Better data sharing and transparency needed
Laura Lee | 08 Sep 2017 00:30
The call for better quality information flow on property transactions has grown louder given the continuing soft market conditions and challenging times faced by the property industry, including the retail sub-sector.

This would help investors, developers, real estate consultants and buyers gauge market trends more accurately.

Apart from reports churned out by international and local property consultancy firms, many rely on quarterly statistics and yearly reports from the National Property Information Centre (Napic) under the Ministry of Finance’s Valuation and Property Services Department.

Area Management Sdn Bhd chairman Datuk Stewart LaBrooy laments that big data are lacking in Malaysia. “What is the vacancy that we are actually suffering? How do we solve this problem?” he asks.

Orkney Technologies Sdn Bhd executive chairman Rafiq Jumabhoy concurs, saying the lack of data is a key problem faced by the industry. Orkney provides consultancy services on strategy and project implementation in the real estate and service sectors.

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