NEARLY 7,000 “overhang” residential units worth about RM1.5 billion have plagued the Johor property market in the first half of the year, but the problem may be over soon.
Several banks will join hands with 43 Johor developers to offer various perks to boost the state’s property market, including stimulating sales for the “overhang” units, during the four-day Johor Mapex 2006 beginning today.
The figure, issued by the Finance Ministry’s Valuation and Property Services Department, represents 31.2 per cent of the total residential units overhang in the country.
It has also ranked Johor first in the country in terms of the number of “overhang” units.
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For the first time, several banks will offer up to 100 per cent loans for the purchase of low and medium cost houses.
Usually, only up to 95 per cent loans are extended.
Real Estate and Housing Developers’ Association Malaysia (Rehda) Johor branch chairman Steven Shum said the 100 per cent loan reflects the eagerness and commitment of developers and banks to boost property sales.
“This is an important feature and attraction of Johor Mapex this year. Other perks include waiving of legal fees on sale and purchase agreement and stamp duties, discounts and gifts. This is going to be a promising hunting trip for house-buyers,” he told the Business Times.
A total of 11,500 houses, of which 80 per cent are in the district of Johor Baru, will be up for sale during the property fair.
The projected sales are 500 units worth a total of between RM60 million and RM80 million.
Sales generated last year totalled about RM60 million.
According to Shum, more than 70 per cent of the “overhang” units are Bumiputera units.
It is learnt that most of these units have been in the market for more than 24 months.
by Sim Bak Heng