IGB Bhd expects 2020 to remain challenging

KUALA LUMPUR (June 30): Real estate player IGB Bhd is expecting the remainder of 2020 to continue to be challenging, as its portfolio of businesses continues to grapple with the impact from the Covid-19 pandemic.

In a statement yesterday, it said aside from the global pandemic, the company also faces other global economic uncertainties, including the continued United States-China trade tensions, the knock-on effects from Brexit and ongoing geopolitical tensions in Asia.

“We will push on, prioritising the health and safety of our communities as we continue to strengthen our business, creating sustained long-term values and enhancing returns to stakeholders,” it said.

It also stated that property investment and management in its commercial segment is expected to face a soft market due to the imbalanced supply-demand of commercial office spaces, increased competition as well as the economic downturn.

“Despite the softer market, there were active leasing activities, especially within Mid Valley, while the retail segment in The Mall, Mid Valley Southkey in Johor is down due to overall decline in consumer spending, as well as oversupply of malls in Johor,” it added.

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