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.

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