Malaysia’s property market fairly sustainable despite COVID-19 — JLW
The Malaysian property market has been fairly sustainable as it underwent a consolidation mode despite the COVID-19 pandemic in the past 12 months.
Integrated real estate solutions provider Jones Lang Wootton (JLW) deputy managing director Prem Kumar said the pandemic is a blessing in disguise as it brought background issues of the market to the forefront to be given more focus by developers and the government.
“Some of the issues we saw was the oversupply in the office segment. Now developers in the commercial side have taken few steps back and stop any new office development at this juncture and focus on other types of products that can sell and be sustainable and not becoming a white elephant,” he said in a virtual roundtable panel organised by PropertyGuru Group today.
The session was organised in conjunction with the PropertyGuru Asia Property Awards (Malaysia) 2021 that will be held on September 15, 2021.
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