PETALING JAYA (June 28): The number of unsold residential properties in the country has risen significantly over the first quarter of 2018.

As of 1Q2018, Malaysia has seen a total of 34,532 unsold and completed residential properties including serviced apartments and small-office home-office (Soho) units, worth RM22.67 billion, according to the National Property Information Centre’s (Napic) first quarter property overhang data. The figure has risen by as much as 40% from the 24,738 units (worth RM15.64 billion) recorded end of last year.

Of the latest figure, 29% or 9,848 units are serviced apartment units; 24% or 8,315 units are condos while 18% or 6,336 units are 2- and 3-storey terraced houses.

As many as six states recorded a property overhang of more than 2,000 units: Kuala Lumpur, Johor, Selangor, Penang, Perak and Kedah.

Johor tops the list with a total of 12,722 properties unsold from 43,688 launched units. The unsold units have an estimated value of over RM9 billion. Notably, 56% or 7,165 units are serviced apartments with most of them priced above RM750,000.

Meanwhile, 1,592 condo units (13%) are still waiting for new owners.

Selangor has the second highest number of overhang units with 5,199 units out of 29,112 launched units worth RM4.2 billion remaining unsold.

Majority are condominiums and serviced apartments with 1,611 and 1,046 units unsold respectively.

The majority of the unsold condominium units are priced between RM400,000 and RM500,000 while most of the unsold serviced apartment units (638 units) were priced between RM250,000 and RM500,000.

Interestingly, Kedah recorded 3,593 unsold properties out of 7,455 launched units, with an estimated value of RM960 million, making the state with the third highest number of overhang units.

Over 50% or 1,815 units are 2- and 3-storey terraced houses with a majority of the unsold units priced between RM300,000 and RM400,000.

Surprisingly, the second highest unsold units in Kedah are 1-storey terraced houses, (17%) with 596 overhang units, with most of the units priced in the RM100,000 to RM150,000 range.

Meanwhile, Penang and Kuala Lumpur recorded 2,610 and 2,543 unsold units worth RM2.16 billion and RM2.77 billion, respectively.

In Penang, the majority of the overhang units were condominium units priced above RM500,000.

As for Kuala Lumpur, serviced apartments and condominiums made up the majority of overhang units, with 1,254 unsold serviced apartments and 1,056 unsold condominiums.

Close to half of the serviced apartments are priced above RM1 million while majority of the unsold condos are selling at above RM500,000.

Perak has a total of 2,197 unsold properties (worth RM881 million) made up mainly of condominiums priced between RM300,000 and RM400,000.

In East Malaysia, Sabah and Sarawak recorded 856 and 1,293 overhang units worth 349 million and RM555 million respectively.

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