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aws账号(www.2km.me)_Rise in purpose-built workers’ accommodation

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Knight Frank Malaysia capital markets executive director Allan Sim (pic) says the concept of PBWA in Malaysia is a niche, non-traditional and relatively new asset class.

SINCE the onset of the Covid-19 pandemic, certain segments like workers’ accommodation, have been thrust into the limelight.

As Malaysia transitions into the endemic phase, some see the concept of purpose-built workers’ accommodation (PBWA) as a growing opportunity, especially within the local property sector.

Knight Frank Research says the numerous Covid-19 workplace clusters have magnified the inadequate living conditions of workers, particularly in labour-intensive economic sectors such as manufacturing and construction.

“In the past, living conditions of workers have always been a neglected area in the constant pursuit of economic growth. When professionally managed dormitories are unexplored propositions, industrialists turned to terraced homes, apartments, shop houses and makeshift accommodations to house their workers in a haphazard manner.

“Coupled with the lack of awareness and accountability, most of these types of housing were crowded and had poor sanitation, leading to many social issues that have burdened the community for years,” it says in a paper on the changing landscape of workers’ accommodation.

Knight Frank Research notes that the increasing number of workplace clusters eventually fuelled the government’s reactive efforts to enact the amended Act 446 of the Workers’ Minimum Standards of Housing and Amenities Act 1990, to include stricter provisions to ensure a minimum standard for workers’ accommodation.

“Incentivised to comply with the new regulations, earlier resistance is gradually dissipating as industrialists, instilled with new perspectives of having proper workers’ housing as value propositions, are committed to ensuring the sustainability of their business operations.

“The demand for quality and well-planned workers’ accommodation is expected to rise as stakeholders strive to comply with Act 446.”

Knight Frank Research says this has resulted in industrialists building, purchasing and renting purpose-built or converted dormitories to provide compliant workers’ housing.

“As an investment strategy, developers and investors are embarking on partnerships with industrialists to construct workers’ accommodations, reaping long-term recurring rental income.

“Meanwhile, interests from institutional investors are anticipated to grow steadily, as the supply of quality dormitories increases and as this sub-market reaches maturity in the mid- to longer-term.”

A growing business segment

Knight Frank Malaysia capital markets executive director Allan Sim says the concept of PBWA in Malaysia is a niche, non-traditional and relatively new asset class.

“The majority of such existing establishments are concentrated in high economic growth regions such as Selangor, Johor and Penang.”

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