Kashif Ansari, our Co-Founder of IQI and Group Executive of Juwai IQI had the pleasure to be interviewed by Astro Awani regarding the current state of the real estate sector in Malaysia.
Have a read on the key points on the discussion between our Group CEO and Astro Awani and how IQI continues to grow and stay on the top.
Taking into account the global and local scenario, is it a good time to launch any property development in Malaysia?
“With the appearance of COVID-19, lives have been drastically altered in many ways. We have been under quarantine in our homes for so long, each day we have discovered something new. Before planning anything, property developments should rethink their strategy. By inputting a consumer specific requirement, it allows the consumer to see through their plan of action in the years to come.”
Oversupply is an issue and the government is trying to resolve the overhang. How does the market views these efforts from the government?
“The overhang and unsold property issue are not to be taken lightly and we appreciate the government’s efforts in trying to resolve this issue such as cooling measures – including the reintroduction of the Real Property Gains Tax, a maximum loan-to-value ratio of 70% for a third housing loan, removal of the Developers Interest Bearing Scheme and the more stringent loan approvals by banks.”
What’s the outlook of the Real Estate Market for the remaining quarters?
“Bank Negara Malaysia has decided to reduce the (OPR) by 1.25%. Through this, it is expected to bring a lot of positive effect on the Malaysian economy, included the BLR and Malaysian Ringgit exchange rate. Through such development, people will be more willing to withdraw money from Fixed Deposits and focusing on investments. Naturally, the first choice of investment would be property due to the stability of it.”
How is Malaysia’s economic outlook for the remaining year?
“The concept of a home has changed for consumers. The home has become an office, a school, a place to exercise – it has become more than a home. As industry leaders in the real estate sector, we too must adapt to these changes when we approach these new types of consumers. But we must also remember a home is the consumer’s safest place.”
“As to how IQI adapted to these changes, we heavily invested in technology. Through mergers with Juwai.com, further exploration of data and constructing virtual tours for our projects, we continue to grow and stay on the top.”
