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(File pix) Mah Sing Group Bhd's group managing director, Tan Sri Leong Hoy Kum is confident that the worst may be over for the Malaysian property market. Pix from Mah Sing Group website

KUALA LUMPUR: "The worst may be over for the Malaysian property market," said Mah Sing Group Bhd's group managing director, Tan Sri Leong Hoy Kum.

Speaking at a media briefing here at the 12th Invest Malaysia 2016 (IMKL), he said all indicators appeared to have bottomed out.

"We don't expect any further cooling measures as various indicators point towards the Malaysian property market reaching a turning point soon," said Leong.

"Contraction of residential property transaction have also bottomed out, with slower contraction in Q415 compared to Q3 and Q2 2015. House prices are also unlikely to contract, and is likely to grow at low-mid single digit levels."

Leong said that the group is confident of achieving its RM2.3 billion sales target this year, some RM700 million lower than its initial sales target of RM3 billion in 2015, before being revised mid-way through 2015 to also RM2.3 billion because of economic challenges.

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