HOUSING demand has remained steady amid the Covid-19 pandemic, as mortgage approval trends continue to rise and developers get creative at driving sales during unprecedented, tough times.
“It will certainly help to entice potential property buyers as it means lower cost for property purchases, ” he says. “While this remains below the pre-Covid-19 levels of above 40%, we do not expect banks to further tighten approval standards since they have been fairly stringent even before the onset of the pandemic.
“Developers’ earnings in Q2 and Q3 of 2021 are expected to be sluggish amid closure of sales galleries and a slowdown in loan processing. Property launches were also halted due to uncertainties. “Since mid-2020, property companies have been accelerating their digital transformation to digitalise the end-to-end property buying process without the buyers’ physical presence.
Earlier this week, Sunway Property announced that it is revising upwards its 2021 sales target to RM2.2bil from the RM1.6bil it had set in January this year, underpinned by the group’s strong performance in Singapore. “The incentives under the campaign, such as the stamp duty exemption for residential homes priced between RM300, 000 and RM2.5mil, can help the purchaser save on purchase cost and spur consumer sentiment and buying interest, ” he says.The HOC was initially kicked off in January 2019 to address the overhang problem in the country.It proved successful, having generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.
“The logistics industry in Malaysia has been growing steadily in recent years due to the higher e-commerce penetration rate. This, coupled with the structural shift towards omnichannel retailing, has led to an increase in demand for modern warehousing space to meet the surge in last mile delivery. In light of the pandemic, today, many property players have refocused their emphasis on digitalisation, affordable properties and churning out products that are catered towards customer needs.executive chairman Tan Sri Lim Hock San says the company will focus its efforts on generating organic growth through digital transformation.
“We prefer developers that show differentiation. In a buyers’ market where margins will inevitably be squeezed, we prefer developers that can quickly adapt to the changing landscape to maintain sales and earnings.” “For instance, UEM Sunrise is buying land in the more prime locales such as Petaling Jaya and Cheras, which could provide a quicker turnaround. That said, we think cash calls could be minimal at this juncture.”
“SHG could see an earnings compounded annual growth rate of 20% to 25%, given its ongoing expansion and this would contribute to about 22% of Sunway’s 2023 earnings versus 3% in 2020. “The local property sector has been languishing over the last five to six years, since hitting an upswing in mid-2013 when the House Price Index showed double-digit growth.
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