PETALING JAYA: The Royal Institution of Surveyors Malaysia (RISM) has recently released its publication entitled Investigating Property Overhang: Policy Analyses.
This publication is collaborative research by RISM’s property surveying division and the Valuation and Property Services Department (JPPH).
“Property overhang is a long outstanding issue in the Malaysian Real Estate Industry. First highlighted after the 1997 Asian Financial Crisis, the issue persists until today in spite of the various measures taken by the government,” said RISM property surveying division chairman Datuk Thiruselvam Arumugam.
The statistics on residential property overhang as at Q3 2019 reveals that the magnitude of the problem is three times more in volume and eleven times more in value than the first overhang data captured in 2004, he said in a recent press statement.
Residential property overhang is not only an issue to the developers but equally important is to consider the social costs that it presents to the house-buyers and the community in which the overhang units exist.
Hence, it becomes urgent to address and rethink some of the policies and measures to address the overhang issue.
The book reveals the following:
• Profiles of residential property and service apartment overhang at a micro level
• The critical aspects of development control mechanism in addressing overhang situation
• The impact of the government’s direct involvement in the production of affordable housing to the housing supply
• The impact of government measures on the overhang including foreign purchase policy, monetary and fiscal policy
• An insight into the housing development business, and
• Policy options that can be considered to address the issues.
This publication is the combined effort and experiences of five writers from the public and private sectors, each with their area of specialisation.
They are Datuk Rahah Ismail, Yasmin Mohd Adnan, Datuk Azimuddin Bahari, Aina Edayu Ahmad and Rosemawar Mohd Sahi.
Endorsing this publication, columnist and author of Smart Growth, Professor Datuk Salleh Buang considered “the varying strength and resources that both RISM and JPPH pooled together have brought about a remarkable outcome”.
The book is available for sale as of Oct 5, 2020.