UNSOLD high-rise units with the price tag between RM200,000 and RM300,000 formed the bulk of total overhang residential properties in the first half of this year (1H19), according to the Valuation and Property Services Department (JPPH).
Based on the data from the department, the residential supply overhang increased slightly by 1.5% to 32,810 units valued at RM19.76 billion during the period against 32,313 units worth RM19.86 billion the year prior.
Out of the total, about 15% or 4,912 units comprise condominiums and apartments within the affordable range.
Across various property types, residential units priced within the RM200,001 and RM300,000 range made up the largest category of unsold units at 22.3% with 7,328 units. This is followed by properties priced between RM300,0001 and RM400,000 at 17.5% with 5,731 units.
The data also revealed that residential properties worth over RM1 million represented 12.8% of the overhang with 4,213 units.
By state, Johor had the highest number of residential overhangs at 6,196 units, followed by Perak (5,796 units) and Selangor (4,243 units).
“This is not something we had anticipated. Typically, properties that are unsold are in the luxury segment that is priced in the millions.
Media Title: The Malaysian Reserve
Date: 24 Sep, 2019