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Selangor freezes applications for serviced apartment, Soho and Sovo

This move has caught us by surprise. We believe the decision was made to prevent excessive supply of serviced apartment, Soho and Sovo amid the gloomy outlook plaguing the sector. According to statistics compiled by the National Property Information Centre, Selangor had 4,302 units of serviced apartment yet to be sold in the fourth quarter of 2015 (4Q15), with an incoming supply of 33,647 units. As for Soho, Selangor had 2,731 units unsold with an incoming supply of 9,623 units in 4Q15. Planned supply (projects with building plan approval but yet to be constructed) for serviced apartment and Soho stood at 7,692 units and 3,446 units respectively.

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