Miichael Yeoh

Category: Weekly Property Roundup

  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    Week in Review | Saturday, 3 October – Friday, 9 October 2026

    Explore five property updates from Malaysia, Australia and the UK, covering Budget 2027 housing measures, infrastructure delivery and changing market conditions.

    🇲🇾 STORY 1 — Budget 2027: New Stamp Duty Relief for First-Time Homebuyers

    What Happened?

    On 9 October 2026, Prime Minister Anwar Ibrahim tabled Budget 2027, proposing stamp duty exemptions for eligible first-time homebuyers.

    The proposed measures are:

    • Homes priced up to RM500,000: Full stamp duty exemption on the loan agreement and instrument of transfer.
    • Homes priced up to RM750,000: Full exemption on the first RM500,000, with a 50% exemption on the remaining amount.
    • Proposed eligibility period: Sale and purchase agreements executed from 1 January 2027 to 31 December 2030.

    The government also proposed stamp duty relief for transactions involving the rehabilitation of abandoned housing projects. Prime Minister’s Office Malaysia

    Sources: Prime Minister’s Office of Malaysia — Budget 2027 speech · The Star — First-home stamp duty announcement

    Why It Matters

    Stamp duty can be a significant upfront expense for a homebuyer.

    Reducing this cost could make it easier for some first-time buyers to complete a purchase, particularly those already stretching their savings to cover the deposit, legal fees, moving expenses and basic furnishing.

    However, there is an important distinction between making a home cheaper to purchase and making it affordable to own.

    Monthly instalments, maintenance charges, insurance, repairs and emergency savings remain part of the equation.

    Miichael’s Review

    I welcome measures that reduce the barriers to homeownership.

    But I would not advise anyone to rush into buying a property simply because an incentive is available.

    Before making a decision, buyers should ask themselves three questions:

    1. Can I comfortably afford the monthly repayments?
    2. Will I still have sufficient cash reserves after completing the purchase?
    3. Is this the right property for my needs, location and long-term plans?

    The proposed exemption is useful, but the final eligibility rules and implementation details must also be checked.

    My view: A government incentive should improve a sound property decision, not become the reason for making one.

    🇲🇾 STORY 2 — RM20 Billion Housing Guarantee to Support 80,000 First-Time Buyers

    What Happened?

    Budget 2027 provides for housing financing guarantees of up to RM20 billion through the Housing Credit Guarantee Scheme (SJKP), with the aim of assisting 80,000 first-time buyers.

    The scheme particularly targets people who may struggle to obtain conventional housing financing because they are self-employed or do not receive a fixed monthly income.

    The government also announced nearly RM1 billion for housing initiatives, including Rumah Mesra Rakyat and Program Residensi Rakyat. Four new housing projects were announced for Kulai in Johor, Nilai in Negeri Sembilan, Paya Rumput in Melaka and Pertang Valley in Terengganu. Prime Minister’s Office Malaysia

    Sources: Prime Minister’s Office of Malaysia — Budget 2027 housing measures · The Star — RM20 billion SJKP guarantee

    Why It Matters

    This addresses one of the practical challenges facing Malaysian homebuyers: access to financing.

    Some self-employed individuals have sufficient income to meet repayments but find it difficult to satisfy conventional lending requirements because their earnings fluctuate or are documented differently.

    A financing guarantee can help eligible applicants access housing loans. However, it does not mean every applicant will automatically receive loan approval.

    There is also a wider issue to consider.

    Helping more people obtain financing is only part of the solution. The market must also provide homes that buyers can genuinely afford, in locations that suit their work, family needs and daily routines.

    Miichael’s Review

    This measure is particularly relevant to younger buyers, entrepreneurs and people with non-traditional income arrangements.

    However, I would like to see how the scheme works in practice.

    How accessible will it be? What are the eligibility conditions? Will the homes available to these buyers match their budgets?

    Financing access and housing affordability must work together.

    Otherwise, we may help people qualify for loans without necessarily helping them find suitable homes.

    🇲🇾 STORY 3 — Sabah Pan Borneo Highway: Infrastructure Delivery Matters More Than Announcements

    What Happened?

    The Auditor-General’s Report 2/2026, tabled on 5 October, highlighted cost increases and delivery problems affecting Sabah Pan Borneo Highway Phase 1.

    The report stated that contract costs had risen to RM18.96 billion, compared with the original RM17.91 billion.

    As at 31 March 2026, only 4 of the 35 work packages had been completed.

    The report also identified site-readiness and land-acquisition problems, RM513.99 million in variation orders approved beyond authorised limits, and RM41.37 million in delayed utility claims. These are figures reported in the audit, and the completion count relates to the position at the stated date. EdgeProp

    Source: EdgeProp Malaysia — 5 October property and infrastructure digest, reporting on the Auditor-General’s Report 2/2026.

    Why It Matters

    Infrastructure can influence property values by improving access to employment, commercial centres, tourism destinations and essential services.

    But there is a difference between a project being announced, a project being constructed and a project being completed and operational.

    Delays can postpone the economic benefits that were expected to support surrounding areas.

    For buyers and investors, this means that a property’s location should be evaluated against infrastructure that is actually available, as well as projects that remain under construction.

    Miichael’s Review

    When evaluating property near a major infrastructure project, I would not rely on a developer’s location map alone.

    I would examine:

    • Which sections of the road are already operational?
    • How much travel time will actually be saved?
    • Are employment opportunities and commercial activities growing nearby?
    • Will utilities and public services be sufficient for future development?
    • Is the property priced as though future improvements have already been delivered?

    Infrastructure creates potential, but execution determines when—and whether—that potential becomes real.

    This is an important lesson for property buyers in every state, not just Sabah.

    🌏 INTERNATIONAL PROPERTY WATCH

    🇦🇺 STORY 4 — Australia: Housing Prices Fall for a Sixth Consecutive Month

    What Happened?

    National Australia Bank’s October Housing Monitor, published on 7 October, reported that dwelling prices across Australia’s combined capital cities fell 1.2% month-on-month in September 2026.

    This marked the sixth consecutive monthly decline. Prices were 6.4% below their March 2026 peak.

    NAB also revised its forecast to an 8% decline in capital-city dwelling prices over 2026, with a possible peak-to-trough decline of 11%.

    The median time a property spent on the market increased to 41 days, the highest level since late 2020. These figures reflect NAB’s analysis and forecasts, not guaranteed future outcomes. NAB

    Source: National Australia Bank — October 2026 Housing Monitor

    Why It Matters

    The downturn has broadened beyond the markets that initially showed the greatest weakness.

    For buyers, falling prices and longer selling periods may create more room for negotiation. Sellers may need to be more realistic about pricing and the time required to secure a buyer.

    But a declining market does not automatically mean every property is a bargain.

    A property bought at a lower price can still be a poor investment if rental demand is weak, financing costs are high or the local economy deteriorates.

    Miichael’s Review

    I would not look at falling prices in isolation.

    For investors, the more important questions are:

    • Is the purchase price attractive relative to comparable properties?
    • Can rental income reasonably cover the holding costs?
    • Is the local employment base resilient?
    • Can the investment withstand a longer period of weak prices?
    • Would I still want to own this property if the market took several years to recover?

    The best buying opportunity is not necessarily when prices fall the most. It is when the price, risk and long-term fundamentals make sense together.

    🇬🇧 STORY 5 — United Kingdom: Buyer Confidence Weakens While Rental Demand Remains Firm

    What Happened?

    The Royal Institution of Chartered Surveyors (RICS) published its September UK Residential Market Survey on 6 October.

    The survey reported:

    • New buyer enquiries: Net balance of -22%, compared with -18% in August.
    • Agreed sales: Net balance of -18%, compared with -16% in August.
    • House-price sentiment: Net balance of -32%, compared with -28% in August.
    • Tenant demand: Net balance of +23%.
    • Expected rental growth: Net balance of +37% for the following three months.

    The figures suggest weaker buyer sentiment and sales activity alongside continued rental demand. RICS

    Source: RICS — UK Residential Survey, September 2026

    Why It Matters

    The sales and rental markets do not always move in the same direction.

    In the UK, buyers were becoming more cautious while rental demand remained comparatively strong.

    One important clarification: RICS net balances measure the difference between respondents reporting increases and those reporting decreases. A -32% house-price balance does not mean that actual house prices fell by 32%.

    For property investors, rental demand is only one part of the equation. Purchase price, mortgage costs, taxes, maintenance, regulation and net rental yield all matter.

    Miichael’s Review

    This is a good example of why property investors should separate capital-growth expectations from rental fundamentals.

    A market may offer rental opportunities even when transaction activity is weak. But strong rental demand alone does not guarantee a good investment.

    Investors need to understand what remains in their pocket after financing, maintenance, taxes and other expenses.

    Rental demand is a useful signal. Net returns and the ability to sustain ownership are what ultimately matter.

    WORTH WATCHING

    Over the coming weeks, I would pay particular attention to four developments.

    1. Malaysia’s Budget 2027 implementation

    The proposed stamp duty exemptions are encouraging, but the final eligibility conditions and implementation documents will be important. Buyers should not assume that every transaction automatically qualifies.

    2. Financing access for first-time buyers

    The RM20 billion SJKP guarantee is a substantial measure. The next question is how effectively it translates into approved financing and sustainable homeownership.

    3. Infrastructure execution in Malaysia

    The Pan Borneo audit highlights the importance of monitoring actual construction progress, costs and completion dates. Future property decisions should be based on realistic delivery expectations.

    4. International borrowing costs and market conditions

    Australia and the UK show why buyers and investors must continue to monitor financing costs, transaction activity, prices and rental conditions rather than relying on a single market headline.

    MY TAKEAWAY THIS WEEK

    This week reinforces a principle I have always believed in: a property decision should never be based on price alone.

    Malaysia is trying to reduce barriers to homeownership, but buyers still need sustainable financing and suitable homes.

    Australia reminds us that prices can continue falling longer than investors expect.

    The UK shows that sales and rental conditions can move in different directions.

    And the Pan Borneo audit reminds us that infrastructure announcements only create lasting value when projects are delivered.

    For buyers and investors, the questions remain the same:

    • Can I afford it comfortably?
    • Is there genuine demand?
    • Does the location have the infrastructure and economic activity to support it?
    • Do the numbers work under conservative assumptions?
    • Would this still be a sensible decision if the market did not rise as quickly as I hoped?

    Look beyond the price. Understand the fundamentals before making the decision.

    Miichael Yeoh
    PROPERTY STRATEGIST
    www.miichaelyeoh.com

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  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    26 September – 2 October 2026

    Malaysia + International Property Insights

    This week’s market is interesting for one reason: the headlines are not telling one single story.

    Malaysia has pockets of resilience in retail and construction, but residential developers are still dealing with affordability and unsold stock. Overseas, Australia is going through a much sharper housing correction, while Singapore continues to reposition mature assets through redevelopment.

    For buyers and investors, the lesson is simple: look beneath the headline number.

    🇲🇾 1. KIP REIT Completes RM435 Million Setapak Central Mall Acquisition

    What Happened

    KIP REIT completed its RM435 million acquisition of Setapak Central Mall on 30 September.

    The three-storey mall has approximately 514,777 sq ft of net lettable area and 1,090 parking bays. Occupancy had previously been reported at 99.89%.

    The acquisition brings KIP REIT’s portfolio to 20 properties, with the enlarged portfolio previously assessed at around RM2.1 billion. EdgeProp

    Why It Matters

    This isn’t simply about buying another shopping mall.

    A mature, highly occupied retail asset can provide something very different from a new development:

    existing tenants + existing footfall + existing income.

    For investors, that distinction matters.

    The question isn’t simply whether a property is “good”.

    It is:

    How predictable is the income after I buy it?

    Miichael’s Review

    I like looking at transactions like this because they demonstrate another side of property investment.

    A developer creates value through development.

    A REIT investor is often looking for income-producing assets with established operations.

    For individual investors, the same principle applies.

    Before getting excited about a property because of future appreciation, ask:

    What is producing the income today?

    Source: EdgeProp — KIP REIT completes RM435m Setapak Central acquisition

    🇲🇾 2. Gamuda Posts Record Profit — But Property Earnings Fall

    What Happened

    Gamuda reported record FY2026 net profit of RM1.05 billion, up 5%.

    But there is an interesting contrast underneath the headline.

    While the group’s overall performance was supported by stronger construction earnings, property sales fell 22% to RM3.2 billion, while property division net profit declined 18% to RM310.76 million. EdgeProp

    Why It Matters

    This is a useful reminder that a diversified property-related group can perform well overall even when its property division is under pressure.

    It also reinforces an important market principle:

    Construction demand and residential property demand are not necessarily moving together.

    Miichael’s Review

    For me, the interesting part isn’t simply that Gamuda made a record profit.

    It is the divergence between construction and property.

    When analysing a developer, I would not stop at the group’s headline earnings.

    I’d want to know:

    • How much comes from property?
    • What is the sales pipeline?
    • How much unsold inventory exists?
    • Where are the projects located?
    • What is the margin?
    • And how quickly can sales be converted into cash?

    A strong company does not automatically mean every property project is equally attractive.

    Source: EdgeProp — Gamuda posts record FY2026 profit

    🇲🇾 3. Government Calls for More “White Knights” to Rescue Abandoned Projects

    What Happened

    Malaysia’s Housing and Local Government Ministry has called on established developers to step in as “white knights” to revive stalled and abandoned housing developments.

    According to the report, the ministry’s task force has helped revive 1,647 distressed projects worth RM153 billion, affecting almost 200,000 homebuyers.

    The government is also pursuing legal reforms involving developer accountability, strata management and residential tenancy. The Star

    Why It Matters

    For a buyer, buying property isn’t simply about:

    location + price + size.

    There is another question that often gets overlooked:

    Who is behind the project — and what happens if things go wrong?

    A delayed or abandoned project can create years of financial and emotional stress for buyers.

    Miichael’s Review

    This is one area where I think buyer education is particularly important.

    Before buying a new development, buyers should investigate the developer’s track record, project delivery history, financial structure, development partners and surrounding ecosystem.

    We often spend hours comparing unit sizes and discounts.

    But sometimes the most important due diligence happens before we even choose the unit.

    Source: The Star — Malaysia needs more white knights

    🌏 4. Australia: Housing Prices Fall for a Sixth Straight Month

    What Happened

    Australia’s housing market continued to weaken in September.

    Cotality’s national Home Value Index fell 1.1% in September, the sixth consecutive monthly decline.

    Values are now 5.2% below the March 2026 peak.

    Sydney fell 1.4% in September and is nearly 9% below its February peak, while Melbourne fell 0.7%.

    Transaction activity has also weakened, with sales over the latest three-month period down around 19% year-on-year, according to Reuters. Reuters

    The Reserve Bank of Australia has also raised its cash rate to 4.6%, a 15-year high, adding further pressure to borrowing capacity. Investing.com

    Why It Matters

    Australia provides an excellent real-world example of the relationship between:

    interest rates → borrowing capacity → buyer demand → transactions → prices.

    And importantly, the impact is not identical across every city.

    Miichael’s Review

    For Malaysian buyers and investors looking overseas, this is a market worth watching carefully.

    A falling market doesn’t automatically mean:

    “Everything is cheap.”

    It means the risk-reward equation is changing.

    For anyone considering an overseas property purchase, I’d be asking:

    Has the price fallen because the market is correcting — or because the fundamentals have deteriorated?

    Those are two very different things.

    Source: Reuters — Australian home prices fall for sixth straight month; Cotality — September Home Value Index

    🌏 5. Singapore: Valley Point to Become a New Mixed-Use Development

    What Happened

    Frasers Property and Mitsubishi Estate announced plans to redevelop Valley Point and Frasers Suites Singapore along River Valley Road.

    The planned mixed-use development will include:

    • 407 luxury residential units and sky villas
    • 184 serviced-residence units
    • dining
    • retail
    • lifestyle components

    The project is planned for launch in 2027, with completion targeted for 2031. The existing properties are expected to cease operations in March 2027. The Business Times

    Why It Matters

    This is a classic example of urban land optimisation.

    Instead of simply maintaining an ageing asset, the owners are looking at the highest and best use of a prime site.

    The redevelopment also combines residential, serviced residences, retail and lifestyle components rather than relying on one single use.

    Miichael’s Review

    This is something developers everywhere can learn from.

    A property isn’t necessarily valuable because of what it is today.

    Sometimes its greatest value comes from what it could become.

    But that requires looking beyond the building itself:

    land value + location + planning potential + demand + surrounding ecosystem.

    For buyers, this also highlights why understanding a property’s future development context can be just as important as studying the existing building.

    Source: The Business Times — Frasers Property and Mitsubishi Estate redevelopment; Frasers Property — official announcement

    👀 WORTH WATCHING

    Malaysia

    1. Residential affordability

    The combination of unsold stock, financing constraints and developer margins remains an important issue.

    2. Retail investment

    The KIP REIT acquisition shows that mature, income-producing retail assets remain relevant when occupancy and cash flow are strong.

    3. Distressed projects

    The government’s push for more private-sector participation could change the landscape for abandoned and stalled developments.

    🌏 International

    4. Australia

    Watch whether the correction continues into 2027 and whether lower transaction volumes eventually create broader economic effects.

    5. Singapore

    Watch how redevelopment and land optimisation reshape mature neighbourhoods.

    💡 MY TAKEAWAY

    This week’s five stories are actually connected by one common theme:

    Property value is about more than price.

    A shopping mall’s value can come from income and occupancy.

    A developer’s value can come from the quality of its pipeline and balance sheet.

    A residential project’s value includes delivery risk.

    A housing market’s direction is influenced by financing and affordability.

    And an older property can sometimes create greater value through redevelopment.

    So when someone asks me:

    “Is this property a good buy?”

    I don’t think the first question should be:

    “How much is it?”

    I’d rather start with:

    Who is buying it?

    Why are they buying it?

    What creates the demand?

    What could go wrong?

    And what happens if the market doesn’t behave as expected?

    That is where proper property due diligence begins.

    From the desk of

    Miichael Yeoh

    Property Strategist

  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    Week in Review | 19–25 September 2026

    Malaysia • Regional Property • Global Insights

    The property market is not one market. Different assets, locations and economic forces are moving in very different directions.

    🇲🇾 1. Almost 60% of Developers Report Unsold Completed Homes

    https://images.openai.com/static-rsc-4/uJ1sXQYW8YNgLMcTGhfcD4h9AlGny1gVvYl0-3Z_UUWwYtxe0L-njDRK6hbq_nQHxshYIf8luumPsz7hwaFkeeFnY-h9INrh1M3Wsc166NXJCu6itg6Pu3naU9MIZA6kT81KGWzDrYNL-2laiMsgo-gFVvv0qAxul-Ei9rdVdXRqEG6ZpH0OrMh_BYhREWGV?purpose=fullsize

    What Happened

    A new REHDA Property Industry Survey found that 59% of 181 developers surveyed had unsold completed residential units as at 30 June 2026.

    The three main reasons cited were rejected end-financing applications, property prices and unreleased Bumiputera units.

    During the survey period, 54 respondents launched 15,834 units and sold 5,260 units, giving a take-up rate of 33.2%, only slightly higher than 32.2% previously.

    REHDA also highlighted rising construction costs, financing constraints and regulatory/compliance costs as pressures on housing affordability. An average 13% increase in construction costs was reported between March and June.

    Why It Matters

    This is an important distinction:

    A home can be “affordable” on paper but still unaffordable to the buyer.

    If financing is rejected, margins are lower or credit requirements become more difficult, the advertised selling price isn’t the whole affordability equation.

    For developers, unsold completed stock also ties up capital.

    Miichael’s Review

    This is exactly why I believe buyers should look beyond the headline price.

    Before deciding whether a property is affordable, ask:

    Can I actually obtain the financing?
    What is my monthly commitment?
    What happens if interest rates or my income situation changes?

    For developers, the lesson is equally important:

    Product pricing must match real purchasing power — not just construction cost plus desired margin.

    Source: EdgeProp — REHDA survey on unsold homes and EdgeProp — REHDA on housing costs

    🇲🇾 2. Johor: Paragon Globe Plans RM1.69 Billion Industrial Park

    What Happened

    Paragon Globe is pursuing additional land in Sedenak, Johor, for a proposed industrial park with an estimated gross development value of RM1.69 billion.

    The project sits within the Kulai-Sedenak zone of the Johor-Singapore Special Economic Zone (JS-SEZ) and is planned to include industrial factories, commercial components and worker accommodation.

    The group is also taking a more strategic approach to land development, looking at anchor occupiers and the ecosystems that can form around them, rather than simply developing land in isolation.

    Why It Matters

    This is bigger than another industrial-property announcement.

    The interesting part is the “anchor occupier” strategy.

    A major manufacturer can create demand for:

    • suppliers
    • logistics
    • warehouses
    • worker accommodation
    • retail
    • supporting services

    That can turn an industrial site into an economic ecosystem.

    Miichael’s Review

    This is the kind of development strategy I find interesting.

    The best land doesn’t necessarily have the highest GDV.

    Sometimes the real question is:

    “What economic activity will this land create around itself?”

    That is a much more powerful way to assess long-term land value.

    Source: The Star — Paragon Globe eyes RM1.69bil industrial park; EdgeProp — Paragon Globe landbank strategy

    🇲🇾 3. Klang: Maybulk Moves Into Industrial Property

    What Happened

    Maybulk has proposed acquiring an 8,346 sq m freehold industrial property in Bandar Bukit Raja, Klang, for RM35.5 million.

    The property includes an industrial building, warehouse and office facilities.

    Importantly, Maybulk said the move is part of a strategy to diversify its revenue streams and reduce reliance on its existing shipping and storage businesses.

    The acquisition would also immediately provide rental income once completed.

    Why It Matters

    This is a smaller transaction than the headline billion-ringgit deals — but strategically, it is very interesting.

    We’re seeing a company from outside traditional property development use industrial real estate as an income-producing asset.

    That reflects the growing attractiveness of industrial property as an investment class.

    Miichael’s Review

    I always find these transactions worth watching because they show how corporate investors think about property differently from individual buyers.

    For a corporate investor, property can be:

    An operating asset + rental income + capital preservation + diversification.

    That is very different from buying a property simply because “the area is going up.”

    Source: The Star — Maybulk proposes RM35.5mil Klang industrial acquisition

    🌏 4. Australia: The Housing Slowdown Is Hitting More Than Property Agents

    https://images.openai.com/static-rsc-4/Brs6pRtz5kYYyfE4NHjlwNYzDeZsQhdHN8Ay_xpJgbljRtmXqHfXrQ0ZJ7iHrrLLQKWOe0izOsryIQPmdtGfKgsZshly6_Y3bJOYhnrsCRXXrUXpoyniGMpBU6UiTg5U1rpeUgc7Zw_F7zL8TwPXur-FNtdpsHx7XF08Uo8dO-6FZFqw6SGoo2PIJCj64MzF?purpose=fullsize

    What Happened

    Australia’s housing slowdown is now affecting a much wider economic ecosystem.

    Reuters reported that Australian home sales volumes have fallen sharply, with turnover 15% below a year earlier in July/August and 10.5% below the five-year average.

    Reuters estimates that the reduction in housing activity could remove around A$2.8 billion to A$5.6 billion of annual spending from businesses connected to property transactions — including removalists, conveyancers, furniture retailers, tradespeople and renovation businesses.

    The important point is that prices themselves have not collapsed: Reuters reported prices were less than 4% below the March peak and still above year-ago levels. The bigger issue is fewer transactions.

    Why It Matters

    This is a fascinating distinction:

    Property prices can remain relatively resilient while the property economy slows dramatically.

    If fewer people buy and sell, many businesses around the property ecosystem suffer.

    Miichael’s Review

    This is a useful lesson for Malaysia too.

    When we analyse a property market, we shouldn’t look only at:

    “Are prices rising?”

    We should also watch:

    transaction volume, financing, turnover, inventory and buyer confidence.

    A market can look healthy from a price chart while becoming much less active underneath.

    Source: Reuters — Australia’s housing slowdown and wider economic impact

    🌏 5. UK Housing: Prices Bounce, But Buyers Remain Selective

    https://images.openai.com/static-rsc-4/AEe5M10FcR-kJRCayCQU6MvkhNhkoA3_xw2GGp_f6LLLxiydkqrUYPQL63QZdaCxQoINy6jL0mpDitHMoiolKW5iBFZCF_fbHycfkm-eMLNzJIn4oybRTkZ_P3qO1zOmbgx6hiVX8Ce5o71Tg2Q2XS9ZjNv5XPC_Gl731cYvpOuShOgWgt_lYJuEbdKNQVeu?purpose=fullsize

    What Happened

    UK asking prices rose 0.7% in September, equivalent to about £2,441, according to Rightmove data reported by The Times.

    The average asking price reached approximately £367,440.

    But the headline increase needs context: prices remained 0.8% below a year earlier, while housing supply was reported to be at a 12-year high.

    Why It Matters

    More supply gives buyers more choice — and therefore more negotiating power.

    A seller cannot simply assume that a higher asking price will translate into a higher achieved price.

    Miichael’s Review

    This is one of my favourite property lessons:

    The asking price is not necessarily the market value.

    When supply rises and buyers become more selective, pricing strategy becomes increasingly important.

    For investors, this also reinforces the need to distinguish between:

    headline price movement and actual market liquidity.

    Source: The Times — UK house prices rise for first time since May

    📊 PROPERTY NUMBER OF THE WEEK

    59%

    The percentage of surveyed Malaysian developers reporting unsold completed residential units.

    But the more interesting number may be:

    33.2%

    The reported take-up rate during the REHDA survey period.

    The lesson: demand exists — but buyers are becoming increasingly constrained by financing, affordability and product suitability.

    👀 WORTH WATCHING

    🇲🇾 Malaysia

    1. Housing affordability
    Will financing accessibility improve enough to reduce completed unsold stock?

    2. Johor industrial property
    Watch how the JS-SEZ develops around actual occupiers and employment rather than simply land speculation.

    3. Klang industrial assets
    Will more corporates diversify into income-producing industrial property?

    🌏 International

    4. Australia
    Whether weak transaction volumes persist even if prices remain relatively resilient.

    5. UK
    Whether increased housing supply eventually translates into more realistic pricing.

    💡 MIICHAEL’S TAKEAWAY

    This week gives us five very different property stories.

    Housing affordability.
    Industrial land strategy.
    Corporate property investment.
    Australia’s transaction slowdown.
    UK supply and pricing.

    And that’s exactly why I don’t believe we should talk about “the property market” as though it is one single thing.

    Different sectors behave differently.

    Different locations behave differently.

    And most importantly, different buyers have different problems.

    For someone buying a home, financing and affordability may matter most.

    For an investor, rental income and liquidity may matter more.

    For a developer, land cost, product positioning and absorption may determine success.

    And for a corporate investor, property may simply be another asset class for diversification.

    So perhaps the better question isn’t:

    “Is property a good investment?”

    It is:

    “Which property, in which location, for what purpose — and under what market conditions?”

    That is where better property decisions begin.

    Miichael Yeoh

    Property Strategist

  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    Week in Review | 12–18 September 2026

    Malaysia • Regional Property • Global Insights

    The property market is bigger than house prices. Follow the money, the people and the assets.

    🇲🇾 1. KIP REIT: Retail Property Is Being Repositioned, Not Abandoned

    https://images.openai.com/static-rsc-4/FE3MJchSQotX9YuPbZPIptH2f3klwx57hOtiag2TrNWJqNoH_DJyzrHa7K8Vf0R5R59-cWO0p0wq2ag0mRP_tqj2NvEL8yA4sLbNgXWMvdynUaBGhfgMFI9IrOCiEMIe14OC3bExGI0mfAT00kd2GuHIlQ46ZNiGwPp00pgOSI0UV6qfJd8-Vrq6nlCryRjt?purpose=fullsize

    What Happened

    KIP REIT plans asset enhancement initiatives at three malls — KIPMall Masai, KIPMall Kota Warisan and AEON Mall Kinta City.

    The strategy is aimed at improving operational efficiency and supporting longer-term rental growth.

    There is another interesting move: KIP REIT is targeting completion of its RM435 million acquisition of Setapak Central Mall, which would be its largest acquisition to date and take assets under management to about RM2.2 billion.

    Why It Matters

    Retail property is often written off as “old economy”.

    But successful malls are increasingly becoming community infrastructure — food, services, groceries, healthcare, entertainment and daily necessities.

    The question isn’t simply:

    “Is shopping mall demand declining?”

    It should be:

    “Can the asset remain relevant to its surrounding population?”

    Miichael’s Review

    This is something I find particularly interesting.

    Property owners don’t always need to build something new to create value.

    Sometimes, repositioning an existing asset can be the smarter strategy.

    Source: EdgeProp, 18 September 2026.

    🇲🇾 2. RM475 Million Sukuk: Affordable Housing Needs Capital Too

    https://images.openai.com/static-rsc-4/qZnwyXfXtbssVeM0gJ0UyMNoQ_HOxzgGPPQ7VJoTwrJYrEoEtoVE5gdnAwYgBxswD2HlM1X_3PortDlviTMSly0x0BG3yPCgk_eCc2onB607e5S7XRRhYTpPkA6NO631rPH7rlBvpvcO_MY3VPoVQFihdmjB9NJu05BHNuIg-s-3xMn04WrPYYRufXekwqeN?purpose=fullsize

    What Happened

    Lagenda Properties has completed its first RM475 million sukuk issuance under a larger RM1.5 billion Sukuk Wakalah programme.

    The proceeds will be used for acquisitions, working capital and affordable housing developments.

    Why It Matters

    Affordable housing is sometimes discussed only from the buyer affordability perspective.

    But there is another side:

    How do developers finance affordable housing profitably and sustainably?

    If construction costs, land costs and financing costs continue rising, access to capital becomes critical.

    Miichael’s Review

    I like this story because it reminds us that property is not just about selling houses.

    There is an entire financial ecosystem behind every development:

    Land → Financing → Construction → Sales → Delivery → Exit

    Understanding that chain helps us understand why some developers can keep expanding while others struggle.

    Source: EdgeProp, 18 September 2026.

    🇲🇾 3. Glomac Returns to Profit — A Reminder to Watch Developer Health

    https://images.openai.com/static-rsc-4/hnQvi8sM8duuJGU7EE09eEA36eU0yr074Tx8dEJcKR2F7ILr4VKSjElTjjxtlcn3QJQdPXunhBy9_mroevHS0x5o-iUlk9xfvSJUPvTiezwh2azShtwakbqaJPSEYhlQSMnPyHSZwi8jbeYzgtp2Pd2xVk4516ALCQ8bw_BUs3zAVSohSS6Gl3imZ6u4dLlt?purpose=fullsize

    What Happened

    Glomac returned to the black in its first quarter of FY2027.

    Net profit attributable to owners reached RM7.6 million, compared with a RM1.42 million loss a year earlier.

    Revenue jumped 163% to RM68.53 million, with property-development revenue more than tripling to RM61.12 million.

    More encouragingly, borrowings fell from RM237.0 million at end-April to RM224.4 million at end-July, while cash and short-term placements stood at RM249.5 million.

    Why It Matters

    When considering a new development, buyers often focus on:

    • Location
    • Price
    • Facilities
    • Discounts

    But one question is frequently overlooked:

    Who is the developer and how financially healthy are they?

    Miichael’s Review

    A property doesn’t exist in isolation.

    The developer’s financial strength can influence construction progress, delivery, future phases and ultimately buyer confidence.

    For me, developer due diligence should be part of property due diligence.

    Source: EdgeProp, 18 September 2026.

    Click to register for the event : Before You Buy The Next Property

    🌏 4. IOI Properties Completes RM7.95 Billion Singapore Acquisition

    https://images.openai.com/static-rsc-4/7j-qiqH5s-9fqzlWqqPjPu0gubzytRjTSa-z9FzFkzCY4JuXy0-_8k-YRET5NwzKFZN6ihhpa-hFs75TrZ0n0XmFNJRnsbK0aBT9ZmjBooxH-bObKpUK7VBqOT-zLJaczPypqBxU-ZY4TlMgtIESgNalyPHFs6aHOVdFgkBfSYiKWiNQwf0Tt04iqT_ynaPS?purpose=fullsize

    What Happened

    IOI Properties Group has completed its acquisition of the company owning Asia Square Tower 2 in Singapore.

    The total cash outlay was approximately S$2.47 billion — around RM7.95 billion.

    The 46-storey integrated development at Marina View includes Grade A offices, retail space and parking, with approximately 773,000 sq ft of net lettable area.

    Why It Matters

    This is much bigger than a Malaysian developer buying an overseas building.

    It demonstrates how Malaysian property groups are increasingly looking beyond Malaysia for income-producing assets and geographical diversification.

    Miichael’s Review

    I find this particularly relevant to Malaysian investors.

    The property industry is becoming increasingly global.

    A Malaysian developer today may have:

    Residential → Industrial → Retail → Office → REIT → Overseas Assets

    That diversification can create resilience — but only if the company understands the market it is entering.

    And there’s another lesson:

    Sometimes the best property opportunity isn’t a new development. It is an existing income-producing asset.

    Source: EdgeProp, 18 September 2026.

    🌏 5. Australia: Housing Values Fall as Higher Rates Bite

    https://images.openai.com/static-rsc-4/tVw9lLv91mbn3JLpF70gDBGvznn3NWOzDDSpHHWno1XnMJhtSsSSmf-BQol8V87QgZ7WSIZ_8xGAvFRUz-ycM2WgAIL7VSxDWKCgGczsTze7JQUh5mVe392M6oH6yBjG9Xz8_rGoRcdZf95cyiekidEuP5Q0jq0UdUbz2PjmSs0xGj_u8oooZcQj9QSwrd8d?purpose=fullsize

    What Happened

    Australia’s housing market is showing signs of meaningful weakness.

    The latest Australian Bureau of Statistics data showed the total value of residential dwellings fell A$34.1 billion, or 0.3%, in the June quarter to A$12.69 trillion.

    The mean dwelling price fell 0.7% to A$1.10 million.

    New South Wales saw the mean dwelling price fall 2.4%, while Victoria fell 2.1%.

    And this week, the Reserve Bank of Australia’s governor warned that inflation risks are returning, keeping the possibility of further interest-rate tightening alive.

    Why It Matters

    This is a useful reminder for Malaysian property investors who look overseas.

    A country can have:

    Strong population + housing shortage + high property prices

    …and still experience falling values when financing conditions change.

    Miichael’s Review

    This is exactly why I keep saying:

    Property is a long-term financial commitment, not just a location decision.

    Interest rates can change the affordability equation very quickly.

    Source: Australian Bureau of Statistics and Reuters, September 2026.

    📊 PROPERTY NUMBER OF THE WEEK

    RM7.95 BILLION

    The approximate cash outlay by IOI Properties for Asia Square Tower 2 in Singapore.

    That’s not just a property transaction.

    It’s a statement about where Malaysian property companies are looking for growth.

    👀 WORTH WATCHING

    1. Malaysian REITs

    Will more REITs reposition existing retail and commercial assets instead of simply acquiring new properties?

    2. Affordable Housing

    Can developers continue delivering affordable homes while land, construction and financing costs remain elevated?

    3. Johor

    Land banking and development activity around the Johor-Singapore economic corridor remain worth watching.

    4. Interest Rates

    Australia’s renewed inflation concerns show how quickly monetary policy can change property-market sentiment.

    5. Malaysian Developers Going Overseas

    Will more Malaysian developers follow IOI Properties into Singapore and other regional markets?

    💡 MIICHAEL’S TAKEAWAY THIS WEEK

    This week’s five stories are deliberately very different.

    And that’s exactly what makes the property market interesting.

    We have:

    Retail repositioning.
    Affordable housing finance.
    Developer financial health.
    A RM7.95 billion overseas acquisition.
    And a housing market reacting to interest rates.

    Put them together and one thing becomes clear:

    There is no single “property market”.

    Different property sectors behave differently.

    Different states behave differently.

    Different countries behave differently.

    And different investors have different objectives.

    So rather than asking:

    “Is property going up or down?”

    Perhaps the better question is:

    “Which property, in which location, for which purpose, under which economic conditions?”

    That’s where better property decisions begin.

    Miichael Yeoh

    Property Strategist

  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    Week in Review | 5–11 September 2026

    Malaysia Property • Global Insights • Better Decisions

    Hi everyone,

    This week’s stories remind us that property isn’t driven by headlines alone. A stronger market comes from healthy demand, smart capital, sustainable buildings and confidence in the wider economy.

    Here are the 5 developments I believe are most meaningful for buyers, investors and property professionals this week.

    🇲🇾 1. Malaysia’s Property Market Tops RM105 Billion

    Sky Meridien Residence @ Sentul East Renovated Condo For Sale RM950K | Malaysia Property and Real Estate

    What Happened?

    Malaysia recorded 187,320 property transactions worth RM105.12 billion during the first half of 2026.

    However, there is another number worth paying attention to: 33,094 completed residential units remain unsold, an increase of 8.6% from the previous period.

    Why It Matters

    A busy market does not mean every project is successful. The difference between transaction volume and sales absorption tells us buyers are becoming much more selective.

    Miichael’s Review

    When people ask whether the property market is good or bad, my answer is usually:

    “Which market are we talking about?”

    A healthy property decision begins with understanding demand, supply and affordability—not simply following price movements.

    Source: JPPH 1H 2026 Property Market Report.

    🇲🇾 2. A RM331 Million Office Deal Signals Confidence in KL Commercial Property

    Knight Frank

    What Happened?

    AmFIRST REIT is seeking unitholder approval to dispose of Menara AmBank in Kuala Lumpur for RM331 million. The transaction is one of the more significant commercial office deals announced this week.

    Why It Matters

    Commercial property often gives us an early indication of how institutional investors view the market. Capital recycling allows REITs to strengthen balance sheets and reposition their portfolios.

    Miichael’s Review

    Residential property usually receives the attention, but I always watch office and commercial transactions closely.

    Large institutional deals often tell us where long-term confidence is moving before the broader market notices.

    Source: The Star Business

    🇲🇾 3. Green Buildings May Soon Receive New Tax Incentives

    Eco-Friendly Buildings in Malaysia: Worth the Cost? | Rummah.my

    What Happened?

    The Housing Ministry has submitted proposals for new tax incentives to encourage greener building development ahead of Budget 2026. The initiative aims to accelerate sustainable construction and improve environmental performance across future projects

    Why It Matters

    Sustainability is gradually becoming a financial consideration, not just an environmental one. Incentives could influence developer decisions, construction costs and buyer demand over time.

    Miichael’s Review

    I believe future property value will increasingly include another question:

    “Is this building sustainable enough to remain competitive 20 years from now?”

    Green features may become part of long-term asset value—not simply a marketing brochure.

    Source: The Star, 5 September 2026.

    🌏 4. Australia’s Housing Sector Faces a Reality Check

    Housing

    What Happened?

    Australian housing developer Bathla stood down more than 200 employees as financial pressure continues affecting parts of the residential development sector. The story highlights the challenges facing developers despite ongoing housing shortages.

    Why It Matters

    Housing demand alone doesn’t guarantee developer profitability. Rising construction costs, financing pressure and project cash flow remain critical risks.

    Miichael’s Review

    This is an important reminder for investors:

    A strong housing market and a strong development business are not always the same thing.

    Always understand the developer’s financial strength—not just the project.

    Source: The Guardian Australia.

    🌏 5. Global Markets Are Watching Interest Rates Closely

    Benefit Street Partners

    What Happened?

    Global investors are closely watching upcoming US Federal Reserve decisions, while Malaysia has maintained its OPR at 2.75%, providing relative stability for domestic borrowers.

    Why It Matters

    Interest rates influence mortgage affordability, investment returns and foreign capital flows. Even when Bank Negara holds rates steady, global monetary policy still affects market sentiment.

    Miichael’s Review

    Rather than asking whether rates will rise or fall, buyers should ask:

    “Can I comfortably afford this property if rates stay higher for longer?”

    That is a much healthier way to evaluate risk.

    Source: WSJ & Bank Negara Malaysia.

    📊 Property Number of the Week

    Transactions

    187,320

    Properties transacted in 1H 2026

    Market Value

    RM105.1B

    Total transaction value nationwide

    Commercial Deal

    RM331M

    Proposed Menara AmBank disposal

    Policy Focus

    Green Incentives

    Potential boost for sustainable buildings

    👀 Worth Watching

    Over the coming weeks, I’ll be watching:

    • Budget 2026 housing and green-building incentives
    • More institutional commercial property transactions
    • Whether unsold residential stock begins to decline
    • Global interest-rate direction and its impact on mortgages

    💡 My Takeaway This Week

    This week isn’t about one spectacular property launch.

    It’s about confidence.

    Confidence from homebuyers. Confidence from institutional investors. Confidence in sustainable development. And confidence created by stable economic policy.

    As buyers, I believe we should always ask one question before making a decision:

    “Will this property still make sense 10 years from today?”

    That question often matters more than today’s promotional price.

    Miichael Yeoh

    PROPERTY STRATEGIST

    🌐 http://www.miichaelyeoh.com

  • WEEKLY PROPERTY ROUNDUP | Week in Review (29 August – 4 September 2026)

    WEEKLY PROPERTY ROUNDUP | Week in Review (29 August – 4 September 2026)

    Top 3 developments I believe every buyer and investor should know

    Good morning everyone,

    Every week, I try to answer one simple question:

    What really matters in Malaysia’s property market?

    The biggest lesson from the past week is this: property value is increasingly created by infrastructure, employment and the quality of the surrounding ecosystem—not just by the building itself.

    Here are the Top 3 developments I believe every buyer and investor should know.

    1. Malaysia’s Industrial Growth Continues to Drive Property Demand

    Malaysia's semiconductor industry development strategy

    What happened?

    Malaysia’s advanced manufacturing and semiconductor sectors continued attracting new investment, with Penang remaining one of the country’s strongest industrial growth regions. Industry reports show industrial investment remains concentrated in high-value manufacturing, electronics and supply-chain expansion.

    Why it matters

    Industrial growth doesn’t just create factories—it creates jobs, talent, housing demand, logistics, retail and commercial activity. Historically, areas experiencing sustained employment growth tend to enjoy healthier long-term property demand than areas driven purely by speculation.

    Miichael’s Review

    Many buyers ask me:

    “Which project will appreciate the most?”

    I think the better question is:

    “Where will people still be working five to ten years from now?”

    Follow employment before following property prices.

    Source: Industrial investment & manufacturing reports.

    2. Urban Regeneration Is Becoming the New Growth Story

    Malaysia Real Estate & Property in Seremban | Bandar Sri Sendayan

    What happened?

    Developers continue investing in mixed-use regeneration projects within mature townships rather than expanding endlessly into new suburbs. Projects like PJ Quarter demonstrate a growing focus on integrating residential, retail, public spaces and community facilities into established neighbourhoods.

    Source: EdgeProp

    Why it matters

    Today’s buyers increasingly value:

    • Walkability
    • Public transport
    • Healthcare & education
    • Lifestyle convenience
    • Community spaces

    These factors often contribute more to sustainable demand than simply having a prestigious address.

    Miichael’s Review

    A property’s postcode is important.

    But its ecosystem is even more valuable.

    That’s where long-term liveability and resale demand are created.

    Source: Developer announcement & urban regeneration reports.

    3. Digital Infrastructure Is Quietly Changing Land Value

    支持AI算力部署！万国数据马来西亚努沙再也科技园数据中心园区（二期）正式投运 - 万国数据服务有限公司

    What happened?

    Malaysia’s digital infrastructure momentum continues as developers and institutional investors increasingly recognise the strategic value of land supported by power capacity, fibre connectivity and industrial infrastructure. Data centres remain one of the strongest emerging land-demand drivers across several Malaysian states.

    Why it matters

    The next property growth story may not begin with another condominium launch.

    It may begin with:

    • Power infrastructure
    • Data connectivity
    • AI & cloud investment
    • Industrial ecosystem
    • Business expansion

    Miichael’s Review

    The opportunity isn’t owning a data centre.

    The opportunity is identifying the surrounding locations that benefit from the jobs, businesses and services that follow.

    That’s where long-term property value is often created.

    Source: Digital infrastructure & property investment reports.

    📊 Property Snapshot This Week

    Industrial Investment

    Strong

    Advanced manufacturing continues supporting property demand.

    Growth Focus

    Mature Townships

    Urban regeneration is attracting developer investment.

    Emerging Driver

    Data Centres

    Power & connectivity are becoming strategic land assets.

    Buyer Trend

    More Selective

    Buyers are placing greater emphasis on long-term value.

    👀 Worth Watching

    Over the coming weeks, I’ll be watching four areas closely:

    • Expansion of Malaysia’s semiconductor ecosystem
    • New mixed-use regeneration projects
    • Data-centre related land acquisitions
    • Locations where employment growth translates into genuine housing demand

    These will likely become the next wave of meaningful property stories.

    🎯 My Takeaway This Week

    Three different stories.

    Industrial growth. Urban regeneration. Digital infrastructure.

    But they all point to one conclusion:

    Don’t evaluate the property in isolation. Evaluate the ecosystem that supports it.

    Before buying, I would always ask:

    • Where will the jobs come from?
    • Is infrastructure improving?
    • Will people genuinely want to live or work here?
    • What creates demand five years from today?

    That’s where better property decisions begin.

    Miichael Yeoh

    PROPERTY STRATEGIST

    🌐 http://www.miichaelyeoh.com

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