Given the over supply of mall space, the drop in economic activities will add further pressure on the sector. Full story:
What started out as a China-centric health issue has morphed into a global pandemic, upending stock markets from New York to Singapore to Shanghai, disrupting supply chains, holiday plans, manufacturing sectors and different aspects and segments of the real estate industry.
The property market is divided broadly into residential, industrial and commercial segments, which is further sub-divided into office, mall and hotel and hospitality.Malaysian Association of Hotels CEO Yap Lip Seng says between Jan 22 and March 9 this year, a period of less than 50 days, the hotel industry recorded room cancellations totalling RM67.49mil.
Property and education fairs, usually held in convention centres, have grounded to a halt. Venue providers report up to 30% of postponements. Given the over supply of mall space, the drop in economic activities will add further pressure on the sector.
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