RHB in its sector update report maintains overweight on the property sector with top picks being UEM Sunrise, Sime Darby Property, Mah Sing with earnings growth for developers with exposure to the industrial segment, sizeable landbank and strong balance sheet to fare better.
While property demand may continue to be supported by improving economic growth and catalytic infrastructure developments, investments by data centre (DC) and E&E players could significantly boost demand for industrial development. Upcoming detailed announcement on the Johor-Singapore Special Economic Zone (JS-SEZ) and potential revival of the KL-Singapore High Speed Rail could spur investor interest further in Johor-related property stocks
Multi-billion MYR investments in DC and semiconductor sectors. Announcement on DC-related transactions accelerated especially over the last two months. According to Prime Minister Datuk Seri Anwar Ibrahim, Malaysia has approved MYR114.7bn worth of investments in DCs and cloud services between 2021-2023.
MYR500bn investments in the semiconductor segment. The house thinks the DC investment cycle is only at the initial stage, and the house expects much more land transactions to happen. Developers with solid balance sheet may start to look at the viability of this DC-related real estate investment, and players such as SDPR and Mah Sing may further expand their investments
1Q24 property sales were decent, but RHB expects sales in 2H to come in much stronger as developers ramp up their launches during mid-year. Demand for landed homes at township developments and high-rise at strategic locations remain encouraging. Of late RHB also noted thar a strong take-up for high-end landed units and luxury condominium with big floor space. Senna and Fera by Eastern & Oriental (E&O), The Ophera by SDPR and Aetas Seputeh by Avaland (AVALAND MK, NR) are all 50-90% sold.
During a recent visit to Iskandar Malaysia, RHB said it learnt that property sales are gaining momentum. Footfall to Sunway Iskandar's sales gallery have doubled from last year, and the marketing team is now seeing more and more buying from foreign purchasers especially during the weekend. Likewise, UEMS has also received a significant amount of bookings and/or registrants (for the next launch) who were not able to buy Senadi Hills (due to it being oversubscribed) when the project was launched at end-2023. The house thinks greater urbanisation and industrialisation in Iskandar Malaysia from the potential economic impact of JS-SEZ willfuel demand for properties in Johor
Positive news flow on the potential incentives and initiatives on the JS-SEZ, infrastructure developments, as well as foreign and domestic direct investments are expected to buoy investor sentiment on the property sector in 2H24
RHB在其行業更新報告中維持對房地產行業的增持，首選是UEM Sunrise、Sime Darby Property、Mah Sing，因爲開發商在工業領域的盈利增長、可觀的土地儲備和強勁的資產負債表將帶來更好的表現。
儘管房地產需求可能會繼續受到經濟增長改善和基礎設施催化發展的支持，但數據中心（DC）和電子電氣參與者的投資可能會顯著提振工業發展的需求。即將發佈的關於柔佛-新加坡經濟特區（JS-SEZ）的詳細公告以及KL-新加坡高速鐵路的潛在復甦可能會進一步刺激投資者對柔佛相關房地產股票的興趣
在直流和半導體行業投資數十億馬幣。特別是在過去兩個月中，有關DC相關交易的公告有所加快。根據總理拿督斯里·安瓦爾·易卜拉欣的說法，馬來西亞已批准在2021-2023年間對數據中心和雲服務進行價值1147億馬幣的投資。
在半導體領域投資5000億馬幣。衆議院認爲，華盛頓特區的投資週期僅處於初始階段，衆議院預計還會有更多的土地交易發生。資產負債表穩健的開發商可能會開始考慮這項與華盛頓特區相關的房地產投資的可行性，而SDPR和Mah Sing等參與者可能會進一步擴大投資
24年第一季度的房地產銷售表現不錯，但RhB預計，隨着開發商在年中加大投放力度，下半年的銷售額將大大增強。城鎮開發區對有地住宅和戰略要地高層建築的需求仍然令人鼓舞。最近，RhB還指出，高端有地單元和佔地面積大的豪華公寓的需求量很大。東方與東方（E＆O）的塞納和費拉、SDPR的The Ophera和Avaland的Aetas Seputeh（AVALAND Mk，NR）的銷量均爲50-90％。
在最近訪問馬來西亞依斯干達期間，RhB表示，它了解到房地產銷售勢頭正在增強。與去年相比，Sunway Iskandar的銷售量翻了一番，營銷團隊現在看到越來越多的外國買家購買，尤其是在週末。同樣，UEMS也收到了大量預訂和/或註冊者（下一次發佈），他們在該項目於2023年底啓動時無法購買塞納迪山莊（由於超額認購）。衆議院認爲，JS-SEZ的潛在經濟影響將促進馬來西亞依斯干達的城市化和工業化，將推動柔佛州對房地產的需求 。
有關JS-SEZ潛在激勵措施和舉措、基礎設施發展以及國內外直接投資的積極消息流預計將在24年下半年提振投資者對房地產行業的情緒 。
