news

Challenging 'next couple of years' for property developers in Johor

KUALA LUMPUR (Jan 26): It will be “the most challenging couple of years” for property developers in Johor owing to the economic slowdown caused by the Covid-19 pandemic, The Star reported Real Estate and Housing Developers Association (Rehda) Johor saying today.

Rehda branch deputy chairman Ku Hwa Seng said the second movement control order (MCO 2.0) now enforced in all of Malaysia’s states and Federal Territories except for Sarawak to bring down the rise in Covid-19 cases “would further hit the property market”.

Ku revealed to the daily that “there were hardly any new property launches in Johor, especially Iskandar Malaysia” owing to the “unfavourable market sentiments”.

“Our members are not taking any chances and have been very careful about introducing new launches and will likely adopt similar measures in the next couple of years, ’’ he said.

Ku added that Johor Rehda members must quickly sell off “existing residential and commercial properties” instead of holding on to them.

He also urged the government extend the Home Ownership Campaign (HOC), which is due to end on May 31, “by another six or 12 months”.

“This will definitely help us sell our properties and reduce the overhang, ’’ said Ku.

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Covid-19 cases: Lowest number recorded within three weeks on Nov 29
  2. Covid-19: New cases down to 4,239 on Nov 28, says Health DG
  3. Covid-19: MOH closely monitoring WHO, other countries on Omicron variant