2025年上半年马来西亚工业、办公、零售、酒店及住宅市场综合分析

MALAYSIANECONOMIC OVERVIEW Bank Negara Malaysia (BNM) forecasts Malaysianeconomy to grow slightly slower than the earlierprojection of Gross Domestic Product (GDP) growth(between 4.5% and 5.5% for the full year of 2025) amid the General Economic Indicators BNM cut down the Overnight Policy Rate (OPR) to 2.75%in July 2025 (May 2025: 3.0%) as a preemptive measureto preserve Malaysia’s steady growth path.Meanwhile,the central bank also lowered down the Statutory ReserveRequirement (SRR) Ratio from 2% to 1%, effective 16 May2025. Malaysia’s GDP growth slowed down to 4.4% in1Q2025 as there is lower oil and gas production amid thenormalisation in motor vehicles sales and production due to Gross Domestic Product (GDP) 1Q2025(P): 4.4%(y-o-y: ↑)(4Q2024(p): 5.0%; 1Q2024(p): 4.2%)2025(f): 4.5% ~ 5.5% SingaporeRM28.3 billion United StatesRM9.9 billion 1Q2025: 1.5%(y-o-y: ↓)(4Q2024: 1.8%; 1Q2024: 1.7%)2025(f): 2.0% ~ 3.5% ChinaRM7.9 billion The reviewed and expanded Sales and Service Tax(SST) rates, which came into effect on 1 July 2025, isexpected to strengthen the country’s fiscal position byincreasing revenue and broadening the tax base. Theexpansion includes applying a sales tax at rates of 5% or10% to selected discretionary and non-essential goods; and Unemployment Rate British Virgin Islands (BVI)RM6.6 billion 1Q2025: 3.1%(y-o-y: ↓)(4Q2024: 3.2%; 1Q2024: 3.3%)2025(f): 3.1% CONTENTS Total External Trade Market Highlights Note: y-o-y = year-on-year; (p) = preliminary; (f) = Forecast; (r) = Revised The extension of Malaysia-China visa-free period forstays of up to 90 days for five more years in April 2025with the option to extend for another five years, alongwith the visa-free policy for Indian citizens for a period until31 December 2026, however, is expected to bolster the The 46th ASEAN Summit held in Kuala Lumpurfrom 26 to 27 May is expected to integrate regionaleconomies and promote trade through potentialagreements, drawing in an estimated of hundreds ofbillions of ringgits in Foreign Direct Investment (FDI) intoMalaysia in the next five years. A small portion of the FDIis expected to be channelled into the real estate activities,which include industrial parks, commercial centres, RM337.4 billion1Q2025(p): RM378.4 billion1Q2025(p): Industrial Market (y-o-y: 4.4%) ↑ (y-o-y: 2.8%) ↑ Office Market 4Q2024: RM346.9 billion(y-o-y: 5.3%) ↑1Q2024: RM328.2 billion 4Q2024: RM392.9 billion(y-o-y: 7.3%) ↑1Q2024: RM362.3 billion The uncertainty surrounding the real estate marketisprojected to weigh down on the leasing and transactionalactivities in the near term, although not significant, Retail Market Total Approved Private Investments Despite the fluctuation of Malaysia’s currency exchangerate, the capital inflow into the country is healthyasit remains attractive to offshore investors, evident by the Hospitality Market Global trade tariffs, including the imposition of 25%tariff on Malaysia starting 1 August, remained a keyuncertainty to the global economy. While the impactsare still uncertain, business and consumer sentiments areexpected to soften in the short term. Potential gain fromdiversification, pulled down by cautious investor sentiment,resulted in a mixed outlook sentiment for our country.Global forecasts show that Malaysia may experience a ForeignInvestment DomesticInvestment Looking ahead, the outlook of the real estate market isexpected to remain cautious amid global uncertainty.The prolonged trade disputes may also result in slowereconomic growth with lower demand / consumption andhigher inflation rate. Global trade growth is expectedto moderate for the rest of the year. Nevertheless, the Residential Market 1Q2025(p)RM60.4 billion(y-o-y: 31.0%) ↑ 1Q2025(p)RM29.4 billion(y-o-y: -27.2%) ↓ 1Q2024RM46.1 billion 1Q2024RM40.4 billion Johor•The industrial property sector remains a key economic driver, supported by rising investment across the state. •On the supply side, an increase in incoming industrialparks is anticipated, driven by the influx of new industrialdevelopers entering the region. This expansion reflectsgrowing confidence in Johor’s industrial property marketand its long-term growth prospects.•Besides,the establishment of the Iskandar MalaysiaFacilitationCentre–Johor plays a pivotal role instreamlining and supporting inbound investments.•Key drivers such as the Johor-Singapore Special EconomicZone (JS-SEZ), well-developed ports and expansion ofhighways are strengthening Johor’s position as a regionalindustrialhub by promoting cross-border economic MARKETHIGHLIGHTS Malaysia•Malaysia’s manufacturing sector experienced a slight contraction in the early months of 2025 with a decline on y-o-y of 28.6% in total investment in 1Q2025.•The manufacturing sector within the IPI showed a positivey-o-y growth of 4.2% in 1Q2025. This suggests that despitethe decline in new investments, the existing productionvolume has expanded.•ThemanufacturingPMIconsistentlyremainedbelow