Housing market highly dependent on type of product-offering by developers

The ability of the real estate market, especially housing, to sustain in the challenging period brought by the Covid-19 pandemic is highly dependent on the efforts of developers in producing products that meet the needs of buyers.

This was acknowledged by United Malayan Land Bhd (UMLand) group director of townships KK Wong who said the demand for new homes is still strong, especially for units priced at RM500,000 and below.

However, he said developers should know how to identify the right products for the market, for example coming up with the development of landed houses with beautiful designs offered at affordable prices, besides the housing area being easily accessible.

“This means do not build luxury units. If not, you (the developers) will face difficulties in selling them later,” he told a press conference after the launch of the Dahlia Housing Project developed by UMLand at Jalan Seri Austin, Taman Seri Austin here, yesterday.

The event was officiated by Johor Education, Information, Heritage and Culture Committee chairman Mazlan Bujang who is also Puteri Wangsa assemblyman.

The project comprises 222 units of two-storey terrace houses with built-ups of ​​1,750 square feet. Prices start at RM610,000 and the project is expected to be completed in 2022.

Wong said the Dahlia project was being developed on 5.6 hectares of commercial-status land that had been re-used, taking into account the high demand for terrace houses from buyers.

“So, this shows that it is important for developers to be flexible in offering the right products to the target group,” he said. – Bernama

Source: NST