Weekly Industry News

Higher overhang

Weekly Industry News

Malaysia is entering 2019 with unsold completed residential units rising to 30,115 units as at Sept 30, 2018, an increase of 48.35% from the 20,304 units a year ago.

According to the Valuation and Property Services Department’s (JPPH) latest figures released on Saturday, the total value was RM19.54bil, a 56.44% rise from RM12.49bil a year ago. Should serviced apartments and small offices home offices (SoHos) be included, the overhang value rose to 40,916 units, valued at RM27.38bil.

JPPH defines an overhang as completed unsold units nine months after launching, and after the issuance of the certificate of fitness by local authorities. This signify a dwelling is fit for occupation.The unsold units are across the board from RM50,000 or less to more than RM1mil. The concentration begins even from the RM200,000-RM250,000 segment with about 3,500 unsold while the bulk of the overhang are priced RM500,000 and above, with more than 12,000 units.

Media Title: The Star

Date: 24 Dec 2018

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