Latest news with #PropertyGuruMalaysia
Malaysiakini
14-05-2025
- Business
- Malaysiakini
Urban Renewal Act needs hyper-localised approach
The Urban Renewal Act must be implemented thoughtfully and tailored within local contexts, said PropertyGuru Malaysia country manager Kenneth Soh. 'It has to be a very hyper-localised approach depending on the area in question. The government is rightly consulting with all parties, trying to understand the nuances; that's commendable. 'We'll see how...
Barnama
14-05-2025
- Business
- Barnama
Urban Renewal Act Offers Significant Benefits, Overhang Remains A Concern -- Propertyguru Malaysia
REGION - CENTRAL > NEWS By Durratul Ain Ahmad Fuad and Nur Atiq Maisarah Suhaimi KUALA LUMPUR, May 14 (Bernama) -- The Urban Renewal Act, expected to be tabled in Parliament this July, could bring significant benefits such as preserving heritage, revitalising communities and generating economic impact, said PropertyGuru Malaysia country manager Kenneth Soh. bootstrap slideshow He said the Act must be implemented thoughtfully and tailored within local contexts, with deep consideration for existing communities, cultural heritage, and livelihoods. "It has to be a very hyper-localised approach depending on the area in question. The government is rightly consulting with all parties, trying to understand the nuances; that's commendable. 'We'll see how that develops. The effort of understanding all the stakeholders involved is necessary," he told reporters after a media briefing here today. He also noted that international examples have shown how urban renewal, when conducted fairly, can yield meaningful benefits for local communities. "We've seen some private initiatives in Malaysia that focus on preserving the heritage of certain areas. For example, small-scale redevelopment projects in Petaling Street have successfully retained the historical essence of the location while repurposing old buildings for new uses and integrating sustainable features. 'These efforts have transformed the area into a lively spot, frequented by young people and tourists alike,' he said.
New Straits Times
14-05-2025
- Business
- New Straits Times
Mismatch in affordable housing driving property overhang, says PropertyGuru
KUALA LUMPUR: A persistent mismatch between supply and demand in Malaysia's affordable housing segment, especially for units priced below RM300,000, remains a key driver of the country's residential property overhang. PropertyGuru Malaysia country manager Kenneth Soh noted that the issue extends beyond pricing, with factors such as location, connectivity, and overall liveability playing a significant role. "The mismatch is more prevalent in the lower-priced market. We have spoken to government agencies and associations, and what we found is that pricing alone doesn't determine demand. "A property might be affordable but not appealing if it is too far from key amenities or located in areas with heavy traffic, making the total cost of ownership higher in other ways," he said during PropertyGuru Group's 2024 sustainability report launch & market outlook briefing today. Kenneth noted that based on transaction figures, homes priced below RM500,000 continue to dominate in terms of volume, indicating strong demand in this segment. He emphasised that for industry players, the key takeaway is that regardless of price, everyone should have access to safe, comfortable, and well-connected housing. "Buyers today also consider more than just price, and that is where a lot of the mismatch happens — in how we align what is offered with what people actually want and need," Data from the Valuation and Property Services Department (JPPH) shows that residential properties priced below RM300,000 recorded the highest overhang by price category, with 7,135 unsold units representing 30.3 per cent of total overhang. Homes priced between RM300,000 and RM500,000 followed closely, with 6,813 units making up 29 per cent, while those in the RM500,000 to RM1 million range accounted for 28.6 per cent, with 6,713 units unsold. In contrast, properties priced above RM1 million had the lowest share, comprising 12.1 per cent of the overhang, with 2,854 units remaining on the market. Commenting on the market outlook, Kenneth said that although there was a decline in property data for the first quarter of 2025 (1Q25), the overall trend since the post-Covid reopening has been steadily improving. "We have seen quarter-on-quarter and year-on-year growth. I don't think, at least from our point of view, this one data point is not yet a particular red flag. The recent dip could be due to seasonality or other factors in the market. It is a fairly stable landscape, with different hotspots showing varying dynamics. "If you look at Johor, there is a rising sense of optimism. This is largely driven by positive developments in the area, supportive policies, and spillover effects from Singapore. In Kuala Lumpur, the market appears more stable, with demand and supply relatively balanced. Similarly, in Penang, the overall outlook remains steady," he said. Findings from PropertyGuru's 2024 survey reveal that 83 per cent of Malaysians are open to paying a premium for homes with sustainable features, valuing benefits like lower utility bills, better climate resilience, and long-term value preservation. PropertyGuru Group head of sustainability Cécile Corda, said the demand for sustainable and inclusive houses has been growing. "By equipping property seekers and real estate stakeholders with the tools to make informed, sustainable choices, we're helping to build cities that are not only resilient but grounded in principles of inclusivity," she said.
