to put on their thinking caps and come up with solutions to overcome the issue of affordability among the middle-income group. He would present the suggestions to the Cabinet.

Chor: ‘We are now grappling with the challenge on how to provide adequate housing for the middle-income group.’

“Affordable housing has become an important topic, with the greatest need being in urban centres like Kuala Lumpur and Penang and to a certain degree, in Johor Baru due to urban migration,” Chor said, adding that the middle-income group made up a large portion of the Malaysian population.

After the half-day presentation, a task force was set up to present the views of those present to the minister.

“We now have a direct line to the Government,” said Datuk Eddy Chen Lok Loi, Eastern Regional Organisation for Planning and Human Settlement's (Earoph) deputy president.

The discussion Housing Affordability - Issues and Challenges was organised by Earoph and Rehda Institute, the education arm of the Real Estate Housing Developers Assocation (Rehda) in Petaling Jaya.

It was attended by a broad section of the property and construction sector, with representatives from the sector, house buyers, consumer associations and building material distributors.

Chen said: “We are now non-partisan. Whether we are developers, material suppliers or house buyers, we want to provide a forum for all stakeholders to find a solution to this affordability issue.”

It was felt that the first issue to consider was what constituted affordability.

Depending on the state and location, affordable housing is priced between RM80,000 and RM300,000. A low cost unit is RM42,000, depending on location. For every low cost housing built, a developer suffers a loss of between RM15,000 and RM50,000, which explains why the development of low-cost housing is an issue, says Rehda president Datuk Seri Michael Yam.

The task force will forward the day's findings and solutions to the Ministry.

The two major issues raised were:

Instead of building low-cost housing, should the focus now be on affordable housing to meet today's changing times?

Chen: ‘We now have a direct line to the Government.’

Is it possible to do away with the various challenges and policies which contribute to the increase in house prices?

Yam posed the possibility of having private developers build affordable housing priced up to RM350,000 instead of having to build low-cost housing and to refurbish existing buildings in order to turn them into affordable housing projects.

Affordable housing should not be viewed in isolation but instead must be part of the larger issue of what constituted the well-being of a growing and progressing community. They have to exist alongside public transportation systems and basic amenities like schools and hospital facilities. And they must also not be of poor quality, said Yam.

In his keynote address, Chor said while low-cost housing was under the ambit of the ministry, affordable housing was not.

“We are now grappling with the challenge on how to provide adequate housing for the middle-income group,” he said.

He said in Japan, the middle income group has not been well looked after by the Government. Those in their 40s and 50s were still renting and they lived far from Tokyo where they worked and transportation cost was also high.

He said in Malaysia, there was a time when land and building materials were manageable and those in the middle-income group were able to buy their own houses but in a short span of time, the price of houses have gone beyond their reach.

“The Federal Government is not only landed with the issue of having to provide for the lower-income group but the middle-income group as well and here lies the challenge.

“We have to admit that we need the help of developers, non-governmental organisations and think-tanks to come up with a holistic solution,” he said.

Three issues stood out affordable land was scare; building materials cost were going up, with the latest being cement; and there was a mismatch between salary and property prices.

“Perhaps it is time for the Federal Government to relook the policy on low-cost housing and its practicality. Instead of building low-cost housing, is building higher cost housing a solution?

Saifuddin says the Government can re-introduce the Real Property Government Tax to curb speculation.

“The PR1MA scheme is a laudable project... (but) it is moving sluggishly. We hope to see PR1MA making speedy progress. At the same time, we also hope the developers will play their role,” he said.

Any form of affordable housing will need the public transport element. With an efficient transport system, people will not need to live in or close to the city.

He said there were two elements to affordable housing: cost variable, which involved the cost of raw materials, land and construction, and the developers' profit. There is also occupational variable, which takes into consideration transportation and building maintenance.

“There is no point buying a house in which the owner will have to fork out a lot of money to maintain it. When we talk about cost variables, one of the definations is to provide a house that is adequate in terms of quality and location that does not cost too much for maintenance.”

Chor highlighted the possibility of building no-frills housing like no-frills air travel.

In his paper, Pertubuhan Akitek Malaysia president Saifuddin Ahmadsaid the Government could re-introduce the Real Property Government Tax to curb speculation.

It could also consider the issue of responsible lending to local banks and implement PR1MA housing, he said.

The Government's role included expediting the process of building plan approval, among other measures.

“Since only planning approval is required, the Housing and Local Government Ministry should issue a directive to all federal planning officials in the local authorities to accept planning approval submission by both architects and planners as provided for by the relevant Acts,” he wrote in his paper.

The role of the architects was to produce thoughtful, practical and sustainable design solutions in order to create a healthy place to live. “Encourage residents to claim ownership of their neighborhood,” he wrote.

He said it was important to incorporate green energy saving design elements for better building efficiency and minimal maintenance cost to the residents.

RAM Holdings Bhd chief economist Dr Yeah Kim Leng said the issue of affordable housing was predominant in the Klang Valley, Penang and, to a certain degree, Johor Baru.

“In some countries, there is a rent-to-buy concept where individuals go on to buy the unit when they can afford to. In London, some local councils help the young people who are born in that area to own houses. The council will pay 20% of the cost of the house. He can only sell it back to the council and if there is a gain, 20% of it goes to the council.” - The Star

House price hike likely

Penang properties said to increase 5%-10% due to more costly cement

GEORGE TOWN: The selling price of properties in Penang will soon surge by 5%-10% following the recent move by Lafarge Malayan Cement to raise cement prices by about 6%, according to housing developers here.

Following Lafarge's announcement, a 50kg bag of cement is now priced at RM17.50, compared to RM16.50 before the hike.

Penang Master Builders & Building Materials Dealers Associationpresident Lim Kai Seng said 60% to 80% of the materials used for a building comprised cement and cement-related materials.

“This is why an increase in cement price will have a significant impact on property prices.

Lim: ‘The price of sand is now RM40- RM43 per cu yard.’

“The other cement manufacturers in the country have sent signals that they will raise prices very soon,” Lim said.

There are six cement producers in Malaysia, namely YTL Cement Bhd,Tasek Corp Bhd, Cement Industries of Malaysia Bhd, Lafarge, CMS Cement Sdn Bhd, and Holcim (M) Sdn Bhd.

Only Sarawak-based CMS Cement has confirmed it would keep prices at the current level.

Lim said the price of other essential building materials such as sand and aggregate had also increased.

“The price of sand is now between RM40 and RM43 per cu yard, depending on the grade, compared to RM38-RM40 earlier this year.

“The price of aggregates is now at RM21 per tonne, compared to RM20 per tonne earlier this year,” he said.

House prices on the island are expected to rise by 10%, while in Seberang Prai, housing prices are expected rise by 5%, following the hike in cement price.

Kuala Lumpur-based developers such as Mah Sing Group Bhd and SP Setia Bhd with projects in Penang will continue to absorb the cost of the cement price increase.

Ideal Property Development Sdn Bhd managing director Datuk Alex Ooisaid the company was now revising the selling prices of its new projects upwards, due to the hike in cement price.

Ooi: ‘There will be a 10% hike in the selling price of properties in Penang.’

“There will be at least a 10% hike in the selling price of properties on the island.

“A hike in cement price means the price of all cement-related products such as concrete and bricks will rise. Construction cost will go up by between 15% and 20%.

“We expect the rest of the cement manufacturers in the country to adjust the price of cement upwards in the next one to two months,” he said.

In addition to the rise in cement prices, the cost of labour and transportation charges have also increased this year.

Tambun Indah Land Bhd managing director K.S. Teh said the cost of labour had increased to RM45 per day this year, compared to RM35 a year ago.

Transportation charges for sand have increased to RM450 per truck load this year from RM400 a year ago.

“There is also a labour shortage, as many Indonesian workers have gone back to Indonesia, which is booming currently.

“The selling price of properties will be impacted by the hike in raw materials and labour costs.

“However, Tambun Indah will absorb the increase in the price of raw materials until year-end.

“We will revise our pricing next year,” he added.

Teh said the selling price of properties on the island would increase more because of the additional transportation charges to ferry the raw materials to the island.

“This is why the increase in property prices on the island will be around 10%, compared to about 5% in Seberang Prai,” he said.

Tambun Indah will be launching next month the Straits Garden@Jelutong on the island, the Pearl Residence@Pearl City and Pearl Indah@Pearl City projects in Simpang Ampat.

The Straits Garden is a high-rise project comprising 183 condominiums priced from RM688,000 onwards, while the Pearl Residence@Pearl City and Pearl Indah@Pearl City schemes comprise landed properties priced between RM353,000 and RM508,000.

Mah Sing managing director and chief executive Tan Sri Leong Hoy Kum said the cement price hike would have less than a 1% impact on construction cost.

“Most of our projects have been tendered out and the construction costs are already locked in,” he added.

SP Setia property (north) general manager Khoo Teck Chong said the group would absorb this impact for now to be competitive.

”If other raw material prices such as bricks, rebar and tiles were to increase drastically, we may then have to review and adjust our property selling price accordingly,” Khoo added.

Meanwhile, the Malaysian Competition Commission (MyCC) chief executive officer Shila Dorai Raj had said the price hike by cement manufacturers did not at this juncture warrant a formal investigation.

“Price increases are by themselves not anti-competitive in nature. However, if there is evidence of collusion among the competitors to increase prices, this would be of concern to MyCC and may merit an investigation,” she said. - The Star

Free School plot sold for RM5.7mil

GEORGE TOWN: The Penang Municipal Council sold off a 0.24ha plot of land near Jalan Free School for RM5.72mil because it had no plans to develop the site.

Council Financial Management sub-committee alternate chairman Tan Hun Wooi said this was done since there were enough public amenities within 1.5km radius of the land.

He was commenting on a claim by state Barisan Nasional Youth head Oh Tong Keong that the company which bought the land plans to sell it for RM10mil.

Tan said that since the land was designated as a residential zone, the new owner might develop the land for housing.

“However, we have no say on anything now that the land had already been sold,” he said at a press conference here yesterday.

Oh had claimed the council sold the land in 2009 for RM2mil.

Tan said the council sold the land in January last year.

He said the money would be channelled to a special fund which would be utilised to acquire other plots of land for the benefit of the people.

“We are currently acquiring a 3ha plot in Teluk Kumbar for the construction of a multi-purpose hall, a market complex as well as a mini library.

“We are also buying another land in Balik Pulau which will be turned into a mini park,” said Tan. Also present was councillor Teh Lai Heng. - The Star

A downright classic

IN what is believed to be one of the first heritage landmarks in Penang to be restored through a fully private sector initiative, Logan Heritage stands proudly in the busy Beach Street in George Town.

The classy neoclassical commercial structure, which reopened to the public in December 2010 after an intensive year of restoration, was formerly a symbol of hope and justice in the mid-19th century.

According to Ken Lim (pic), a business executive for Tec Century Sdn Bhd who is currently the building’s property manager, the historical structure used to be occupied by a lawyer named James Richardson Logan in the 1800s.

“A lot of people from China and India were over to Malaya during that era to find work and there was no one to defend them or fight their cases when trouble occurred.

“It was Logan who stepped up to represent many of them,” he said in an interview.

Lim said the century-and-a-half-year-old structure, which was known as Logan’s Buildings in the past, contained an inner courtyard and was originally three stories tall.

“The building was damaged during the Second World War when the Japanese dropped a bomb near Union Street.

“It was later rebuilt into a two-storey building,” he said.

On the restoration of Logan Heritage, Lim said the original structure of the clay and sea sand building had been retained.

“The condition of the structure was quite bad. We had a big tree growing out of one side of the building while the timber flooring needed a lot of attention.

He added that the restoration project had cost RM6.8mil with building owner OCBC Bank forking out RM5mil and Tec Century footing the RM1.8mil balance.

The restoration also won firm y.Architects Sdn Bhd a Mention in the PAM (Pertubuhan Akitek Malaysia) Awards 2010 in the Conservation Buildings category.

Logan Heritage, along with the neighbouring century-old Whiteaways Arcade, is among the many heritage sites that will be passed by non-competition Starwalkers in a new 6km route this year.

Other sites include the Acheen Street Malay Mosque, the Clan Jetties, Tan Kongsi, Wisma Yeap Chor Ee, Customs Building (formerly Malayan Railway Building) and Pinang Peranakan Mansion.

Penang Yang di-Pertua Negri Tun Abdul Rahman Abbas will flag off Penang Starwalk at Birch House, Penang Times Square, at 6.30am on Sept 17, a replacement public holiday for Malaysia Day that falls on Sunday. - The Star

土库街多层停车场15日起 首半小时免收费

（槟城13日讯）要到银行界处理事务的民众，以后无需随街停车，从本月15日开始，土库街市政局多层停车场首半小时免收费，公众不需再和槟岛市政局执法队玩“躲猫猫”了。

自从槟岛市政局推行锁车轮计划后，土库街一带成为该执法队伍的重心点；一些要到银行办理事务的公众人士，都尝试躲避执法队伍，或等执法人员车辆离开后，才随意在路边停放车子，然后以最快的速度进入银行办理事务。

不过，随着有新承包商从本月15日开始接管土库街多层停车场后，每辆使用该停车场的车将获得首半小时免收费优惠，相信能有效地解决土库街非法停车的问题。

逾200停车格　每半小时60仙

相隔8个月后，土库街多层停车场终于有承包商接管，收费从每辆2令吉，降低至每半小时60仙，首半小时更是免收费。光华

教授建议调控高企屋价 停建豪宅多建中价屋

（槟城13日讯）槟岛高涨的屋价让很多槟岛人民透不过气来，教授也喊吃不消，并建议州政府采取有效调控，暂时对槟岛的豪华房屋发展计划喊停。

槟岛屋业发展近年不断向上挺升，新推出市场的房屋一个比一个豪华，造成槟城屋业发展出现“中空”的现象，没有人愿意针对中产阶层需求兴建20至30万令吉价位的房屋，如果他们要置业却不愿意屈就中廉价屋，就要向上购买豪华公寓。

这个现象让原本可以在现今社会过得比较舒适的中产阶层，就变成被高屋价“绑架”的一群，他们因此被房贷所困，家庭收入大部分要用来供房子，令提高生活素质的开支被缩减。由于想要拥有一个家，使得每个月的可支配收入变得捉襟见肘。

连惠慧:收入负荷不了屋价

马来西亚理科大学经济系副教授连惠慧博士说，虽然过去几十年的发展，让人民的收入获得了提升，经济能力看起来似乎比过去好了许多。“但是，当我们把屋价“疯涨”的因素归纳进入，我们却发现本身增加的收入完全跟不上屋价的上升。” - 光华

槟乔治市和广东中山市因孙中山结缘 签署备忘录结友好城市

（槟城13日讯）槟州乔治市与中国广东省中山市这两座与孙中山拥有深厚渊源的城市，周一签署备忘录结为友好城市。

槟州首长林冠英表示，他于去年9月率领代表团到中山市进行友好拜访，在深入交流后，双方皆有意结为友好城市关系。他感到欣慰的是，只筹备将近1年的时间，终可如愿以偿。

筹备近1年　终如愿以偿

他说，槟城乔治市与中山市早在上个世纪已有交流。来自中山市的中国革命家孙中山曾在槟城主持“庇能会议”，1911年著名的“黄花岗起义”，也是在槟城策划。而槟城乔治市目前仍然完美保留着孙中山的基地，坐落在打铜仔街的孙中山槟城基地纪念馆及中路的阅报书社，已成为了热门旅游景点。

他也指出，孙中山在1910年12月20日，创办槟城第一家，也是全球历史最悠久的中文报《光华日报》。他表示，随着乔治市于2008年7月7日被联合国教科文组织列为世界遗产后，槟城已逐渐受到国际瞩目。而槟城今年又获得国际荣誉，被评为ECA国际2012年全球最理想居住城市，亚洲区的第8排名及大马排名第1。槟城已连续2年排名前于首都吉隆坡，这是对槟州的肯定。- 光华

Are developers really making too much?

LATELY, there have been many ongoing discussions on the topic of high property prices. It made me ponder on the various causes that might have contributed to the situation, including the question of whether developers are making too much.

As I took a sip of tea, many thoughts came to mind which I found interesting and worth sharing before we dwell further into the real factors of rising property prices.

Based on annual reports (see chart) of three major property developers in Malaysia, namely SP Setia, UEM Land Holdings and Mah Sing Group, they are generating an average of 18% profit margin from their projects, and at the same time incurring a staff cost of about 7% of their total revenue.

These companies are major developers in mass residential properties which have high sales turnover, and therefore a good reflection of the average developers' profit margin in the residential market.

These findings may contrast with people's perception of the profitability of the property development industry.

Though it may sound like a fantasy, assuming I could convince these three property developers to give back their entire profit to their customers, it would mean an average of 18% discount on property prices for the year in question.

This would seem like a fantastic bonanza for the buyers of the properties in question. But would a 18% discount really make these properties affordable? I would imagine that people will still find these properties expensive.

Let's take an example of a terrace house that costs RM700,000 in Petaling Jaya. It would be priced at RM574,000 after the 18% discount.

If a home buyer is able to secure a 90% loan with a maximum repayment period of 30 years, the monthly loan instalment for RM700,000 and RM574,000 would be RM3,081 and RM2,526 respectively (based on a BLR-2.4% loan package with current BLR at 6.6% per annum).

From the above example, while the discount may seem substantial at absolute price, it is not significant in terms of monthly loan instalment for home buyers.

The debt commitment level for the latter is still considered high and out of reach for most people especially those who have just started their career.

Now, let's take a hypothetical scenario that the property developers decide to make their staff work for free that year.

It would mean another 7% discount to customers after deducting staff cost. Even with this total discount of 25%, property prices in many areas would still be considered unaffordable to many.

Anyhow, back to reality, it is impossible for any commercial enterprise to work for free or give up its profit if it was to run a sustainable business, as well as to satisfy its shareholders' expectations.

For the property development industry which has a product life cycle of four to six years (starting from land acquisition to handover of keys to customers), it is a challenge to further compress the profit margin after taking into account the risk and inflationary factors involved in such a long product life cycle.

Let us look at other industries as a comparison and review their profit margins.

For the banking industry, the three largest local banks that were selected are Maybank, CIMB and Public Bank. Likewise, the three major players from the mobile telecommunication services were Axiata, Maxisand Digi.

The results showed that the average profit margin for the banking industry is 35%, while the mobile telecommunication industry is enjoying an average profit margin of 26%. So, back to my question “are developers in Malaysia really making too much?”

Compared with the average profit margin of the banking and telecommunication industries, the profit margins of property development companies are significantly lower and definitely not on par in terms of the actual profit before tax figures.

Putting aside the profit margin for property development which is already relatively low compared with the other two industries, what are the other factors that are causing high property prices?

Many other underlying factors could be looked into in relation to the escalating property prices, instead of merely contemplating the issue as a market trend or as a result of developers' profits.

The Government, property developers, home buyers, as well as NGOs (non-government organisations) will need to work together to identify the root causes of inadequate supply of affordable homes in Malaysia.

Let's ponder this issue over the next few weeks and I welcome any suggestions and feedback to shed some light on it as I dwell further into this crucial topic in my next article.

● FIABCI Asia-Pacific chairman Datuk Alan Tong has over 50 years of experience in property development. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.

Union Investment Real Estate to double investment in M'sia

KUALA LUMPUR (Aug 9): Germany-based Union Investment Real Estate is confident of doubling its investments in Malaysia, from the current RM440 million.

"We are optimistic about the medium term growth prospect of Malaysia's real estate, which explains our investment in Malaysia," managing director Ulrich Dischler told reporters here on Thursday.

In 2007, Union Investment entered the Malaysian market by acquiring Cap Square Tower in Kuala Lumpur from Bandar Raya Development Bhd for RM440 million.

"Cap Square Tower is an important investment for the fund, as it is in line with our strategy to grow our Asian portfolio, through yield accretive acquisitions in stable markets which are supported by sound economic fundamentals," he said, adding that the building currently enjoyed 40 per cent occupancy.

He said Union Investment was also confident of earning a green building index certificate next year for its Cap Square Tower.

Dischler said Malaysia's sound economic fundamentals augured well for its real estate sector and that it was one of the fastest growing economies in Asia.

"Although real estate investment in Malaysia is still at its infancy stage, this presents more opportunities as well as options for value-addition.

"As a core investor with a long term investment horizon, we are confident that Cap Square Tower will benefit from the positive rental reversion in tandem with the progressive growth of the Malaysian economy," he said.

On its plans in Malaysia, he said: "Our strategy is to acquire existing buildings. We are tracking the market and currently there is no specific project that we are negotiating. Of course it also depends on the price expectation."

Dischler said over the next five years, Union Investment also intends to invest up to Euro one billion in the Asian growth markets on behalf of its global real estate funds.

"We remain optimistic about the medium to long term growth prospects and we anticipate rentals and prices to pick up again in 2013-2014.

"Our confidence stems from Asia's robust economic fundamentals, which includes its youthful demographic, dynamic workforce, rising income levels, growing consumer base, sound public finances, sizeable external reserves and healthy corporate balance sheets.

"This would underpin the healthy and sustainable growth of rentals and capital values across Asia's real estate markets," he added. — Bernama