Rented for: RM5,000 (RM3.03 psf); Concluded by: Jessica Tung (REN 05827) (012-381 7783) of Propnex Realty Sdn Bhd; When: February 2020
Sold for: RM740,000 (RM449.60 psf based on land area); Concluded by: Wennie Liew (REN 16099) (012-233 3013) of IQI Realty Sdn Bhd; When: September 2019
The 2019 Property Market Report stated that unsold and not constructed serviced apartments have been reduced to 7,659 units in 2019 from 12,864 units in 2018.
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.
Certain states that saw significant new supply have caused high-end serviced apartment owners to cut asking prices.
In terms of property type, semidee factories formed the bulk of the overhang, followed by terraced factories.
Selangor recorded the highest number of new launches in the country last year, capturing nearly 17% (9,970 units) of the total launches nationwide.
JPPH noted that the property market's performance last year was boosted by various incentives by the government
The number of overhang properties had decreased by 5.1% in volume and 5.2% in value to 30,664 overhang units worth RM18.82 billion respectively, according to the Valuation and Property Services Department (JPPH).