The 11km OKR is one of the oldest and busiest thoroughfares in KL.  It is also home to some of the oldest and most established housing areas in KL like Taman OUG and Taman Desa — with sought-after homes still commanding great value for their proximity to the city centre.

While such measures have effectively reduced health risks, they have also come with high economic costs.

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“The pandemic has accelerated the use of technology in the operation of auction houses.”

A check with auction houses show that indeed, prices on the foreclosure market have slumped to as much as 30% to 40% below market value.

The overall situation for the residential sector is expected to continue to be challenging as the pandemic has yet to be brought under control.

"Moody's does not expect the coronavirus pandemic to have a sustained negative impact on Malaysia's economic model."

In a landmark decision on Jan 19, 2021, the Federal Court has delivered its grounds of judgement in respect of the case of PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah & Another & 6 Other Appeals. It has finally clarified the legal position as to when time starts to run, in respect of VP of the property.

While MBAM deputy president Oliver Wee Hiang Chyn welcomes the move as it benefits the industry as a whole, he pointed out contractors need more attention and help.

Rehda president Datuk Soam Heng Choon: When the economy moves, people will have more income and are more willing to buy property, so that we (developers) can provide more jobs. Because of the political overhang, the economy is not moving and foreign investors are not coming in.