THE overdevelopment of residential apartments in the Klang Valley has raised the eyebrows of netizens. Many are complaining that the roads are clogged up and that a number of these apartments are quite pricey.
The main concern for many is the affordability of these apartments. Generally, these higher-end apartments may start at RM500,000 and many are conditioned to believe that these units are investment opportunities. In some cases, it is true, while some aren’t.
Everyone likes to blame developers, & ofc they’re not faultless & wanna make lots & lots of profit off you but listen: to be fair building houses takes a while and they thought more Malaysians could afford their properties by now. It’s just our incomes have stagnated for years :/ https://t.co/dg6V98aOxS
— Suraya: bestselling Bergaji & Pokai book (@surayaror) March 3, 2023
The affordability of these units is in question, as some pointed out that almost 40% of these houses start at RM1 mil. Other conflicting opinions are that Malaysians can’t afford these units due to the slow rise in income.
This is a bit naive.
“Thought more Malaysians could afford by now”, developers are not so dumb. They know the games.
Pump the supply with increasing floor price. Create FOMO by convincing the people to overleverage for this “investment”. https://t.co/nYsgOQJS77 pic.twitter.com/Qtrmq0JZR6
— Bitcoin Malaya (@bitcoinmalaya) March 4, 2023
However, some netizens think that these developers know that many aren’t able to afford these apartments. Building apartments with more expensive floor prices seems to be the way to go for these property developers.Twitter user @afosz stated:
“They know the game” is the most accurate statement. Add in FOMO factor, speculate it’s now or never, make it an investment and they ‘teach’ how to do so as well. Many will fall to this tactics. But when all fails, instead of lowering the market price, they go cry for bailout.
— 𝚊𝚏𝚘𝚜𝚣 (@afosz) March 4, 2023
Some believe the problem is with banks rather than real estate developers.Twitter user @knair2011GB added:
The housing market has always been a capitalist venture .Banks can’t give money just that, they need to create the product ( house ) to loan you money to buy . Higher property prices are profitable to the banks , save and high APR . Unfortunately, we are in this together .
— Geebee (@knair2011GB) March 4, 2023
Others are complaining about the low-quality materials used for these supposed luxury condominiums. User @shahrezanoor said:
They build a high end property above RM1 mil and used cheap material. Paling turn off bila developer guna batu putih. That is sand bricks that can easily cracked and senang terbakar.
— Reza Samat (@shahrezanoor) March 3, 2023
In lieu of that, the netizen alleged that developers are using cheap materials. He then claims that these developers tend to use white bricks that are typically made out of sand. These sand bricks can crack easily and would catch fire as well.
Furthermore, netizens claim that there are more Malaysians who can afford these properties than we think. User @slainthayer said: — March 5, 2023
Nah, there’s a lot more rich people that can afford these properties than we give credit for. Based on my calculation, there’s about *500k households* in KL/Selangor that earns above RM14.4k a month.
— Slainthayer (@slainthayer) March 3, 2023
