Solving property overhang woes

Foo: If you look at these high-rise units like the SoHos and serviced apartments, if there is no major price correction, I don’t think it would even clear in the next five years.

KUALA LUMPUR: The property overhang dilemma in the country is a multi-year problem that still needs a lot of intervention to be resolved.

CBRE|WTW managing director Foo Gee Jen said the overhang was caused mostly by the oversupply of high-rise units, mainly serviced residences and small office, home offices (SoHo) units, adding that it could take more than five years for the unsold, high-rise units to be absorbed into the market.