Tuesday, 26 Jan 2021 02:59 PM MYT
BY KENNETH TEE
Sulaiman said that overhang stock comprised more non-landed units than landed units, with Johor, Selangor and Wilayah Persekutuan Kuala Lumpur remaining the top states with the highest number of overhang units. Picture by Hari Anggara
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KUALA LUMPUR, Jan 26 Property overhang spurred by unaffordability continues to remain a persistent issue in the real estate industry notwithstanding the Covid-19 pandemic, property consultant Rahim & Co International said today.
Rahim & Co director of research Sulaiman Akhmady Mohd Saheh said there were 57,390 units (residential, serviced apartment & SoHo units) worth RM42.49 billion as of the third quarter of 2020 (3Q2020), adding that property overhang remains a serious concern within the market.
KUALA LUMPUR (Jan 26): SkyWorld Development Sdn Bhd has unveiled SkyVogue Residences in Taman Desa today. Occupying a 1.34-acre parcel, the project comprises a 45-storey tower offering a total of 333 condominium units with a gross development value of RM273 million.
“SkyVogue Residences is Qlassic (Quality Assessment System in Construction) and Green Building Index compliant. The project has equipped a Seamless Mobile Access System (SMAS) that offers residents access to multiple points of the property without the need for a physical access card,” said SkyWorld deputy chief executive officer Lee Chee Seng in a press release today.
The project is catered for urbanites and offers typical units with built-ups of 1,085 to 1,400 sq ft. The larger units, located on level 39 onwards, will include a 15ft ceiling-height version of the aforementioned typical units offered and duplex units (built-ups from 1,970 to 2,285 sq ft) as well as penthouse units (built-ups from 2,195 to 2,650 sq ft
Malaysian property market recovery stunted, delayed further to 2022 From left: Siva, Rahim and Sulaiman displaying copies of Rahim & Co Research – Property Market Review 2020/2021.
PETALING JAYA: The Malaysian property market is expected to see a further delay in its recovery to 2022 due to the resurgence of Covid-19 cases and the reimplementation of the movement control order (MCO), according to real estate consultancy Rahim & Co International Sdn Bhd.
CEO of estate agency Siva Shanker said real estate analysts predicted last year that 2021 would see a recovery in the property market, not knowing that Covid-19 cases would rise to 4,000 levels.
“Now that it has (reached 4,000 cases) and there is another lockdown, it will affect the market as everything slows down and the ability of people to move around decreases. Because of high numbers and we’re back into the peak of the pandemic, that slated recovery of 2021 and projections for 2021 are probably going to be delayed t
PPC International managing director Datuk Siders Sittampalam.
THE Malaysian property market, despite still navigating the shocks of the Covid-19 pandemic from last year, is expected to perform better in 2021.
PPC International managing director Datuk Siders Sittampalam says while the pandemic “isn’t going to go away” soon, he is optimistic that the property market will find a way to “work around it.”
“The fear of the pandemic will not end anytime soon. It will take a while for everyone to go back to their normal live.
“With that said, people are going to have to work around it. You can’t expect to be placed under cold storage for too long. Life needs to go on and the real estate segment is the same, ” he tells StarBizWeek.
Last year was a tough one for almost all property sectors. According to data from the National Property Information Centre (Napic), in 1H2020, Malaysia’s property market transaction volume and value decreased 27.9% and 31.5% respectively compared with the previous year. While most property consultants believe there should be some recovery this year, it will depend on the Covid-19 vaccine as well as the performance of the job market and economy.
Some consultants think there will be opportunities for investors in the auction market with foreclosures likely to increase, but others believe that owing to government intervention and the low interest rate environment, this might not be the case. On the other hand, this could be a golden opportunity for first-time homebuyers to purchase their dream home. However, as property is a long-term investment, the age-old advice of doing your homework and buying what you can afford continues to hold true.