Over RM20bil worth of residential properties remain unsold

Local Government Minister - Zuraida Kamaruddin

There are residential properties are remain unsold due to an overhang and it worth over RM20bil, told by Housing and Local Government Minister Zuraida Kamaruddin.

Research from the First Quarter 2020 Property Market Report by the National Property Information Centre (Napic), there are total 31,661 completed unit remain unsold.

She added that this was an increase of 3.3% in the number of unsold units and an increase in value compared to the same period last year which worth RM18.82bil in the first quarter of 2019 with 30,664 unsold units.

Zuraida mentioned the overhang in residential units was due to several factors such as a mismatch in pricing and location.
Government is developing new system – Housing Integrated Management System (HIMS) to replace the current data record system.

The new system is expected to be completed by middle of next year. Besides that, she acknowledged that the state governments have control over housing development projects in their states.

Hope the data from the analysis will be used as a basis for the ministry to advise the state governments to improve plan and implement housing policies.


Source: TheStar