mitigate the effect in moving forward
in the sector.
Previn in his opening remarks said the
nation’s property market was showing
signs of recovery before the COVID-19
pandemic and the MCO being imposed.
However, he said there was also no
rush by the corporate sector to lease
offices and also, both commercial and
residential properties were also feeling
the pressure of property oversupply.
“How COVID-19 would affect the
property market in Malaysia is tough to
predict,” he said.
Immediate past president of MIEA, Eric
Lim said before the MCO was imposed,
the gap between the asking price
of a property and the offer price was
somewhat slightly wider.
However, in the current situation,
property owners were willing to lower
down the asking price to a more
reasonable level. “Hence, this is a great
opportunity to purchase residential
properties if one has the financial
ability.”
In terms of new residential property,
Lim believes that developers are also
offering more attractive packages
including additional discounts, higher
rebates, furnishing, etc to attract more
buyers.
Yam said the current situation is also
a golden opportunity for developers
to relook into the market and also to
expand their capacity. Lim, meanwhile
believes that the nation’s current
economic situation is in a much better
position, compared to the 2008 Asian
Financial Crisis.
“Our banks are much stronger and well
(Eric Lim)
capitalised now. Many large firms and
public limited companies (PLC) are into
liquidity financing rather than being
dependent on bank borrowings.”
Lim added that many developers are
also seeking for a joint venture with
landowners, making it much more
manageable in times of crisis.
Tew added by saying that banks are
now more proactive this time around
by offering stimulus packages and loan
deferments to help many business
owners and individuals during this time
of crisis.
He also highlighted that different
economic sectors are also affected
differently and the key is to understand
which sectors would be affected badly.
Based on experience, small business
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