Malaysian real estate market to rebound in 2022, says Mah Sing

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Mah Sing Bhd Group Founder and Managing Director Tan Sri Leong Hoy Kum said the company aspires to be Malaysia’s leader in affordable housing, continuing to provide reasonably priced housing with high-end features in areas strategic to meet the growing demand of the country.

KUALA LUMPUR: Malaysia’s real estate market is expected to rebound in 2022, as increased demand is likely to be directed towards affordable housing, according to Mah Sing Group Bhd.

The developer is cautiously optimistic about the medium to long term real estate outlook given the likelihood of high demand for properties among the young population.

Group founder and managing director Tan Sri Leong Hoy Kum said Mah Sing aspires to be Malaysia’s leader in affordable housing, continuing to provide reasonably priced housing with high-end features in strategic areas to meet the needs of the growing demand of the country.

“We will continue to ensure that our products are aligned with market sentiment and meet pent-up demand for affordable housing,” he said in a statement today.

Leong said the group would continue to offer the “M Series,” its affordable range development as the economy gradually began to recover.

“By creating the ‘Reinvent Affordability’ campaign, he encourages clients and homeowners to be careful with their property purchases and not to overburden their finances,” he added.

Bank Negara Malaysia’s financial stability review in the first half of 2021 indicated that properties priced below RM 500,000 accounted for over 80% of real estate transactions.

“Our M Series segment typically offers starting at 700 square feet with an indicative retail price starting at RM 318,000. Therefore, we believe our product line is in line with market demand.”

Mah Sing said the impact of the epidemic has influenced the Malaysian property market for the past two years.

This has resulted in changes in consumption patterns and new challenges for real estate players.

The group expects the pace of the recovery to accelerate, provided global and domestic economic growth is stable.

He said the overall health of the economy would be an important factor influencing the value of real estate.

Mah Sing said a better economic outlook and a positive business environment could be seen in the coming months, driven by the recovery in employment in sectors such as hospitality, airlines, tourism and business.

“To some extent, this will help improve purchasing power in the real estate industry.”

Mah Sing said the group will evolve to meet market demands by reinventing the definition of affordability to provide homebuyers with affordable luxury.

At the same time, he said rental market demand would likely increase next year with the opening of travel borders, as more foreign expats, business partners, tourists and foreign students contribute. to total growth.

Many tenants in Kuala Lumpur were looking for condominiums and serviced residences ranging from 1,000 to 1,200 square feet and priced between 1,500 and 2,000 RM.

“So it can be beneficial for home buyers who want to buy a home as an investment.”

https://www.nst.com.my/business/2021/12/758421/malaysias-property-market-bounce-2022-says-mah-sing

By New Straits Times

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