Defined as units that have received their Certificate of Completion and Compliance but remained unsold for more than nine months after launch, the high number of overhang units has dampened the property sector in Malaysia in recent years.
In Ipoh, Syeun Hotel announced to its 155 staff in a notice that it will cease operations on May 31.
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Malaysia Shopping Malls Association (PPK): This is a very delicate proposal as it is a call for the government to introduce a law to intervene in, essentially, a private contract between two contracting parties. Any intervention must be based on equity and be 'win-win' to BOTH the contracting parties.
This is in appreciation of the efforts and sacrifice made by frontliners, both in the public and private sectors, in battling the Covid-19 disease in Malaysia. “The people are also encouraged to light up their houses in blue lights but this is not a requirement,” said Federal Territory Minister Tan Sri Annuar Musa.
The overhang situation in the serviced apartment / SOHO sub-segment in Penang saw marked improvement last year, with only 69 overhang units worth RM91.31 million recorded in 2019 compared with 141 units worth RM119.61 million in 2019.
Certain states that saw significant new supply have caused high-end serviced apartment owners to cut asking prices.
The state’s primary residential market also saw the launch of 9,711 units, up by 4.5% as compared to 9,294 units recorded in 2018.
In terms of property type, semidee factories formed the bulk of the overhang, followed by terraced factories.
Malaysian Association of Hotels (MAH) CEO Yap Lip Seng: 15% of hotels in the country are expected to close permanently while another 35% will close temporarily indicating an immediate reduction of up to 50% in inventory.
"Our business has already been under tremendous challenge from digital disruption over the past few years."
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