Unsold units in third quarter reduced with HOC

PETALING JAYA (Dec 6): The property sector has seen a reduction of unsold properties during the third quarter with the Home Ownership Campaign eases home buying, according to The Star.

The National Property Information Centre (Napic) has recently published a report on Nov 25 which shows that there were 30,290 unsold completed residential units worth RM19.75 bil as of September 2021 with 18,829 units are high-rise units and the remaining 6,803 units are of terrace houses. There were 30,926 units worth RM19.99 bil in the previous corresponding period.

Johor leads with the highest overhang units of 6,441 units, Penang at 4,638 units, Kuala Lumpur at 3,863 units and Selangor with 3,376 units.

Additionally, 33.7% of the overhang units range between RM500,000 to RM1 mil while 28.4% are units priced between RM300,000 to RM500,000. 25.5% of the overhang units are priced below RM300,000 while the remaining 12.4% are units above RM1 mil.

Ruben Kelvin, business development head for City Valuers and Consultants and Greenhill & Mason concurs that the HOC has absorbed the market impact due to the pandemic, he was quoted saying by The Star.

In which he said that with the current market facing an oversupply, prices have gone down therefore making it an easier buy-in.

Not just HOC, other initiatives to promote affordable housing have also made it easier for lower and middle income earners to enter the market.

The HOC was first introduced in January 2019 as a way to mitigate the overhang issue in the country. The campaign managed to generate RM23.2 bil sales in 2019, which surpassed the government target of RM17 bil.

In 2020, the campaign was then again reintroduced by the government through the Penjana initiative to stimulate the market hampered by the pandemic.

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