It appears that most major developers are preparing to launch the majority of their projects only in the second half of the year due to current weak market conditions. Some developers are also said to be waiting to launch after the 14th General Election.
As a result, billions of ringgit worth of projects could only be released in the second half of the year, intensifying competition amongst property developers who will be trying their best to woo buyers.
It is learnt that the more established developers like SP Setia Bhd, Sunway Bhd and Mah Sing Group Bhd, whose developments have a combined gross development values (GDV) of over RM11 bil, already have strategies in place to compete for buyers’ attention. Then there are about 20 other big developers, along with a multitude of smaller property developers, who are already formulating their own strategies to get a slice of the action as well.
Sunway Group’s property arm, Sunway Property, plans to launch RM2 bil worth of residential properties in eight locations this year. This is nearly double last year’s GDV_figure of RM1.1 bil.