The youth wing of the Real Estate and Housing Developers’ Association, better known as Rehda Youth, organised its seventh Green Tour on March 9.

Property developers are expected to see more unsold residential units in 2016, as launches over the past two years are expected to come on stream, amid a slowdown in demand.

Despite developers scaling back on new property launches, the number of new bungalows and garden villa units launched in 2H2015 have jumped to 312 from 24 units in 1H2015, according to the Real Estate Housing Developers Association of Malaysia (Rehda) Property Industry Survey 2H2015.

Close to a third of 159 respondents to the Real Estate Housing Developers Association (Rehda) Property Industry Survey 2H2015 agree that the main issue with affordable housing is the increased overall cost of doing business.

Mixed views on when the economy and the property market will improve

The Malaysian property market is expected to see some signs of recovery by this year-end, supported by an improving local economy and market sentiment.

The Goods and Services tax (GST) which was introduced in April last year has reduced demand for commercial properties in the market due to the additional 6% cost that buyers have to pay, said Real Estate and Housing Developers’ Association Malaysia (Rehda) deputy president Datuk Soam Heng Choon.

Rehda president Datuk Seri Fateh Iskandar Mohamed Mansor: High loan rejection rate will really impact aspiring homebuyers, especially those who are buying for the first time.

Almost 70% of 159 respondents to the Real Estate Housing Developers Association of Malaysia (Rehda) property industry survey 2H2015 remained pessimistic on the property market for 1H2016.

Participating projects will be able to obtain up to three types of certifications.