KUALA LUMPUR: PropertyGuru has launched PropertyGuru TechCare, aimed at easing the burden on property developers in marketing as the impact of the Covid-19 outbreak and the resulting Movement Control Order (MCO) takes its toll.
In a statement, it said the PropertyGuru TechCare is tailored to developers’ needs during this critical period, as more Malaysians go online for information on houses and properties.
“Conservatively, the Covid-19 outbreak and MCO may see property transaction volumes decline in the short term by up to 30%, as seen in 1998 during the Asian financial crisis and the Nipah virus outbreak,” said PropertyGuru Malaysia country manager Sheldon Fernandez.
By leveraging on the property technology, TechCare delivers high-level market engagement for developers, including matching developers’ campaign spend, consumer reach and incorporating virtual tours, he said.
It will also be supported by the upcoming launch of an industry webinar series bringing together real estate stakeholders and key opinion leaders to address industry issues.
“The need for a digital uptake is further underscored by the impact of the MCO on industry players.
“Developers with online presences will be better prepared to weather the storm, and better positioned to carve a niche for themselves in the new operating landscape moving forward,” said Fernandez.
Moves such as Bank Negara Malaysia’s (BNM’s) reduction of the Statutory Reserve Requirement Ratio for banks to 2%, the moratorium on financing payments and Overnight Policy Rate revision as well as the government’s revision to voluntary Employees’ Provident Fund contribution guidelines have also eased financing concerns for property seekers to a large degree.
He added that the tendency for the property market to ‘bounce back’ following a crisis has been attributed to investor activity as they restructure portfolios, with properties as an attractive asset class.
In Malaysia, investors account for 47% of property transactions, according to PropertyGuru. – April 9, 2020, Bernama
