Penang has recorded a reduction in property overhang compared with other states, says state Housing Committee chairman Jagdeep Singh Deo. (NSTP/DANIAL SAAD)

GEORGE TOWN: Penang has recorded a reduction in property overhang compared with other states, says state Housing Committee chairman Jagdeep Singh Deo.

He said statistics from the National Property Information Centre (NPIC) revealed that there was a reduction in unsold properties from 2017 to 2018.

“In 2017, there were 3,916 properties that were unsold, but in 2018, there were 3,502 properties that were unsold. This is a reduction.

“I am confident that the property overhang will continue to reduce over time,” he told a press conference at Dewan Sri Pinang, here, today.

The New Straits Times’s sister publication, Berita Harian had reported that a total of 32,313 properties worth RM19.865 billion were still unsold.

Jagdeep said Penang had successfully managed its property overhang, while in other states, the property overhang had kept going higher.

“In Johor, there were 4,376 unsold properties in 2017 and 6,066 unsold properties in 2018, while in Perak there was an almost 100 per cent increase in unsold properties from 2,276 properties in 2017 to 5,067 unsold properties in 2018,” he said.

Jagdeep said these figures showed that Penang remained an attractive property investment spot.

“I call on all Malaysians to look to Penang to invest.

“Even to foreign property investors, Penang is the way to go.

“While all the other urban states are suffering with property overhang, we in Penang have reduced the overhang,” he said.

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