Malaysia to sustain economic growth with China, plus additional headlines

For PropertyGuru’s real estate news roundup, Malaysia will maintain its strong economic growth momentum by partnering with China on sustainable goals, especially on climate change, renewable energy, and emerging technologies. In other reports, Malaysian financiers have expressed interest in investing in four sectors in Cambodia: motorcycle manufacturing, ceramic production, semiconductor fabrication, and real estate. Lastly, JLL Philippines released its third 2024 Metro Manila market overview today, revealing a mixed performance across the office, retail, and hospitality sectors for the third quarter of the year.

Malaysia seeks to sustain economic growth with China, focusing on sustainable development goals

Malaysia aims to maintain its strong economic growth momentum while prioritising the sustainable development goals (SDGs), with a particular focus on climate change, renewable energy and emerging technologies — areas where China has demonstrated significant strength.

According to The Edge Malaysia report, Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz said China has been Malaysia’s largest trading partner for 15 consecutive years, underscoring the strong trade partnership between the two nations.

“I think China has been very supportive and very open with companies and investors from Malaysia, as well as when it comes to trading with Malaysia. So, this is an area where we think is very important. And next year, when Malaysia chairs ASEAN, we have put one of the deliverables, especially on the economic deliverable, is to upgrade the ASEAN trade in goods agreement with China. So that, I think, will again improve trade between Malaysia and China,” he said during an interview with China Global Television Network (CGTN) posted on his X platform on Tuesday night.

Cambodia’s manufacturing and real estate sectors attract Malaysian investors’ eye

Malaysian financiers have expressed interest in investing in four sectors in Cambodia, highlighting the country’s significant potential in these industries. Trade between Cambodia and Malaysia in the first 10 months of 2024 amounted to over USD715 million.

During a meeting on 29th November, Chea Vuthy, secretary-general of the Cambodian Investment Board (CIB) at the Council for the Development of Cambodia (CDC), met with Tan Khee Meng, president of the Malaysian Chamber of Commerce in Cambodia (MBCC), and representatives from Hong Leong Manufacturing Group.

The Phnom Penh Post reports that Hong Leong expressed interest in investing in motorcycle manufacturing, ceramic production, semiconductor fabrication, and real estate.

Regarding the proposed motorcycle manufacturing project, Vuthy recommended conducting further studies on market size and demand in Cambodia. He also welcomed the ceramic and semiconductor production projects, suggesting that the company could consider locating its investments in a special economic zone (SEZ) or potentially establishing its own SEZ.

Metro Manila real estate market shows mixed performance in Q3 2024 – JLL

Jones Lang LaSalle (JLL) Philippines released its third 2024 Metro Manila market overview today, revealing a mixed performance across the office, retail, and hospitality sectors for the year’s third quarter.

According to Janlo delos Reyes, Head of Research and Strategic Consulting at JLL Philippines, office leasing remains stable. Still, low pre-commitment levels on new spaces continue to apply supply pressure on the market and sustain soft rentals. Meanwhile, retail and hospitality are poised to continue their positive performance during the upcoming holiday season.

Looking ahead, Metro Manila real estate faces supply pressure across all segments with 1.1 million square meters of office space, 283,000 square meters of retail space, and 3,900 new hotels entering the market until 2028.

“Metro Manila’s real estate performance is largely driven by space rationalization strategies and supply pressure. It’s essential to monitor these key indicators over time as they inform developers and decision-makers about how to strategize amid leasing conditions in the coming months,” added de los Reyes in the JLL report.

The Property Report editors wrote this article. For more information, email: [email protected].