Yearly demand for new homes exceeds supply

Property formula: Foo says about 97,500 units per year were needed based on the average household of four people.

KUALA LUMPUR: The local residential property market is facing an undersupply of housing stock – while at the same time coping with one of its worst overhang situation in years.

CBRE|WTW managing director Foo Gee Jen said a mismatch of price, location and products has led to this conundrum.