fbpx

Apartment units below RM300,000 dominate property overhang list

September 23rd, 2019 Leave a comment 中文版

Seberang_Perai_SkylineCondominium and apartment units priced between RM200,000 and RM300,000 dominate the list of property overhang in the country, mainly contributed by those in Perak and Kedah.

Deputy Finance Minister Datuk Wira Amiruddin Hamzah said condominium and apartment units made up 43 per cent of the total property overhang in the country, whereby a majority of these real estate were in the ‘affordable’ range.

“The indicators of overhang property are important to ensure that the housing supply is consistent with the demand, while the mismatch issue can be minimised.

“Hence, I urge the developers and authorities, who approved project developments and their selling prices to pay attention to the overhang data,” he told a press conference after announcing the real estate market performance in the first half of this year, here today.

Property overhang units must not be confused with unsold stock. The government has defined overhang units as properties that are completed and issued with Certificates of Fitness for Occupation or Temporary Certificates of Fitness for Occupation, but remain unsold despite having been put on the market for at least nine months.

Amiruddin urged developers to build houses that caters to the demand of buyers in terms of the property type, location and price range.

In the first half of this year, 23,591 new residential units were launched, which were 49.4 per cent lower over the same period last year.

Perak recorded the highest new launches with 4,557 units, capturing almost 20 per cent of the national total, followed by Johor (4,233 units), Penang (3,216 units), Kuala Lumpur (2,565 units), and Selangor (2,387 units).

Amiruddin said the residential subsector alone contributed 32,810 units worth RM19.76 billion to the overhang, while the shop subsector overhang contributed 5,760 units valued at RM4.98 billion.

He said the government’s main agenda going forward is to address the need for more affordable housing and finding the right solutions to the property overhang.

The government had taken steps towards that direction with the launch of the National Housing Policy 2.0 and introduction of incentives under the Home Ownership Campaign 2019.

At the event, Amiruddin also launched the Valuation and Property Services Department’s Unsold Property Enquiry System Malaysia (UPESM) 2.0, a system that allows users to get information on real estate in the country.

Soource: Bernama

Categories: Property News Tags:
  1. No comments yet.
  1. No trackbacks yet.
(You can also Login/Register to submit your comment using unique ID)


Comment Guidelines
  • Avoid political discussion.
  • Comments with inappropriate wordings or personal attack may be moderated or deleted.
  • Developer must register before comment. All anonymous comments claimed to be from developer without registration will be deleted.
  • All advertisement in the comment will be deleted. Please contact us for advertising details.


Related Properties for Sale/Rent @
Advertise your property at PenangPropertySale.com and it will be shown here. (Only listing with photo)

To advertise your property in this page under "Related Properties for Sale/Rent":
 1. Submit your property at PenangPropertySale.com, it's FREE!
 (Please do not advertise your property in the comment)