Property Sector Expects Further Lifts From JS-SEZ Announcements
Property Sector Expects Further Lifts From JS-SEZ Announcements
The property sector is levelling up, driven by investments in data centres (DC) and semiconductors, as stated by RHB Investment Bank (RHB) in its Malaysia Property Sector Update on July 5, 2024, Friday.
RHb投資銀行在其2024年7月5日更新的《馬來西亞房地產板塊》報告中表示,由於對數據中心(DC)和半導體的投資,房地產板塊正在崛起。
RHB maintained its OVERWEIGHT rating on the property sector, favouring developers with exposure to the industrial segment, sizeable landbanks, and strong balance sheets, with top picks including UEM Sunrise (UEMS), Sime Darby Property (SDPR), and Mah Sing. The bank noted that investments by data centres and electronics players could significantly boost demand for industrial development, particularly with upcoming announcements on the Johor-Singapore Special Economic Zone (JS-SEZ) and the potential revival of the KL-Singapore High-Speed Rail.
RHb投資銀行維持其對房地產板塊的超配(OVERWEIGHTT)評級,青睞具備工業板塊業務、擁有大規模土地儲備和強勁資產負債表的開發商,其首選包括UEm Sunrise(UEMS)、Sime Darby Property(SDPR)和Mah Sing。報告指出,數據中心和電子業務的投資可能會顯著提高工業開發的需求,尤其是在即將公佈柔佛-新加坡特別經濟區(JS-SEZ)和有望重啓的吉隆坡-新加坡高鐵方面。
Malaysia has approved RM114.7bn worth of investments in data centres and cloud services between 2021-2023, with a target to attract RM500bn in the semiconductor segment, according to Prime Minister Datuk Seri Anwar Ibrahim. RHB believes the data centre investment cycle is at an initial stage and expects more land transactions, highlighting developers like SDPR and Mah Sing as potential beneficiaries.
根據馬來西亞首相拿督斯里安華,馬來西亞已經批准了價值1147億令吉的數據中心和雲服務投資,目標吸引5000億令吉的半導體產業。RHb認爲,數據中心投資週期處於初期階段,預計會出現更多土地交易,開發商如SDPR和Mah Sing可能會是其中的受益者。
Property sales are expected to be stronger in the second half of 2024, with developers ramping up their launches. RHB observed encouraging demand for landed homes at township developments and high-rise units in strategic locations, noting a strong take-up for high-end landed units and luxury condominiums with large floor space. Projects like Senna and Fera by Eastern & Oriental, The Ophera by SDPR, and Aetas Seputeh by Avaland have all seen significant sales.
房地產銷售預計將在2024年下半年增強,開發商加大了推出新產品的力度。RHb觀察到,在城鎮開發的聯排別墅和策略位置的高層住宅單位中,對土地住宅的需求令人鼓舞,並且注意到高檔聯排別墅和麪積較大的豪華公寓的成交量較高,例如東方和嘉華城市豪宅的Senna和Fera、SDPR的The Ophera和Avaland的Aetas Seputeh項目均取得了顯着的銷售額。
Footfall to sales galleries in Iskandar Malaysia has doubled from the previous year, with an increase in purchases from foreign buyers, particularly Singaporeans. RHB mentioned that Sunway Iskandar's sales gallery has seen a significant rise in visitors, and UEMS has received many bookings for upcoming projects. The bank expects greater urbanisation and industrialisation in Iskandar Malaysia due to the JS-SEZ to drive property demand in Johor.
來自海外的購房者特別是新加坡人增加,依然驅動着依斯干達馬來西亞的銷售。RHb提到,雙威依斯干達的銷售畫廊參觀人數翻了一番,UEMS已經獲得了許多即將推出項目的預訂。該銀行預計,由於柔佛-新加坡特別經濟區的推動,依斯干達馬來西亞的城市化和工業化將推動該地區的房地產需求。
The analyst anticipates positive news flow in the second half of 2024, which will buoy investor sentiment in the property sector, including potential incentives for the JS-SEZ, infrastructure developments, and foreign and domestic direct investments. The detailed announcement on the JS-SEZ is expected in September or October, which could spur further re-rating of property stocks.
分析師預計,2024年下半年將出現積極的新聞,這將提振房地產板塊的投資者信心,包括針對柔佛-新加坡特別經濟區、基礎設施發展以及外國和國內直接投資可能出現的激勵措施。有關柔佛-新加坡特別經濟區的詳細公告預計將在9月或10月公佈,這可能會進一步推高房地產股票的重新評估。
The house remains positive on the new Malaysia My 2nd Home (MM2H) regulations, aimed at attracting high-net-worth individuals. The programme requires participants to own property, benefiting developers with exposure in key areas like KL city centre, Mont' Kiara, Penang, and Iskandar Malaysia.
RHb投資銀行對新的“馬來西亞我的第二故鄉”(MM2H)法規持積極態度,旨在吸引高淨值人士。該計劃要求參與者擁有房產,這有利於那些在吉隆坡市中心、Mont' Kiara、檳城和依斯干達馬來西亞等關鍵地區進行投資的開發商。
RHB maintained an OVERWEIGHT call for the property sector, noting it trades at a 45% discount to RNAV. The current market upcycle is seen as healthier compared to the 2010-2014 period, driven by normalised interest rates and a focus on technology and semiconductor industries, which should boost Malaysia's GDP growth.
RHb投資銀行維持其對房地產板塊的超配(OVERWEIGHTT)評級,指出其交易價格比RNAV低45%。當前市場的上升週期被視爲更健康的週期,這是由於利率趨於正常化以及對技術和半導體行業的關注,這應該會推動馬來西亞的GDP增長。
UEM Sunrise is highlighted as a key proxy for Iskandar Malaysia's growth, with plans for renewable energy industrial parks and data centre campuses. Sime Darby Property is expected to benefit from investments like Google's data centre in Elmina Business Park. Mah Sing is noted for its successful 500MW power allocation for its Southville DC Hub, enhancing its value for data centre development.
UEm Sunrise被認爲是依斯干達馬來西亞增長的主要代表,計劃建立可再生能源工業園區和數據中心校園。預計Sime Darby Property將從Google在Elmina Business Park等項目的投資中獲益。Mah Sing因其成功爲Southville DC Hub獲得了500MW的供電分配,因此被認爲在數據中心發展中具有較高價值。