2013-09-17

Malaysian Skyscraper Index

Malaysia property headed for Dubai-style crash
After years of frenetic development, which included constructing the world's tallest building, Dubai suffered a massive real-estate crash in the wake of the 2008 financial crisis, with property losing more than 50 percent of its value by 2011 as excessive speculation came home to roost. CIMB noted half-empty buildings continue to plague Dubai's skyline.

On the slate for the Kuala Lumpur area are the 118-story Warisan Merkeka Tower, targeted as the tallest building in Southeast Asia and part of a huge complex that will include two condominium blocks, a hotel tower and an underground subway station, as well as the 28-building Tun Razak Exchange project targeted as an international financial hub, CIMB noted.

The report estimates around 17 million square feet of gross office floor area will come on-stream between 2015 and 2017, adding that even if demand doubles, it won't absorb the influx.

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