More than 35,000 unsold properties worth RM22.45bil as of Q1 this year, says Housing Ministry

KUALA LUMPUR: There are more than 35,000 unsold new properties worth a total of RM22.45bil across the country as of the first quarter of this year, the Dewan Rakyat hears.

According to the Housing and Local Government Ministry, data by the National Property Information Centre (Napic) showed there were a total of 35,592 completed and unsold properties worth a total of RM22.45bil.

The bulk of it were properties from the RM300,000 to RM500,000 range, which recorded 10,501 properties consisting of 29.5%, followed by 10,227 properties ranging from RM500,000 to RM1mil.

There were 10,158 unsold completed properties below RM300,000 and properties valued over RM1mil had 4,706 unsold completed units, the ministry added.

The Housing and Local Government Ministry was responding to Datuk Seri Hasan Arifin (BN-Rompin) in a written reply dated July 19 (Tuesday).

Hasan had asked the ministry to state the amount of unsold housing and office properties.

Meanwhile, for privately-owned offices, Napic said there were 1,570 properties offering 18.15 million metres per sq ft.

From that amount, 12.93 million sq ft was occupied while there's a remaining 5.22 million sq ft, consisting of 836 buildings, remains vacant.

The ministry says Napic did nott have information on the sales of office properties, but only the occupancy rate.