"Selangor, Johor, Perak, Federal Territory of Kuala Lumpur and Penang jointly contributed 68.8% comprising 2.34 million units of existing stock in 3Q04," it said.

In its quarterly property report on Jan 25, Napic said Selangor had the most increase in 3Q04 by 16,588 units to 891,977 units from three months earlier, while Putrajaya and Labuan had no change in the existing stock over the same period.

It said residential units in Selangor and Johor continued to dominate the total supply of existing stock by contributing 26.2% and 16.2% respectively in 3Q04. Johor contributed 5,516 units to the newly completed stock in 3Q04.

Napic said the two states had the biggest or one of the biggest incoming and planned supply against a backdrop of 1,661 and 2,918 unsold units respectively in 2Q04. Unsold units are those offered for nine months and more since the date of launching.

Selangor and Johor had 191,106 units and 67,565 units of incoming supply - comprising those under construction and new starts - in 3Q04, against 192, 416 units and 64,048 units respectively in the previous quarter.

Napic said as at the end of 3Q04, the incoming supply nationwide rose 0.2% to 608,140 units against 607,111 units in the previous quarter. New starts rose 30.1% to 46,196 units from 35,499 units three months earlier, while those under construction fell 1.7% to 561,944 units.

For planned supply, Selangor and Johor had 136,179 units and 116,108 units respectively in 3Q04, compared with 132,216 units and 118,976 units three months earlier. Nationwide, the planned supply totalled 575,325 units against 572,066 units in the previous quarter.

For total purpose-built office space, Napic said the existing stock increased by 1.1% to 13.39 sq m as space completed in 3Q04 rose significantly by 656% to 146,769 sq m from 19,426 sq m in 2Q04.

It said total incoming supply of space declined by 0.4% to 2.07 sq m in 3Q04, while total starts rose by 2,177% to 138,336 sq m from 2Q04. Total planned supply rose by 4.6% to 1.92 sq m as new planned supply rose by 22.1% over the quarter.

Napic said despite the increase in completions, starts and new planned supply of purpose-built office space, the average occupany rate improved to 81.9% from 81.5%.

For existing stock of shopping complexes, it said it rose by 1.2% to 7.03 million sq m as completions increased by 310% in 3Q04 to 82,587 sq m from 20,127 sq m in the previous quarter.

Total incoming supply of shopping complexes fell by 1.1% to 1.57 million sq m as those under construction was almost the same at 1.50 million sq m, but new starts fell to 65,854 sq m from 81,498 sq m from three months earlier.

Napic said the average occupancy of shopping complexes rose to 79.6% from 79.1% over 3Q04 in tandem with the expansion of retail sales last year.

source: The Edge Daily