KUALA LUMPUR, April 12 — A large number of unsold residential units in the Bumiputera quota continue to weigh down the Malaysian property market, especially for homes priced between RM300,001 and RM500,000.
According to the Real Estate and Housing Developers’ Association (Rehda), 77 per cent of completed Bumiputera units that remain unsold fall within this price range.
Harian Metro reported that 72 per cent of these units have been on the market for more than 36 months, suggesting a persistent mismatch between supply and demand.
“This issue has become a major challenge for developers and buyers,” Rehda president Datuk Ho Hon Sang said in a statement.
He added that the unsold inventory not only affects developers but also hampers the growth of the national housing sector.
In Rehda’s Property Industry Survey for the second half of 2024, 66 out of 177 respondents or 37 per cent said they launched projects in that period, while another 58 respondents (34 per cent) launched theirs in the first half.
Sales performance in the second half of 2024 recorded 3,802 units sold with a take-up rate of 28 per cent, a drop from 47 per cent in the first half.
Of the unsold completed units, 43 per cent were priced between RM400,001 and RM500,000.
Another 11 per cent were homes priced from RM500,001 to RM600,000, followed by 9 per cent above RM1 million.
Homes priced between RM900,000 and RM1 million as well as RM700,001 to RM800,000 accounted for 7 per cent each.
Units under RM100,001 made up 6 per cent of the unsold stock.
Properties priced between RM200,001 and RM300,000, RM100,001 and RM200,000, and RM600,001 to RM700,000 each represented 4 per cent.
Units priced between RM300,001 and RM400,000 made up 3 per cent, while those between RM800,001 and RM900,000 contributed 2 per cent.
For Bumiputera units specifically, 8 per cent of unsold completed homes were priced at RM1 million and above, followed by 7 per cent between RM700,001 and RM1 million.
Another 5 per cent were homes priced below RM300,001, while 3 per cent fell between RM500,001 and RM700,000.
Meanwhile, the National Property Information Centre’s (Napic) 2024 Property Market Report revealed there were 23,149 unsold residential units in Malaysia worth an estimated RM13.95 billion.
Homes priced between RM300,000 and RM500,000 accounted for the largest portion of this unsold stock last year.
According to the Valuation and Property Services Department (JPPH), high-rise residential units made up 61.2 per cent or 13,455 units of the unsold homes.
Terraced houses represented 5,187 units or 23.6 per cent, while other property types made up 3,326 units or 15.1 per cent.
Homes aged five to 10 years formed the bulk of the unsold stock at 10,774 units, followed by those under three years at 5,498 units.
Properties aged three to five years recorded 4,726 units, while those over 10 years accounted for 970 units.
For properties under construction, homes priced below RM300,000 made up the largest group of unsold units at 11,562, including 10,864 terraced and high-rise units.
For undeveloped projects, units priced below RM300,000 remained the largest unsold category, with 2,181 terraced units and 1,704 high-rise homes.
