KUALA LUMPUR: The National Property Information Centre (Napic) needs to relook at how it categorises public data and information because its current treatment of data collection is too general, said real estate agency CBRE|WTW.
Napic is managed by the Valuation and Property Services Department (JPPH).
For example, the data and information on completed unsold properties, also known as overhang, "may trigger" concerns in the property market, CBRE|WTW advisor Foo Gee Jen said in a media briefing after the launch of its 2024 Malaysia Real Estate Market Outlook report here, today.
"With about RM20 billion worth of overhang units, one cannot tell whether the property has remained unsold for two or 20 years," he said.
He also noted that some of the older overhang units will not generate market interest even with a 50 per cent discount due to their unattractive location and lack of facilities among other factors.
So there may be a need to "write-off" these properties because they will not be sold.
"Nobody is going to buy them," he said.
He said if Napic does not relook at the data and information provided, the unsold completed units in the country will continue to balloon annually, and this would reflect negatively on the market.
Therefore, JPPH has to study details related to its collection of data, and the reason for this overhang to enable better planning going forward, Foo said.
"There is a need to put a different weightage into different asset classes according to their age, pricing, location, and so on," he said.
At the same event, group managing director Tan Ka Leong said Iskandar Malaysia is attracting considerable interest from international investors due to its ongoing infrastructure development and focus on sustainable living.
"This makes it a prime location for new projects and a potential economic powerhouse in the years to come. The wave of transformation extends across Malaysia, impacting various sectors," he said.
According to the report, projects such as the Rapid Transit System link, the Gemas-Johor Bahru Electrified Double Track, and the Sungai Pulai Bridge connecting the Port of Tanjung Pelepas in Gelang Patah and Tanjung Bin in Pontian have made significant progress.
Collaboration with Singapore to ease congestion on the causeway will also prompt business activities and tourism.
Data centre investors and operators are also focusing on Iskandar Malaysia, underpinned by Singapore's constrained data centre capacity. Thus far, data centre developments have focused on Sedenak Tech Park, Nusajaya Tech Park and YTL Green Data Centre Park, the report said.
The Klang Valley, fuelled by major players like Tesla, is emerging as a hub for sustainable development, drawing leading corporations and innovative retailers.
This, he said, has prompted landlords to pay closer attention to environmental, social and governance factors.
"Technologies currently utilised abroad are expected to be adopted locally, contributing to greater efficiency in buildings, including utility costs.
"In addition, the growth in electric vehicles will have a spillover effect, fosterting the development of supporting infrastructure in residential developments, hotels, offices and shopping malls," said Tan. - Bernama