News by Rachel Chew

For the property industry, like most sectors which were considered non-essential, business came to almost a standstill during the full MCO period. If not for the Covid-19 outbreak, the 2019 market performance could have indicated a light at the end of the tunnel for a property market which has been in a slowdown since 2015/16.

Some of the notable developers in Bangi are IOI Group, Sunway Group, MKH Bhd, Mah Sing Group and UEM Sunrise Bhd.

To provide a much needed boost to the property sector in light of the current downturn amid the Covid-19 pandemic.

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.

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.

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. 

JPPH: Completions of new serviced apartment/SOHO units have increased substantially by 63.2% to 17,893 units (2018: 10,963 units) in 2019.

JPPH: The market saw a higher number of transactions in the RM500,000 to RM1 million price bracket. Condominium and apartment units continued to propel the residential market, contributing 47% of total transactions in KL.

Sunway Malls & Theme Parks CEO H C Chan: The physical and digital complement each other. This is the trend we have been seeing even before the virus outbreak, but the Covid-19 and MCO have sped up the entire convergence evolution

Sunway Malls & Theme Parks CEO HC Chan: We need to be innovative and adapt to the new normal in the way we do business. However, I believe the recovery will come slowly but surely.