PETALING JAYA: The overhang situation in the property sector could be worse than previously thought, as most of the data presented on the matter does not reflect the oversupply of serviced apartments, said Rahim & Co Real Estate CEO Siva Shanker.
“Almost every sector is seeing a huge oversupply, and the residential sector seems to have the biggest oversupply situation.
“ We have this overhang of about 39,000 units but net overhang for the sector is underdeclared as it does not take into consideration serviced apartments, which brings the number to over 50,000,“ Siva said at a panel session at the Rehda CEO Series conference this morning.
He also noted that the government’s measures to address this concern such as the introduction of the Home Ownership Campaign, banks being more loan friendly and developers slowing the number of property launches down were having some positive effects, but it appeared to be “too little, too late”.
source https://www.thesundaily.my/business/residential-property-overhang-underdeclared-YC1620771
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