The number of overhang commercial subsector for the first half of 2024 is recorded at 28,682, with a total value of RM23.58 billion. This represents a decrease of 8.1% in volume and 10.0% in value compared to the first half of 2023.
Serviced apartments contributed the highest number of overhang commercial units at 21,158 units (73.8%) valued at RM17.47 billion. In contrast, the figures for retail shops and SOHO stand at 5,901 units (20.6%) and 1,623 units (5.7%), respectively.
Johor hold the largest market share of commercial overhang properties with 14,274 units (49.8%), followed by WP Kuala Lumpur with 5,217 units (18.2%) and Selangor 2,945 unit (10.3%).
Commercial overhang properties priced above RM500,000 account the highest majority at 79.8%, followed by units priced between RM300,001 and RM500,000, which represent 16.0%.
In the first half of 2024, overhang shop recorded 5,901 units worth RM5.03 billion, marking a decrease of 7.3% in volume and 10.52% in value compared to the first half 2023.
Overhang shop priced above RM500,000 hold the highest majority at 73.8%, followed by units priced between RM300,001 and RM500,000 at 15.1%.
A total of 21,158 serviced apartments overhang has been recorded, amounting to RM17.47 billion. This reflects a decrease of 6.0% in terms of quantity and 8.7% in value during the first half of 2024 compared to the same period in the previous year.
Priced above RM500,000 lead with the highest majority overhang serviced apartment at 82.7%, followed by units priced between RM300,001 to RM500,000 at 14.9%.
The trend of unsold commercial property under construction has shown a decline of 12.2%, resulting in a total of 33,944 units during the first half of 2024 compared to the same period in the previous year.
The service apartments hold the highest record of unsold under construction commercial, totalling 25,446 units, which accounts for 75.0% of the overall figure.
Selangor holds a dominant market share of 38.6% (13,100 units), followed by WP Kuala Lumpur (29.6% or 10,047 units) and Johor (13.5% or 4,574 units).
Majority of unsold under construction commercial was in the price range above RM500,000 (45.6%), followed by unit priced between RM300,001 to RM500,000 (40.4%).
The number of unsold under construction increased by 13.2% to 3,131 units in the first half of 2024 compared to the same period in the previous year.
The number of unsold under construction for serviced apartments has increased by 7.0% to 25,466 units compared to the previous half-year (23,795 units, H2 2023). However, comparing to the same period in 2023, this figure represents a decline of 13.8% (29,528 units, H1 2023).
Most of the unsold units under construction with prices starting from RM500,001 and above, accounting for 47.9% (12,177 units). This is followed by units priced between RM300,001 and RM500,000, which represent 43.2% (10,989 units).
Unsold not constructed commercial property has shown a significant increase of 74.5% (13,993 units) compared to the first half of 2023, and a remarkable rise of 96.5% compared to the previous half year (7,121 units, H2 2023).
WP Kuala Lumpur dominates with a market share of 38.2% (5,343 units), followed by Selangor and Pahang, which hold shares of 23.9% (3,356 units) and 17.4% (2,429 units), respectively.
Commercial properties of the serviced apartment type have the highest total unsold not constructed, accounting for 77.6% (10,855 units, while SOHO account for 18.2% (2,551 units) in the first half of 2024).
A total of 587 unsold not constructed for shops were recorded in the first half of 2024, representing an increase of 28.7% compared to the second half of 2023 and 15.6% compared to the first half of 2023, which had 456 units and 508 units, respectively.
Shop priced above RM500,000 lead in the highest number of unsold not constructed in the first half of 2024, totaling 508 units (86.5%), surpassing other price categories.
The unsold not unconstructed of serviced apartment experienced a significant increase of 64.4%, totaling 10,855 units, compared to the previous half-year period of 6,604 units (H2 2023). A notable rise of 55.3% was also observed during the same timeframe in 2023, with 6,991 units recorded in H1 2023.
The priced between RM300,001 and RM500,000 accounts for the majority of unsold not constructed units, representing 53.5% (5,807 units).
The unsold not constructed of serviced apartments by price ranges as illustrated in Chart 45.
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