News by Chelsey Poh

The panelists were President of the Malaysia Shopping Malls Association (PPKM) and 1 Utama and Bandar Utama City Centre director Tan Sri Teo Chiang Kok, KIP Group CEO Valerie Ong and Sunway Malls and Theme Parks CEO HC Chan. The live session was moderated by EdgeProp Malaysia managing director and editor-in-chief Au Foong Yee.

Malaysian Association of Hotels (MAH) chief executive officer Yap Lip Seng: Based on the current situation, we are estimating up to 30% closures over six months (from when the MCO began on March 18) either permanently or temporarily.

PAM president Lillian Tay: I believe that everyone should share the burden as no one should expect to take ‘benefit’ from the crisis

According to the Savills Global Market Sentiment Survey, China held a ‘slightly positive’ sentiment, as the country saw some real estate activity resume after infection rates were brought under control. In the first half of April, the country’s retail and office leasing activities increased moderately. Meanwhile, South Korea and Vietnam, which have seen rapid falls in infection levels, were ‘neutral’.

“However, given Covid-19 social distancing, the co-living concept may come under scrutiny,” Knight Frank Malaysia Managing Director Sarkunan Subramaniam said

Knight Frank Malaysia Executive Director of Capital Markets Allan Sim:  With developers generally not focusing on industrial properties, funds and REITs will turn to existing industrial assets with strong tenant profile and lease covenants as potential acquisition targets.

Answering to curious netizens, he disclosed that he has spent around RM5,000 to makeover his room, including furniture, paint and other small items.

Rehda president Datuk Soam Heng Choon: Now if the ‘medicine’ is too strong, it is perhaps time to take it away

“Those with large unbilled sales may feel the cash flow constraints much later maybe 1.5 years later,” said Datuk Soam Heng Choon, Real Estate and Housing Developers’ Association (Rehda) president.

NawawiTie Leung Property Consultants director and regional head of research and consulting Saleha Yusoff: The situation is uncertain for property investors, even if you have money, why should you buy now if you are not under pressure to buy?