Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
January 2018
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
The increasing supply of branded • With a number of large mixed use development
upper upscale and luxury hotels undergoing currently, such TRX, Bandar Malaysia, KL
sending shivers amongst industry Metropolis and along Jalan Ampang, it is expected
players. more upper upscale and luxury hotels will enter the
market over the medium to long term.
Demand growth over the last 10 years
outpaced supply, but only just! Annual Guestroom Supply & Demand vs. Occupancy
• The performance of 14 branded upper upscale and
luxury hotels were analyzed. They comprised a 2,500,000
74%
combined daily guestroom inventory of approximately 2,300,000
2,100,000 72%
6,500.
1,900,000
70%
• The Y-o-Y growth of guestroom supply over the period 1,700,000
2007 – 2016 grew at 3.0%, outpaced slightly by 1,500,000
68%
• The impact of the oil & gas price crisis on hotel 1,100,000
64%
900,000
demand was quite significant as evident in 2015. 62%
700,000
• Over the period to 2016, only 3 new hotels opened;
500,000 60%
the Grand Hyatt (2012), Aloft (2013) and St. Regis 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(2016).
Supply Demand Occupancy
• The increasing supply of branded hotels (usually
perceived to be better quality) has been able to induce
new demand. Occupancy
• In the luxury hotel category, its occupancy levels have 80%
been consistently below the combined category.
75%
Forward Outlook
70%
• Over the next 5 years, (2018-2022), approximately
3,400 new guestrooms (12 hotels under construction) 65%
will enter the market. 2021 will contribute the highest
level at close to 1,300 guestrooms. The Y-o-Y increase 60%
is approximately 9%.
55%
• Like the current supply, most of the new supply will be
located in the KLCC / Bukit Bintang enclaves. 50%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
• Nearly 85% of the new guestrooms are categorized
as luxury. The new luxury guestroom addition will Luxury Upper Upscale & Luxury
www.horwathhtl.com www.c9hotelworks.com 2
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
78% 480
10,000
76% 460
Daily Supply
74% 440
8,000
72% 420
Occupancy
ADR, MYR
6,000 70% 400
68% 380
4,000
66% 360
2,000 64% 340
62% 320
-
2017 2018 2019 2020 2021 2022 60% 300
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
300
increase of 13%, followed by a drop of 6% and 1%
in the next 2 years. Since, 2011, the ADR has chalked 200
up growth. 100
• The ADR of the luxury hotels captured a higher Y-o-Y
–
growth of 3.0% with RevPAR registering lower growth 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
of 1.3%. ADR RevPAR
• The ADR premium captured by the luxury hotels over
the combined market has consistently been at 1.2.
But in 2015 and 2016, this was increased to 1.3.
ADR (MYR)
• However, the RevPAR premiums registered by the
luxury hotels over the combined market were constant 650
at 1.1 since 2008.
600
• In terms of location, hotels in KLCC captured higher
ADRs over those in Bukit Bintang and KL Sentral areas, 550
www.horwathhtl.com www.c9hotelworks.com 3
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
Corporate & Direct FIT / OTA Demand Segment & Nationality Mix
expected to drive demand and ADR
4%
Direct FIT registered the highest ADR 17% 27% Corporate
amongst demand segments
• Demand segment is more or less divided between Direct FIT/OTA
0%
KLCC Bukit Bintang KL Sentral & Other
Foreign guest mix dominates across locations
• Domestic market share is the highest at KLCC hotels.
• The favourite locale for Middle East guests in Bukit
Bintang where hotels there captured the highest 10% Domestic
market share. 8% 27% Other ASEAN
• East Asian guests are indifferent to hotel locations.. East Asia
• Mainland Chinese guests are still dominated by tour
13% Middle East
groups as FIT travelers are increasing.
• Domestic guests are expected to decrease in the Europe
11% 17% North America
coming years as higher positioned hotels enter the
market. 14% Other
• The share of guests from ASEAN is expected to increase
over the medium term with enhanced connectivity and
the High Speed Rail.
www.horwathhtl.com www.c9hotelworks.com 4
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
www.horwathhtl.com www.c9hotelworks.com 5
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
Project Name – Currently for Sale Location Total Units Launch Year Hotel Affliation
Ritz-Carlton Residences JL Sultan Ismail 279 2009 Marriott International
St. Regis Kuala Lumpur JL Damansara 158 2010 Marriott International
Four Seasons Place JL Ampang 242 2013 Four Seasons
The Ruma Hotel & Residences JL Kia Peng 453 2013 Urban Resort
Dorsett Residences JL Imbi 252 2013 Dorsett
Tropicana The Residences JL Ampang 353 2014 Marriott International
8 Conlay by Kempinski JL Conlay 564 2016 Kempinski
Ascott Star KLCC Residences JL Yap Kwan Seng 346 2016 Ascott
2647 2% 0.4%
38% Four-bedroom
One- and two-bedroom units account for over 75% of Unit sizing is decreasing with over 50% of units in 500-
current supply. 1,000 square foot range.
2% 0.4%
9% 11% 8%
13% Studio
< 500 sq.ft
One-bedroom 9%
501 - 1,000 sq.ft
Two-bedroom
1,001 - 1,500 sq.ft
38% Three-bedroom
22% 1,501 - 2,000 sq.ft
Four-bedroom 50%
38%
> 2,001 sq.ft
Five-bedroom and Above
11% 8%
< 500 sq.ft
www.horwathhtl.com
9% www.c9hotelworks.com 6
501 - 1,000 sq.ft
1,001 - 1,500 sq.ft
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
Unit Characteristics
High demand for entry-level units with low absolute pricing points attracting investment
buyers
Average Built-up Size by Unit Type
14,000
Max Min Average
12,000 Unit Size Pricing
(sq.ft) (sq.ft) (sq.ft)
10,000
Studio 2,898 441 820 588
8,000
One-bedroom 2,774 506 1,648 901
6,000 Two-bedroom 2,796 807 2,408 1,153
4,000 Three-bedroom 2,593 1,308 4,253 1,995
2,000 Four-bedroom 2,452 2,972 3,843 3,295
0 Five-bedroom 5,230 3,256 11,894 7,575
Studio One- Two- Three- Four- Five-bedroom
bedroom bedroom bedroom bedroom and above
Limited supply of projects have pushed up High net-worth buyers prefer to purchase
market-wide absorption rates large units as primary residences
Absorption Rate by Type Unit Average Price (‘000) Per Unit
100%
90% Five-bedroom and above 5,230
80%
70% Four-bedroom 2,452
60%
50% Three-bedroom 2,593
40%
30% Two-bedroom 2,796
20%
10% One-bedroom 2,774
0%
Studio One-bedroom Two-bedroom Three-bedroom Four-bedroom Five-bedroom
Studio 2,898
and above
Sold Units Available Units 0 1,000 2,000 3,000 4,000 5,000 6,000
www.horwathhtl.com www.c9hotelworks.com 7
Kuala Lumpur: Hotel & Hotel Residences Market Update - January 2018
Buyers
HNWIs from Malaysia, Middle East
1
and Hong Kong looking for a primary
residence or trophy asset
Supply
Hotel residences seeing influence of
upscale and local operators such as
Ascott, Dorsett, and Urban Resorts
Concept (The RuMa).
346 252 242 279 158 453
Ascott Dorsett Four Ritz St. Regis The
Seasons Carlton Ruma
Note: Number of Units
Trends
Broader types of buyers due to
PRICING POINT
more affordable pricing points
www.horwathhtl.com www.c9hotelworks.com 8
Horwath HTL is the world’s largest hospitality consulting C9 Hotelworks is a globally awarded hospitality
brand with 45 offices across the world providing expert consultancy recognized as Asia’s leading advisor on
local knowledge. Since 1915 we have been providing residential and mixed use developments, with projects and
impartial, specialist advice to our clients and are clients across all markets within Asia Pacific.
recognized as the founders of the Uniform System of
Accounts which subsequently has become the industry With a history spanning over a decade, C9 has worked
standard for hospitality accounting. throughout Asia and in many other locations around the
globe from its base in Thailand, delivering independent,
Horwath HTL is the global leader in hospitality consulting. strategic advisory services to owners and developers for
We are the industry choice; a global brand providing market studies, feasibility reports, management operator
quality solutions for hotel, tourism & leisure projects. negotiations and asset management.
We focus one hundred percent on hotels, tourism C9 has a high level of expertise in both hospitality and
and leisure consulting, and globally have successfully property sectors, with deep experience producing and
completed over 16,000 projects. analyzing research that delivers insight to identify key
issues, evaluate complex ones and support clients in
With over two hundred professionals and membership achieving solid success.
of a top ten accounting network, we are the number one
choice for companies and financial institutions looking to C9 Hotelworks
invest and develop in the industry. 9 Lagoon Road, Cherngtalay,
Thalang, Phuket, 83110, Thailand
Horwath HTL Malaysia Telephone: +66 (0)76 325 345/6
CEO Suite Level 36, Menara Maxis, Email: info@c9hotelworks.com
KLCC, Kuala Lumpur www.c9hotelworks.com
50088 Malaysia
Telephone: +60 326 1501 22
Email: sen@horwathhtl.com
www.horwathhtl.asia
9
ASIA PACIFIC EUROPE LATIN AMERICA
AUSTRALIA ANDORRA ARGENTINA
rdewit@horwathhtl.com vmarti@horwathhtl.com cspinelli@horwathhtl.com
POLAND
dfutoma@horwathhtl.com CANADA
pgaudet@horwathhtl.com
AFRICA PORTUGAL
IVORY COAST vmarti@horwathhtl.com
cspecht@horwathhtl.com
SERBIA
RWANDA serbia@horwathhtl.com
fmustaff@horwathhtl.com
SPAIN
SOUTH AFRICA vmarti@horwathhtl.com
capetown@horwathhtl.com
SWITZERLAND
hwehrle@horwathhtl.com
TURKEY
merdogdu@horwathhtl.com
UNITED KINGDOM
eheiberg@horwathhtl.com
www.horwathhtl.com