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Email this to a friendDiffering Views on Outlook Of Property Sector
PETALING JAYA: Fund managers and analysts are divided on the outlook for the property sector, with the former saying that the sector could see a pick up in sales and the latter seeing a slowdown and over-supply.
Said one senior fund manager: “The property market depends very much on interest rates movement. My view is that interest rates will not be increased in the near term, as such I expect sales to pick up.”
According to him, this was a good time to invest in property stocks but one had to be “very selective” on which stock to buy. He advised investors to pick companies with “diversified earnings huge land banks and efficient management.”
Another fund manager concurred, saying the outlook for the property sector remained positives as “demand for landed property is still there.”
Most analysts, however, have a “neutral” call on the property sector on the basis that sales are slowing down in line with dropping property transaction values, fewer new launches and declining year-on-year growth in residential loans.
In a recent report, Affin Securities projected a housing supply surplus of 25,200 units in the Klang Valley and 395,000 for the country in 2008.
“For now the market for homes costing below RM250,000 has slowed down while the demand for homes in the higher range in selected niche areas in the Tun Dr. Ismail – Mont Kaiara-Kota Damansara triangle appears to be sustaining,” the research outfit said. The research outfit also said high-end products in strategic areas in Kuala Lumpur, Penang and Johor could receive some support from foreign investors under the Malaysia, My Second Home Programme.
“Location remains a prime factory for property investors,” another analyst said.
OSK Securities head of research house also has a “neutral” call in the sector said: “Although valuations for some counters look promising, we do not think it is time to dabble in property counter as yet.
“Nonetheless, we have ‘buy’ calls on IGB Corp Bhd, YNH Property Bhd, Sunrise Bhd and Plenitude Bhd.”
Meanwhile, property counters that have been actively traded over the past three quarters included SP Setia Bhd and Paramount Corp Bhd.
Source: The Star Newspaper
~ 4th October 2006 ~