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Penang has forth-highest overhang units in Q1 2020

July 10th, 2020 Leave a comment

penang-condo-1

According to the latest property market transaction data for 2019 to Q1 2020 by the National Property Information Centre (NAPIC), overall overhang properties recorded in Q1 2020 showed that there are a total of 29,698 overhang units, amounting to a total value of RM18.91 billion. From that number, 35% of all overhang units or 10,401 units are in the RM300,001 to RM600,000 price range. More than half of the overhang are condominium/apartment type, making up 54.7% with 16,241 units.

Johor recorded a total number of 6,057 units, of which 1,974 were condominium units or apartments and 2,160 were two to three-storey terrace houses.

Perak emerged as having the second-highest overhang with a total of 4,919 units with 16.6%, followed by Selangor with a total of 4,844 units or 16.3%.

property-overhang-q1-2020

 

The report also revealed that the next highest was Penang accounting for 10.2% with 3,043 overhang units, and Kuala Lumpur at 8.7% with 2,584 units. Sarawak makes up 6.6% with 1,966 units and Pahang has 5.1% at 1,510 units.

The remaining states that make up less than 5% respectively and in descending order are Sabah (4.8%), Kedah (4.7%), Negeri Sembilan (3.7%), Melaka (2.3%) and Terengganu (1.7%).

The states that account for less than 1% each are Kelantan (0.5%), and Perlis (0.1%). The only place with zero overhang units is Putrajaya.

NAPIC property market division deputy director Tee Siew Bee said the overall property market was slowing down this year due to a mismatch in demand and supply for certain states/districts/ locations, types and prices.

“The residential overhang situation has continued to improve, but remains a major concern. There are fewer new launches that might help to reduce the number of overhang and unsold units,” she said during the Real Estate & Housing Developers’ Association’s (Rehda) event entitled “Selling a property successfully in the new decade – is big data & proptech the ultimate solution?”

Rehda’s event highlighted how property developers can move forward in boosting their property sales, whilst easing the process of home ownership in these tough times by embracing Big Data and PropTech.

Source: FreeMalaysiaToday.com

 

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  1. Sammy
    July 10th, 2020 at 16:49 | #1

    Sekarang semua projek-projek batal sini sana mana lagi boleh jual ???
    All in a mess and hopefully, DAP doesn’t loose its grip in Penang later also !

  2. MIL
    July 13th, 2020 at 15:39 | #2

    Preehold or Peasehold?

  3. Manan
    July 14th, 2020 at 11:37 | #3

    Poor government, ratio of occupants/population vs #properties made available with the appropriate range is clearly the issue, but who cares. This sort of thing is a core leadership issue. We need a ‘people’ caring government, not the one siding developers and causing unnecessary environmental issues with more unoccupied buildings than trees. Law of nature will make us pay.

  4. ahbeng
    July 14th, 2020 at 15:47 | #4

    Blind obedience to developers by rocket has landed Penang in a leaderless mess. Will take decades to work thru oversupply of flats, hotel rooms, malls….everything.

  5. kpkb
    July 15th, 2020 at 10:11 | #5

    PG gov should make it illegal for developers to sell properties directly to foreigners. Since our properties are so cheap (compared to other countries), and attractive to foreigners, PG gov must force developers to sell new properties to local individuals first, before they can be re-sold to foreigners, hence sharing the profits with the local investors. Various rules can be incorporated into the system to ensure a win-win between foreigners and locals. The bottom line is, there must be a SYSTEMATIC PG gov led approach, instead of letting developers do what they want.

  6. Boon Seang
    September 29th, 2020 at 07:49 | #6

    Freelance Troubleshooting Electrician

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