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KUALA LUMPUR (Sept 9): Representatives from various media organisations in Hong Kong, Singapore and Indonesia were given an overview of the Malaysian property market by TheEdgeProperty.com yesterday.
TheEdgeProperty.com director of business and product development Alvin Ong gave an hour’s presentation on the Malaysian economy and its property market in recent years.
The foreign media were here to attend M101 SkyWheel development’s ground-breaking ceremony yesterday.
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Ong said new property launches and sales have dropped and the number of overhang units with selling prices over RM500,000 has increased recently due to the current market slowdown.
“Despite the fall in transaction volume, the housing price index (HPI) has grown 7% to 8% annually as land and construction costs have risen,” he told the media.
Looking forward, Ong noted that affordable housing schemes will drive up transactions, but this will also imply that the HPI growth will slow down.
The ongoing and completion of transport infrastructure projects are expected to be the main catalyst for the property market in future, he added.
This story first appeared in TheEdgeProperty.com pullout on Sept 9, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.
