Weekly Industry News

Developers commit to 10% price markdown to alleviate glut

Weekly Industry News

Some 180 property developers have pledged to slash the prices of their unsold homes by at least 10% as the real estate sector struggles to clear RM22 billion worth of inventories amid rising prices and tightened financing availability.

The government will host the developers at a mega home sales expo “Home Ownership Campaign” in March, two decades after a similar expo in 1998.

Housing and Local Government Minister Zuraida Kamaruddin said the campaign would be held on March 1-3 at the Kuala Lumpur (KL) Convention Centre.

Speaking at a press conference in Putrajaya, the minister said the sales expo was deliberated and decided during the first National Affordable Housing Council meeting last Tuesday, chaired by Prime Minister Tun Dr Mahathir Mohamad.

“We are bringing back the campaign, which was first held in 1998, to exhibit all the overhang units in the country for sales of at least a 10% discount,” she said.

Media Title: The Malaysian Reserve

Date: 11 Jan 2019

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