There is a growing fear that the current overhang of over 30,000 units, according to official figures, doesn’t represent the true picture on the health of Malaysia’s property market.
Many are convinced that the overhang situation is just the tip of the iceberg as the National Property Information Centre (NAPIC) doesn’t take into consideration unsold units that are under construction and those yet to be built.
The 30,ooo-odd figure was also based on the old property overhang definition. According to that definition, a unit has to be unsold for nine months after receiving the Certificate of Completion and Compliance (CCC) and Temporary Certificate of Fitness for Occupation (CFO) before it is classified as an overhang unit.
Media Title: Berita Harian
Date: 23 Feb 2019