KUALA LUMPUR (Jan 16): Reducing the property prices is the only way to clear the overhang units in the country, urged CBRE | WTW managing director Foo Gee Jen.

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As at end of 2019, he said, the overhang residential properties stood at about 35,000 units, while for serviced apartment/Soho/Sovo commercial property it was about 20,000 units.

“In Klang Valley, if there is no major correction of prices in serviced apartment/Soho/Sovo, it would take over the next five years to be cleared.

“While for residential units, there are still hopes for the prices to go up as it could hedge against inflation for the long term prospective, that would probably take two years to clear,” he told a media briefing on the real estate outlook 2020 here, today.