Miichael Yeoh

Tag: Property Discovery System

  • WEEKLY PROPERTY ROUNDUP

    WEEKLY PROPERTY ROUNDUP

    Week in Review | Saturday, 3 October – Friday, 9 October 2026

    Explore five property updates from Malaysia, Australia and the UK, covering Budget 2027 housing measures, infrastructure delivery and changing market conditions.

    🇲🇾 STORY 1 — Budget 2027: New Stamp Duty Relief for First-Time Homebuyers

    What Happened?

    On 9 October 2026, Prime Minister Anwar Ibrahim tabled Budget 2027, proposing stamp duty exemptions for eligible first-time homebuyers.

    The proposed measures are:

    • Homes priced up to RM500,000: Full stamp duty exemption on the loan agreement and instrument of transfer.
    • Homes priced up to RM750,000: Full exemption on the first RM500,000, with a 50% exemption on the remaining amount.
    • Proposed eligibility period: Sale and purchase agreements executed from 1 January 2027 to 31 December 2030.

    The government also proposed stamp duty relief for transactions involving the rehabilitation of abandoned housing projects. Prime Minister’s Office Malaysia

    Sources: Prime Minister’s Office of Malaysia — Budget 2027 speech · The Star — First-home stamp duty announcement

    Why It Matters

    Stamp duty can be a significant upfront expense for a homebuyer.

    Reducing this cost could make it easier for some first-time buyers to complete a purchase, particularly those already stretching their savings to cover the deposit, legal fees, moving expenses and basic furnishing.

    However, there is an important distinction between making a home cheaper to purchase and making it affordable to own.

    Monthly instalments, maintenance charges, insurance, repairs and emergency savings remain part of the equation.

    Miichael’s Review

    I welcome measures that reduce the barriers to homeownership.

    But I would not advise anyone to rush into buying a property simply because an incentive is available.

    Before making a decision, buyers should ask themselves three questions:

    1. Can I comfortably afford the monthly repayments?
    2. Will I still have sufficient cash reserves after completing the purchase?
    3. Is this the right property for my needs, location and long-term plans?

    The proposed exemption is useful, but the final eligibility rules and implementation details must also be checked.

    My view: A government incentive should improve a sound property decision, not become the reason for making one.

    🇲🇾 STORY 2 — RM20 Billion Housing Guarantee to Support 80,000 First-Time Buyers

    What Happened?

    Budget 2027 provides for housing financing guarantees of up to RM20 billion through the Housing Credit Guarantee Scheme (SJKP), with the aim of assisting 80,000 first-time buyers.

    The scheme particularly targets people who may struggle to obtain conventional housing financing because they are self-employed or do not receive a fixed monthly income.

    The government also announced nearly RM1 billion for housing initiatives, including Rumah Mesra Rakyat and Program Residensi Rakyat. Four new housing projects were announced for Kulai in Johor, Nilai in Negeri Sembilan, Paya Rumput in Melaka and Pertang Valley in Terengganu. Prime Minister’s Office Malaysia

    Sources: Prime Minister’s Office of Malaysia — Budget 2027 housing measures · The Star — RM20 billion SJKP guarantee

    Why It Matters

    This addresses one of the practical challenges facing Malaysian homebuyers: access to financing.

    Some self-employed individuals have sufficient income to meet repayments but find it difficult to satisfy conventional lending requirements because their earnings fluctuate or are documented differently.

    A financing guarantee can help eligible applicants access housing loans. However, it does not mean every applicant will automatically receive loan approval.

    There is also a wider issue to consider.

    Helping more people obtain financing is only part of the solution. The market must also provide homes that buyers can genuinely afford, in locations that suit their work, family needs and daily routines.

    Miichael’s Review

    This measure is particularly relevant to younger buyers, entrepreneurs and people with non-traditional income arrangements.

    However, I would like to see how the scheme works in practice.

    How accessible will it be? What are the eligibility conditions? Will the homes available to these buyers match their budgets?

    Financing access and housing affordability must work together.

    Otherwise, we may help people qualify for loans without necessarily helping them find suitable homes.

    🇲🇾 STORY 3 — Sabah Pan Borneo Highway: Infrastructure Delivery Matters More Than Announcements

    What Happened?

    The Auditor-General’s Report 2/2026, tabled on 5 October, highlighted cost increases and delivery problems affecting Sabah Pan Borneo Highway Phase 1.

    The report stated that contract costs had risen to RM18.96 billion, compared with the original RM17.91 billion.

    As at 31 March 2026, only 4 of the 35 work packages had been completed.

    The report also identified site-readiness and land-acquisition problems, RM513.99 million in variation orders approved beyond authorised limits, and RM41.37 million in delayed utility claims. These are figures reported in the audit, and the completion count relates to the position at the stated date. EdgeProp

    Source: EdgeProp Malaysia — 5 October property and infrastructure digest, reporting on the Auditor-General’s Report 2/2026.

    Why It Matters

    Infrastructure can influence property values by improving access to employment, commercial centres, tourism destinations and essential services.

    But there is a difference between a project being announced, a project being constructed and a project being completed and operational.

    Delays can postpone the economic benefits that were expected to support surrounding areas.

    For buyers and investors, this means that a property’s location should be evaluated against infrastructure that is actually available, as well as projects that remain under construction.

    Miichael’s Review

    When evaluating property near a major infrastructure project, I would not rely on a developer’s location map alone.

    I would examine:

    • Which sections of the road are already operational?
    • How much travel time will actually be saved?
    • Are employment opportunities and commercial activities growing nearby?
    • Will utilities and public services be sufficient for future development?
    • Is the property priced as though future improvements have already been delivered?

    Infrastructure creates potential, but execution determines when—and whether—that potential becomes real.

    This is an important lesson for property buyers in every state, not just Sabah.

    🌏 INTERNATIONAL PROPERTY WATCH

    🇦🇺 STORY 4 — Australia: Housing Prices Fall for a Sixth Consecutive Month

    What Happened?

    National Australia Bank’s October Housing Monitor, published on 7 October, reported that dwelling prices across Australia’s combined capital cities fell 1.2% month-on-month in September 2026.

    This marked the sixth consecutive monthly decline. Prices were 6.4% below their March 2026 peak.

    NAB also revised its forecast to an 8% decline in capital-city dwelling prices over 2026, with a possible peak-to-trough decline of 11%.

    The median time a property spent on the market increased to 41 days, the highest level since late 2020. These figures reflect NAB’s analysis and forecasts, not guaranteed future outcomes. NAB

    Source: National Australia Bank — October 2026 Housing Monitor

    Why It Matters

    The downturn has broadened beyond the markets that initially showed the greatest weakness.

    For buyers, falling prices and longer selling periods may create more room for negotiation. Sellers may need to be more realistic about pricing and the time required to secure a buyer.

    But a declining market does not automatically mean every property is a bargain.

    A property bought at a lower price can still be a poor investment if rental demand is weak, financing costs are high or the local economy deteriorates.

    Miichael’s Review

    I would not look at falling prices in isolation.

    For investors, the more important questions are:

    • Is the purchase price attractive relative to comparable properties?
    • Can rental income reasonably cover the holding costs?
    • Is the local employment base resilient?
    • Can the investment withstand a longer period of weak prices?
    • Would I still want to own this property if the market took several years to recover?

    The best buying opportunity is not necessarily when prices fall the most. It is when the price, risk and long-term fundamentals make sense together.

    🇬🇧 STORY 5 — United Kingdom: Buyer Confidence Weakens While Rental Demand Remains Firm

    What Happened?

    The Royal Institution of Chartered Surveyors (RICS) published its September UK Residential Market Survey on 6 October.

    The survey reported:

    • New buyer enquiries: Net balance of -22%, compared with -18% in August.
    • Agreed sales: Net balance of -18%, compared with -16% in August.
    • House-price sentiment: Net balance of -32%, compared with -28% in August.
    • Tenant demand: Net balance of +23%.
    • Expected rental growth: Net balance of +37% for the following three months.

    The figures suggest weaker buyer sentiment and sales activity alongside continued rental demand. RICS

    Source: RICS — UK Residential Survey, September 2026

    Why It Matters

    The sales and rental markets do not always move in the same direction.

    In the UK, buyers were becoming more cautious while rental demand remained comparatively strong.

    One important clarification: RICS net balances measure the difference between respondents reporting increases and those reporting decreases. A -32% house-price balance does not mean that actual house prices fell by 32%.

    For property investors, rental demand is only one part of the equation. Purchase price, mortgage costs, taxes, maintenance, regulation and net rental yield all matter.

    Miichael’s Review

    This is a good example of why property investors should separate capital-growth expectations from rental fundamentals.

    A market may offer rental opportunities even when transaction activity is weak. But strong rental demand alone does not guarantee a good investment.

    Investors need to understand what remains in their pocket after financing, maintenance, taxes and other expenses.

    Rental demand is a useful signal. Net returns and the ability to sustain ownership are what ultimately matter.

    WORTH WATCHING

    Over the coming weeks, I would pay particular attention to four developments.

    1. Malaysia’s Budget 2027 implementation

    The proposed stamp duty exemptions are encouraging, but the final eligibility conditions and implementation documents will be important. Buyers should not assume that every transaction automatically qualifies.

    2. Financing access for first-time buyers

    The RM20 billion SJKP guarantee is a substantial measure. The next question is how effectively it translates into approved financing and sustainable homeownership.

    3. Infrastructure execution in Malaysia

    The Pan Borneo audit highlights the importance of monitoring actual construction progress, costs and completion dates. Future property decisions should be based on realistic delivery expectations.

    4. International borrowing costs and market conditions

    Australia and the UK show why buyers and investors must continue to monitor financing costs, transaction activity, prices and rental conditions rather than relying on a single market headline.

    MY TAKEAWAY THIS WEEK

    This week reinforces a principle I have always believed in: a property decision should never be based on price alone.

    Malaysia is trying to reduce barriers to homeownership, but buyers still need sustainable financing and suitable homes.

    Australia reminds us that prices can continue falling longer than investors expect.

    The UK shows that sales and rental conditions can move in different directions.

    And the Pan Borneo audit reminds us that infrastructure announcements only create lasting value when projects are delivered.

    For buyers and investors, the questions remain the same:

    • Can I afford it comfortably?
    • Is there genuine demand?
    • Does the location have the infrastructure and economic activity to support it?
    • Do the numbers work under conservative assumptions?
    • Would this still be a sensible decision if the market did not rise as quickly as I hoped?

    Look beyond the price. Understand the fundamentals before making the decision.

    Miichael Yeoh
    PROPERTY STRATEGIST
    www.miichaelyeoh.com

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  • Malaysia Budget 2027: What Property Buyers, Investors and Developers Need to Know

    Malaysia Budget 2027: What Property Buyers, Investors and Developers Need to Know

    By Miichael Yeoh | Property Discovery System(PDS)

    Malaysia’s Budget 2027 has introduced several measures that could influence the country’s property market, from first-home ownership and housing financing to the rehabilitation of abandoned housing projects.

    But what do these announcements actually mean for Malaysians considering a property purchase?

    A stamp duty exemption may reduce the upfront cost of buying a home. A housing loan guarantee may help certain buyers access financing. Public housing and infrastructure investments may create opportunities in selected locations.

    Yet none of these measures automatically makes a property affordable, a development attractive or an investment profitable.

    For homebuyers, investors and developers, the more important question is how these policies affect real property decisions.

    Here is my assessment of the key property-related measures in Malaysia Budget 2027 and what they could mean for the market, including Penang.

    1. First-home buyers: Stamp duty relief expands up to RM750,000

    One of the most significant property announcements in Budget 2027 is the proposed expansion of stamp duty exemptions for first-home purchases.

    According to the Budget speech delivered by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim on 9 October 2026, the proposed relief will apply to sale and purchase agreements executed from 1 January 2027 to 31 December 2030.

    The proposed structure is:

    • First homes priced up to RM500,000: Full stamp duty exemption on the instrument of transfer and housing loan agreement.
    • First homes priced above RM500,000 and up to RM750,000: Full exemption on the first RM500,000, with a 50% exemption on the remaining amount.

    The proposal is intended to reduce the upfront costs of purchasing a first home.

    Source: Prime Minister’s Office — Budget 2027 speech

    What does this mean for homebuyers?

    For eligible buyers, lower stamp duty can reduce the cash required at the point of purchase.

    The expanded price range is also relevant to buyers who have been looking at homes above RM500,000 but below RM750,000. However, the actual savings will depend on the final implementation rules, the transaction value and the applicable loan terms.

    Buyers should also distinguish between a reduction in transaction costs and an improvement in long-term affordability.

    A home that qualifies for stamp duty relief may still be financially unsuitable if the monthly instalment, maintenance charges, insurance and other commitments stretch the household budget.

    My view: Treat stamp duty relief as a financial advantage, not the main reason to buy a property.

    2. RM20 billion in housing financing guarantees for first-time buyers

    Budget 2027 also provides for up to RM20 billion in housing financing guarantees through the Housing Credit Guarantee Scheme, known as SJKP.

    The scheme is expected to assist approximately 80,000 first-time homebuyers, with particular attention to self-employed individuals and people without fixed monthly incomes.

    This is important because not every prospective buyer has a conventional salary structure.

    Business owners, freelancers and other self-employed individuals may have sufficient earning capacity but face difficulties meeting standard income-documentation requirements.

    SJKP is intended to improve access to housing financing for eligible applicants.

    Source: BERNAMA — Budget 2027 housing financing guarantees

    Does a housing guarantee mean everyone can obtain a loan?

    No. A guarantee does not automatically mean loan approval.

    Applicants must still meet the scheme’s eligibility conditions and the relevant lender’s assessment requirements. Buyers should confirm the applicable financing limits, documentation requirements and repayment obligations before committing to a purchase.

    The key consideration is not simply whether financing is available, but whether the buyer can comfortably sustain the repayments.

    My view: Better financing access is useful when it connects eligible buyers with homes they can genuinely afford. It becomes risky if buyers interpret easier access to financing as a reason to borrow beyond their means.

    3. Can Budget 2027 help revive abandoned housing projects?

    Another significant proposal is the full stamp duty exemption for qualifying transactions involving the rehabilitation of abandoned housing projects.

    The proposed relief covers loan agreements and instruments of transfer executed by contractors or developers rescuing abandoned projects, as well as by the original purchasers involved in those projects.

    The proposed effective period is 1 January 2027 to 31 December 2030.

    The measure forms part of the government’s stated ambition to achieve zero abandoned housing projects by 2030.

    Source: Prime Minister’s Office — Budget 2027 speech

    Will this solve the abandoned housing problem?

    Stamp duty relief can reduce transaction costs, but reviving an abandoned project is more complicated than reducing taxes.

    A successful rescue may depend on:

    • Whether the project is financially viable.
    • Whether a capable rescue developer can be appointed.
    • Whether land, financing and legal issues can be resolved.
    • Whether construction can be completed within a realistic timeframe.
    • Whether original purchasers can ultimately receive their homes.

    For affected buyers, the priority remains understanding the legal and financial status of the project and the conditions under which completion can proceed.

    My view: The incentive is a useful part of the solution, but actual project rehabilitation and delivery will be the real test.

    4. Nearly RM1 billion for housing programmes

    Budget 2027 provides nearly RM1 billion for programmes including Rumah Mesra Rakyat and Program Residensi Rakyat.

    Four new housing projects are identified in Kulai, Johor; Nilai, Negeri Sembilan; Paya Rumput, Melaka; and Pertang Valley, Terengganu.

    The Budget also identifies Bandar MADANI Bukit Jalil as a residential development with supporting amenities, including a vertical school.

    These initiatives reflect the continuing role of government-supported housing in addressing housing needs.

    Source: Prime Minister’s Office — Budget 2027 speech

    For buyers, however, the announcement of a housing programme is only the beginning.

    Eligibility, location, unit pricing, delivery schedules and access to public amenities all affect whether a particular development meets a household’s needs.

    Affordable housing should not be assessed by price alone. Accessibility to employment, transport, schools and essential services also matters.

    5. What could Budget 2027 mean for Penang property?

    Penang’s property market has its own economic drivers. Its manufacturing base, semiconductor ecosystem, employment opportunities, infrastructure and limited availability of certain types of land all influence property demand.

    Budget 2027 includes a RM100 million Strategic Investment Fund involving Khazanah and InvestPenang to support early-stage semiconductor and advanced manufacturing companies.

    The Budget also identifies transport-related infrastructure investment involving roads in port areas and airports, including Penang International Airport.

    These announcements could have indirect implications for property demand if they translate into business expansion, job creation and improved connectivity.

    Source: Prime Minister’s Office — Budget 2027 speech

    Which property segments could benefit?

    Industrial and logistics property

    Business expansion may create demand for suitable industrial facilities, warehouses and supporting commercial space. Actual demand will depend on investment commitments, company requirements and available supply.

    Residential property near employment centres

    If industrial investment generates additional jobs, it could support demand for housing in accessible locations. The effect will vary according to workers’ incomes, commuting patterns, rental budgets and the supply of competing homes.

    Commercial property

    Business growth may create opportunities for offices, retail services and other supporting uses. These opportunities should be assessed against occupancy, tenant demand and operating costs.

    Does this mean Penang property prices will rise?

    Not necessarily.

    Infrastructure and investment announcements are not guarantees of capital appreciation. The impact on individual developments depends on their location, purchase price, accessibility, competing supply, rental demand and the actual delivery of the announced projects.

    For buyers, the right question is not simply whether an area will benefit from economic growth. It is whether a particular property is priced reasonably relative to its likely demand and long-term usefulness.

    6. What should property investors watch?

    Budget 2027 creates several areas worth monitoring, but investors should distinguish between a policy announcement and a measurable investment opportunity.

    Follow employment and business expansion

    Industrial investment may support housing and commercial demand, but the most useful evidence will be actual investment commitments, completed facilities, employment growth and tenant activity.

    Assess rental demand rather than relying on capital appreciation

    A property near an expanding employment centre may attract tenants, but rental demand does not guarantee a satisfactory yield.

    Investors should calculate realistic rental income after vacancies, maintenance, management fees, financing costs and other expenses.

    Check competing supply

    Even a location with strong economic activity can experience weak rental performance if too many similar units compete for tenants.

    Evaluate the purchase price

    Government incentives can influence demand, but buyers still need to assess whether the asking price is supported by comparable transactions, rental evidence and the property’s fundamentals.

    My view: Investors should follow the economic effects of the Budget, not simply the headlines. A good investment still requires a sound entry price and a clear understanding of risk.

    7. What does Budget 2027 mean for property developers?

    The Budget’s housing measures may help reduce some barriers to homeownership. However, developers continue to face the practical challenges of land, construction, financing, regulatory compliance and buyer affordability.

    The Real Estate and Housing Developers’ Association Malaysia (REHDA) welcomed the proposed homeownership measures and housing financing guarantees. It also called for a review of development-related charges and highlighted construction costs and the need to address completed but unsold residential properties.

    Source: EdgeProp — REHDA’s response to Budget 2027

    For developers, three questions deserve attention.

    First, does the product match the buyer’s budget?

    A property may have attractive facilities and branding, but the target buyer must still be able to afford the purchase and ongoing ownership costs.

    Second, does the project offer a clear reason to buy?

    Location, accessibility, layout, price, surrounding amenities and realistic future demand matter more than marketing claims alone.

    Third, is the sales process helping buyers make confident decisions?

    Buyers need clear information about costs, financing, project delivery, ownership obligations and relevant risks.

    The Budget may improve some aspects of the purchasing environment, but it cannot replace sound product positioning, credible communication and responsible sales practices.

    8. Five questions every homebuyer should ask before purchasing

    Regardless of government incentives, I encourage buyers to work through five questions before making a commitment.

    1. Can I afford this property comfortably? Calculate the deposit, transaction costs, monthly instalment, maintenance and a realistic contingency reserve.
    2. Does the location fit my needs? Consider employment, transport, schools, amenities and daily travel requirements.
    3. Is the price supported by evidence? Compare similar properties, recent transactions and realistic rental values where relevant.
    4. What risks am I taking? Understand the developer’s track record, construction status, legal terms, competing supply and likely holding costs.
    5. Does this property fit my long-term plan? A home for own occupation and an investment property may require different priorities.

    These questions are especially important when an incentive makes a purchase appear more attractive. A lower upfront cost does not necessarily make a property the right choice.

    9. My takeaway: Policy support is useful, but property decisions still matter

    Malaysia Budget 2027 proposes meaningful support for first-home buyers through expanded stamp duty relief, housing financing guarantees and measures intended to facilitate the rehabilitation of abandoned projects.

    It also identifies housing programmes and investment initiatives that could influence economic activity in selected locations, including Penang.

    The eventual impact will depend on implementation, financing access, actual investment and the underlying supply and demand for property.

    For homebuyers, the opportunity is to understand the assistance available without losing sight of affordability.

    For investors, it is to identify genuine demand rather than assume every policy announcement will increase property values.

    For developers, it is to understand what buyers need and communicate the value of a project clearly and responsibly.

    At the Property Discovery System™ (PDS), our approach is straightforward: understand the market, evaluate the options, identify the risks and make decisions based on evidence.

    Because buying property should never be about following a headline alone.

    Discover Better. Decide Smarter.

    This article is for general property education and information. Budget 2027 measures described as proposed remain subject to the relevant legislation, implementation guidelines and eligibility requirements. Readers should confirm their individual circumstances with the relevant authorities and professional advisers before making financial or property decisions.

  • Malaysia Property Market 2026: 33,094 Unsold Homes — Are They Really “For Sale” to Everyone?

    Malaysia Property Market 2026: 33,094 Unsold Homes — Are They Really “For Sale” to Everyone?

    33,094

    That is the number currently attracting attention in Malaysia’s property market.

    As at the first half of 2026, 33,094 completed residential units worth RM17.78 billion remained unsold.

    The figure is up from 30,471 units in the previous period.

    Naturally, the immediate question is:

    Why aren’t Malaysians buying these homes?

    The usual answers come quickly.

    Homes are too expensive.

    Buyers cannot afford them.

    Banks are rejecting loans.

    Developers are building too much.

    All of these factors may play a role.

    But I think we need to ask a more fundamental question:

    What does “unsold” actually mean?

    Because an unsold property is not necessarily a property that is simply sitting on the open market waiting for any Malaysian to buy it.

    And that distinction matters.

    The Unsold Property Paradox

    Let’s start with something that may surprise many people.

    Malaysia’s property market is still active.

    In the first half of 2026, the country recorded 187,320 property transactions worth RM105.12 billion.

    Residential property accounted for 110,998 transactions, representing 59.3% of total transactions and RM47.11 billion in transaction value.

    So this isn’t a story about Malaysians suddenly refusing to buy property.

    There are buyers.

    There are transactions.

    There is demand.

    Yet at the same time, tens of thousands of completed homes remain unsold.

    That is the paradox.

    People are buying property — but some completed properties are still not finding buyers.

    This tells us that the problem is more complicated than simply:

    “Malaysians cannot afford houses.”

    Not Every Unsold Unit Has the Same Problem

    This is where I believe we need to look at the property market differently.

    An “unsold” unit could be unsold for very different reasons.

    1. The buyer doesn’t want it.

    The location may not be attractive.

    The layout may not fit the target market.

    The facilities may not justify the price.

    The surrounding environment may not match what buyers want.

    2. The buyer wants it — but cannot get financing.

    This is a very real issue.

    The latest REHDA Property Industry Survey found that 59% of surveyed developers reported unsold completed residential units.

    Among the factors highlighted were end-financing rejection, property prices and unreleased Bumiputera units.

    The survey covered 181 REHDA members in Peninsular Malaysia.

    A buyer can therefore say:

    “I want this property.”

    But the bank may effectively say:

    “You cannot finance it.”

    Those are two completely different problems.

    3. Some units are not immediately available to the entire market

    This is another part of the conversation that deserves more attention.

    Some residential developments contain Bumiputera quota units.

    Where those units remain unsold, developers may need to go through the relevant state process before they can be released to the wider market.

    The rules are not identical across Malaysia.

    In Penang, for example, the state has a formal Bumiputera quota release process, including requirements relating to the physical progress of the development and evidence of marketing efforts to Bumiputera purchasers.

    So an important distinction needs to be made:

    A unit can be recorded as “unsold” without necessarily being immediately available to every buyer in the market.

    And depending on the state and applicable scheme, releasing such units can also involve specific conditions or financial contributions.

    This matters because we should be careful not to treat every unit in the RM17.78 billion figure as if it represents exactly the same market problem.

    4. The product may simply be wrong for today’s buyer

    This is probably one of the most overlooked questions in property development.

    A project may have been conceived several years ago.

    The developer may have studied:

    • population growth,
    • household formation,
    • income levels,
    • infrastructure,
    • competition,
    • buyer profiles,
    • pricing,
    • and future demand.

    Then the project goes through planning, approvals, construction and completion.

    By the time the keys are ready…

    The market may have changed.

    Buyers’ expectations change.

    Household sizes change.

    Working patterns change.

    Transport patterns change.

    Financing conditions change.

    Lifestyle preferences change.

    And competing developments enter the market.

    A product that looked attractive when the development was planned may not necessarily be equally attractive when it is completed.

    And this is where “affordable” becomes an interesting word

    The government has reported that properties priced RM300,000 and below accounted for 51.6% of residential transactions in H1 2026.

    At the same time, the government has acknowledged that completed unsold residential stock is not confined to high-end properties. It is also significant in affordable and mid-priced segments.

    So perhaps we need to distinguish between:

    Affordable by price

    and

    Affordable and desirable to the target buyer.

    They are not necessarily the same thing.

    A RM300,000 property may be affordable on paper.

    But if it is two hours from the buyer’s workplace…

    If public transport is poor…

    If the layout doesn’t suit the family…

    If the maintenance costs are too high…

    If financing is difficult…

    If the buyer doesn’t see future resale demand…

    Then the buyer may still decide:

    “This isn’t for me.”

    And that isn’t necessarily an affordability problem.

    It may be a product-market fit problem.

    This is where the PDS perspective comes in

    For years, much of the property industry has operated around a relatively simple sequence:

    Build → Market → Sell

    But perhaps we need to rethink the sequence.

    The PDS philosophy starts with a different question:

    Discover the buyer before you build for the buyer.

    Who exactly is the intended buyer?

    What problem are they trying to solve?

    Where do they want to live?

    What can they realistically afford?

    Can they obtain financing?

    What type of property fits their lifestyle?

    What compromises are they willing to make?

    What alternatives are available?

    What would make them choose this property over another?

    And perhaps most importantly:

    What evidence would give them confidence to make the decision?

    From “Selling Property” to “Helping Buyers Decide”

    This is a subtle but important shift.

    A traditional sales approach may ask:

    How do we sell this unit?

    A PDS approach asks:

    Why should this buyer choose this unit — and is it actually the right choice for them?

    That changes the conversation.

    Instead of starting with the brochure, we start with the buyer.

    Instead of starting with the promotion, we start with the problem.

    Instead of asking:

    “How much discount do we need to give?”

    we should also be asking:

    “Why isn’t the buyer convinced at the current value proposition?”

    Sometimes the answer may be price.

    Sometimes financing.

    Sometimes location.

    Sometimes product design.

    Sometimes timing.

    Sometimes competition.

    Sometimes eligibility.

    And sometimes the property simply isn’t solving a sufficiently important problem for the intended buyer.

    The Developer’s Question Should Change Too

    Perhaps developers should not only ask:

    “How many units can we sell?”

    They should ask:

    “How many units does this market actually need — and what type?”

    That means looking beyond headline demand.

    It means understanding:

    Demand

    → Who needs the property?

    Ability

    → Who can actually afford it?

    Eligibility

    → Who can legally or practically purchase it?

    Financing

    → Who can obtain the required loan?

    Location

    → Who wants to live there?

    Product

    → What configuration do they want?

    Value

    → Does the property justify the price?

    Confidence

    → What information does the buyer need before deciding?

    This is a much more complete view of property demand.

    The Real Property Overhang May Be an Alignment Problem

    Perhaps Malaysia doesn’t simply have a shortage of buyers.

    Perhaps we have a shortage of alignment.

    Alignment between:

    What developers build

    and

    what buyers actually want.

    Between:

    Price

    and

    purchasing power.

    Between:

    Location

    and

    daily life.

    Between:

    Product

    and

    lifestyle.

    Between:

    Eligibility

    and

    the available buyer pool.

    Between:

    financing

    and

    the buyer’s financial profile.

    And ultimately:

    what is being offered

    and

    what the buyer is prepared to decide on.

    So, What Should We Do About the 33,094?

    I don’t think the answer is simply:

    “Make property cheaper.”

    Nor is it simply:

    “Give buyers more incentives.”

    And it certainly isn’t enough to say:

    “Malaysians aren’t buying.”

    We need to understand why each segment of unsold stock remains unsold.

    Because the solution to a financing problem is different from the solution to a location problem.

    The solution to a Bumiputera quota-release issue is different from the solution to a product-market mismatch.

    And the solution to an overpriced property is different from the solution to a property that is fairly priced but poorly positioned.

    One number can hide many different problems.

    That is why we need to go beyond the headline.

    The PDS Way

    At the Property Discovery System, we believe property decisions should begin with discovery, not selling.

    For buyers:

    Discover the market.
    Understand the property.
    Test the numbers.
    Assess the risks.
    Compare the alternatives.
    Then decide.

    For developers:

    Discover the demand.
    Understand the buyer.
    Design the right product.
    Position it correctly.
    Build trust.
    Then sell.

    Because the objective shouldn’t simply be to sell more properties.

    It should be to create better alignment between property supply and real buyer demand.

    The question we should really be asking

    The headline today is:

    33,094 completed homes remain unsold.

    But perhaps the more important question is:

    Why are these particular homes still unsold?

    Until we answer that question at the unit, project, location, price, financing and buyer level, we risk treating very different problems as if they were the same problem.

    And if we keep treating the symptoms instead of understanding the buyer…

    We may simply build another 33,094 homes to replace them.

    Property is not just about selling a product.

    It is about helping people make better decisions.

    Discover Better. Decide Smarter.

    That is the PDS way.

    Sources &

    • National Property Information Centre (NAPIC), Property Market Report H1 2026. NAPIC — H1 2026 Property Market Report
    • Ministry of Finance Malaysia, launch remarks on the H1 2026 Property Market Report.
    • REHDA Property Industry Survey 1H2026, reported by EdgeProp.
    • Penang State Housing Board, Guidelines for Application for Release of Bumiputera Quota.

  • What If Buying Property Started With Questions, Not Projects?

    What If Buying Property Started With Questions, Not Projects?

    A different way to think about property buyers, developers and better decisions

    When people start looking for a property, the first question is often:

    “Which property should I buy?”

    Perhaps we should be asking a different question first:

    “What am I actually looking for?”

    It sounds like a small difference.

    It isn’t.

    Today, property buyers have access to more information than ever before. They can compare prices online, watch property tours, read reviews, study locations, look at transaction data and explore dozens of projects without leaving home.

    Yet having more information does not necessarily mean making better decisions.

    In fact, sometimes it creates another problem.

    Information overload.

    A buyer may know the price, size, facilities, tenure and estimated rental yield of a property — but still not know whether the property actually makes sense for them.

    And this is where I believe the property conversation needs to change.

    Start With the Buyer, Not the Project

    Most property journeys begin with a project.

    A buyer sees an advertisement.

    A friend recommends a development.

    A property consultant introduces a new launch.

    A developer presents an attractive package.

    The project becomes the starting point of the conversation.

    From there, the buyer begins asking:

    Is the price good?
    Is the location good?
    Will it appreciate?
    Can I rent it out?
    Is this a good investment?

    But there is an important question that often comes much earlier:

    Good for whom?

    A property can be an excellent project and still be the wrong property for a particular buyer.

    The location may be excellent, but unsuitable for the buyer’s lifestyle.

    The rental potential may look attractive, but the numbers may not work after financing costs and expenses.

    The future development potential may be strong, but the buyer may need liquidity much sooner.

    The property itself may be good.

    The decision may still be wrong.

    The Developer Sees the Property Differently

    This isn’t necessarily because developers are doing something wrong.

    Developers have a responsibility to present their projects — the location, design, facilities, specifications, pricing and value proposition.

    They need buyers to understand what they are offering.

    But buyers are looking at the same property through a completely different lens.

    They are asking:

    “What does this mean for me?”

    That is where the gap can appear.

    Developers communicate the value of the project.

    Buyers are trying to understand the value of the decision.

    Those two things are related — but they are not exactly the same.

    And perhaps there is an opportunity to bring them closer together.

    Better Questions Can Lead to Better Decisions

    I have spent many years working across banking, investment, property and education, and one thing has become increasingly clear to me:

    The quality of a property decision often depends on the quality of the questions being asked.

    Instead of immediately asking:

    “Is this a good property?”

    we could ask:

    • Does it fit the way I intend to live?
    • What opportunity does this location create?
    • Can I comfortably afford it?
    • What happens if my circumstances change?
    • What is the potential exit value?
    • What risks am I overlooking?
    • Am I buying because the property makes sense — or because I am being persuaded that it makes sense?

    These questions do not make the buying process more complicated.

    They make it more meaningful.

    This Is Where Property Discovery System™ Comes In

    This thinking was one of the reasons I developed the Property Discovery System™ (PDS).

    PDS is not designed to tell a buyer which property to buy.

    Instead, it provides a structured way to discover, evaluate and understand a property before making the decision.

    At the heart of the system is the HOME™ Property Assessment Framework:

    H — Habitability
    Does the property and its environment make sense for the way it will actually be used?

    O — Opportunity
    What does the location, market and surrounding environment potentially offer?

    M — Money
    Does the financial commitment make sense based on affordability, cash flow and overall financial considerations?

    E — Exit Value
    If circumstances change, what potential options and value does the property offer when the buyer eventually needs to exit?

    The objective is not to produce a magical number that says “buy” or “don’t buy.”

    Property decisions are rarely that simple.

    The objective is to help a buyer think more clearly before deciding.

    And What About Developers?

    This approach is not only useful for buyers.

    I believe it can also create value for developers.

    Imagine a buyer arriving at a project presentation already understanding:

    • what they are looking for;
    • what matters to them;
    • how the location fits their needs;
    • what financial considerations they need to evaluate;
    • and what questions they should be asking.

    The developer can then spend less time simply trying to convince the buyer that the project is attractive.

    Instead, the conversation can move towards:

    “Let us show you why this project may — or may not — fit what you are looking for.”

    That is a different kind of conversation.

    And I believe it is a healthier one.

    Perhaps Buyers and Developers Are Not Opposite Sides

    The property industry sometimes makes it appear as though buyers and developers sit on opposite sides of the table.

    I don’t see it that way.

    A responsible buyer wants to make a sound decision.

    A good developer wants its project to attract the right buyers and deliver what it promises.

    Both sides benefit when the buyer understands the decision better.

    That is why I see PDS not as another property sales tool, but as a bridge between property discovery and property decision-making.

    The developer still presents the project.

    The buyer still makes the decision.

    But the conversation starts from a more informed place.

    Maybe We Have Been Starting Too Late

    Perhaps the property buying journey should not begin when a buyer walks into a show gallery.

    Perhaps it should begin much earlier.

    Before the brochure.

    Before the show unit.

    Before the sales presentation.

    Before the question:

    “How much is it?”

    It should begin with:

    “What am I trying to achieve?”

    Then:

    “What should I be looking for?”

    And only after that:

    “Which property fits?”

    That is the thinking behind Property Discovery System™.

    Because I don’t believe people need more property projects to choose from.

    They need a better way to discover which properties deserve their attention in the first place.

    Discover Better. Decide Smarter.

    That, to me, is where a better property journey begins.

    From The Desk Of

    Miichael Yeoh