KUALA LUMPUR: The volume of residential overhang units in the country declined 15.2% to 19,607 units with a total value of RM4.92 billion in 2011 in tandem with the better performance of the property market.
According to the Property Market Report 2011 by the National Property Information Centre (Napic), the volume of residential overhang was 23,133 units in 2010.
Overhang units are defined as completed units that have obtained certificates of fitness for occupation (CFO) but have not been sold for more than nine months after the official launch for sale.
Putrajaya remained overhang-free while nine states posted lower residential overhang numbers in 2011 against 2010. Among them were Penang (2010: 311, 2011: 332), Perak (2010: 1,091, 2011: 1,263) and Kedah (2010: 1,270, 2011: 1,316). Kuala Lumpur however has the highest number of overhang residential units and saw a rise of 19% to 2,871 units in 2011 from 2,400 units in 2010.
By price range, 55.7% of the overhang units were priced below RM150,000. Condominium and apartment units were dominant in the overhang category making up 26.1% or 5,118 units of the total.
The report also revealed that construction activity was positive in the residential sector. New starts rose by 36.6% to 115,448 units compared with 84,486 units in 2010.
Identically, supply of new planned projects grew 44.4% to 117,291 units compared with 81,238 units in 2010 while completed units in 2011 posted a softening with 64,538 units from 99,866 units in 2010.
In terms of housing completions Selangor was the most active state with housing completions at 23.8% of the national total or 15,377 units in 2011 while starts and new planned supply stood at 24,612 units and 23,899 units.
States that posted a higher number of completions than the previous year were Perak and Johor which recorded 8,117 units and 7,995 units respectively.
As for construction starts, Johor and Penang were the leading states with Johor’s construction starts increasing by 16.8% to 19,369 units while Penang grew 8.9% to 10,274 units respectively.
At the end of 2011, there were 4.51 million existing residential units with another 584,546 units of incoming supply. Incoming supply is defined as units where construction works are in progress including construction starts and where the CF/TCF have not been issued during the review period.
Meanwhile, overhang for shop units showed slight improvement to 5,482 units (valued at RM1.59 billion) in 2011 from 5,550 units (valued at RM1.67 billion) in 2010. Johor recorded the highest number of unsold shop units making up 48.4% or 2,652 units of the total overhang number of shops in the country.
Predominantly, 2 and 2 ½ -storey shops accounted for 30.8% of the total.
The industrial segment also saw an improvement in overhang volumes. In 4Q11, there were 625 overhang units worth RM317.43 million compared with 655 units worth RM353.38 million in 2010, translating to a decline of 4.6% and 10.2% in volume and value respectively.
Selangor had the highest overhang figures in this segment making up 29.8% or 186 units valued at RM101.78 million of the total industrial overhang units. - The Edge Property
According to the Property Market Report 2011 by the National Property Information Centre (Napic), the volume of residential overhang was 23,133 units in 2010.
Overhang units are defined as completed units that have obtained certificates of fitness for occupation (CFO) but have not been sold for more than nine months after the official launch for sale.
Putrajaya remained overhang-free while nine states posted lower residential overhang numbers in 2011 against 2010. Among them were Penang (2010: 311, 2011: 332), Perak (2010: 1,091, 2011: 1,263) and Kedah (2010: 1,270, 2011: 1,316). Kuala Lumpur however has the highest number of overhang residential units and saw a rise of 19% to 2,871 units in 2011 from 2,400 units in 2010.
By price range, 55.7% of the overhang units were priced below RM150,000. Condominium and apartment units were dominant in the overhang category making up 26.1% or 5,118 units of the total.
The report also revealed that construction activity was positive in the residential sector. New starts rose by 36.6% to 115,448 units compared with 84,486 units in 2010.
Identically, supply of new planned projects grew 44.4% to 117,291 units compared with 81,238 units in 2010 while completed units in 2011 posted a softening with 64,538 units from 99,866 units in 2010.
In terms of housing completions Selangor was the most active state with housing completions at 23.8% of the national total or 15,377 units in 2011 while starts and new planned supply stood at 24,612 units and 23,899 units.
States that posted a higher number of completions than the previous year were Perak and Johor which recorded 8,117 units and 7,995 units respectively.
As for construction starts, Johor and Penang were the leading states with Johor’s construction starts increasing by 16.8% to 19,369 units while Penang grew 8.9% to 10,274 units respectively.
At the end of 2011, there were 4.51 million existing residential units with another 584,546 units of incoming supply. Incoming supply is defined as units where construction works are in progress including construction starts and where the CF/TCF have not been issued during the review period.
Meanwhile, overhang for shop units showed slight improvement to 5,482 units (valued at RM1.59 billion) in 2011 from 5,550 units (valued at RM1.67 billion) in 2010. Johor recorded the highest number of unsold shop units making up 48.4% or 2,652 units of the total overhang number of shops in the country.
Predominantly, 2 and 2 ½ -storey shops accounted for 30.8% of the total.
The industrial segment also saw an improvement in overhang volumes. In 4Q11, there were 625 overhang units worth RM317.43 million compared with 655 units worth RM353.38 million in 2010, translating to a decline of 4.6% and 10.2% in volume and value respectively.
Selangor had the highest overhang figures in this segment making up 29.8% or 186 units valued at RM101.78 million of the total industrial overhang units. - The Edge Property
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