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| Danaharta to put on market 182 properties worth RM646.2 million [ 02/10/2002 ] |
| PENGURUSAN Danaharta Nasional Bhd (Danaharta) will take to the market 182 foreclosed properties with an indicative value of RM646.2 million in its seventh nationwide tender, but will not participate as the minimum bidder. Previously, the national asset management company’s property subsidiary, Danaharta Hartanah Sdn Bhd (Hartanah), would put in a minimum bid for every piece of property that was up for sale. The miminum bid would represent the minimum price that a property could be sold for. If there were no bids higher than Hartanah’s, the property would go to Hartanah. Danaharta’s senior general manager of property Johan Ariff said this is set to change from its seventh tender - to be held from October 14 to November 13 - as the property market appears to be more buoyant. He explained that Hartanah’s “support role” was needed previously, especially when it first started to have tenders, because of muted demand in an ailing property market. “We did it because we did not want to traumatise the Malaysian market any more than it had been. (But now), we feel the time is right to take away this support mechanism... and that, in a way, is a measure of our confidence in the market,” he told reporters yesterday. However, he said Hartanah would still formulate a minimum price for every piece of property tendered out, below which it would not sell. Johan said Danaharta also does not want to “unnecessarily hold property” as it approaches the end of its tenure in 2005. “The less property we end up holding, the better,” he remarked. If properties are still unsold after the tender period, they are eventually put back into the market via private treaties and smaller, specific tenders. Johan said the market can expect at least one big general tender and some specific tenders next year. This time around, only 84 of the 182 properties up for tender are being offered for the first time. Danaharta managed to sell 141 or 53.2 per cent of the 265 properties at its sixth tender in April. Johan is confident there will continue to be substantial demand. He said the country’s economic indicators point to a healthy environment in which to make property investment, with robust consumer confidence, encouraging economic growth, low unemployment and inflation rates of 3.5 per cent and 1.8 per cent, respectively, and interest rates at an all-time low. Most of the 182 properties to be tendered comprise industrial (64), development (41) and commercial (31) land. Johan said the development land, located mainly in Selangor, Kedah and Penang, shows much promise as many developers had expressed interest in increasing their landbank. But the healthiest of the property categories is apparently the residential market, with more houses being sold in the second quarter of this year compared with the first. Danaharta currently has 21 residential properties with an indicative value of RM11.9 million to be sold. The industrial market has been sluggish, but Danaharta still sold about 40 per cent of the industrial properties offered in the last tender, simply because many companies were looking to expand their production capacity in a market where few developers were launching new industrial projects. Johan said the office and retail market is quite stable, with office occupancy rates hovering around 75 per cent and retail 83 per cent in the Klang Valley and 90 per cent in Kuala Lumpur itself. The hotel market, which is very much dependent on tourist arrivals, has recovered tremendously since the 1997 Asian financial crisis, with an average 60 per cent occupancy rate in Kuala Lumpur, 59 per cent in Johor and about 53 per cent in Penang. Danaharta has sold 84 per cent or 677 of 804 properties as at September 15 2002. The properties sold had an indicative value of RM1.25 billion or 68 per cent of a total of RM1.84 billion. Source : NST 2/10/2002 |
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