Weekly Industry News

Unreleased Bumi lots contribute half of property overhang

Weekly Industry News

THE unreleased Bumiputera lots contribute to about 40% to 50% of the country’s overhang numbers, according to Real Estate & Housing Developers’ Association (Rehda) Malaysia president Datuk Soam Heng Choon.

Many completed houses in certain states were unsold because the state governments do not want to release the Bumiputera lots.

“For example, Johor has a 40% Bumiputera quota. Assuming the developer sold 10% of the quota, it still has 30% unsold, and the overhang units get accumulated over time,” he said at the Home Ownership Campaign—Malaysia Property Expo October 2020 press conference yesterday.

Media Title: The Malaysian Reserve

Date: 01 Oct 2020

Photo Credit

We take processes apart, rethink, rebuild, and deliver them back working smarter than ever before.