Deputy Finance Minister Datuk Wira Amiruddin Hamzah said condominium and apartment units made up 43 per cent of the total property overhang in the country, denoting that most of them were in the ‘affordable’ range.
Property overhang units must not be confused with unsold stock. The government has defined overhang units as properties that are completed and issued with Certificates of Fitness for Occupation or Temporary Certificates of Fitness for Occupation, but remain unsold despite having been put on the market for at least nine months.
In the first half of this year, 23,591 new residential units were launched, which were 49.4 per cent lower over the same period last year.
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