DUE to the tight supply and continued foreign interest in purchasing, on an en bloc basis, purpose-built Grade A office buildings in Kuala Lumpur in the past year, the commercial property segment of the market will remain a good bet in the short term. Besides foreigners, real estate investment trusts (REITs) and property funds have also been on the hunt for commercial properties. The Macquarie Global Property Advisors' acquisition of the City Square Centre for RM680mil from Asia Pacific Land Bhd announced in mid-2006 and completed last year among one of the first. The quarterly market reports of a number of property consultancies have also noted the continued interest among foreigners, in particular Middle Easterners and Singaporeans, in downtown Kuala Lumpur's commercial property development projects or in older Grade A office buildings. Read more
(The Star 18-2-2008)
