Week in Review | 19–25 September 2026
Malaysia • Regional Property • Global Insights
The property market is not one market. Different assets, locations and economic forces are moving in very different directions.
🇲🇾 1. Almost 60% of Developers Report Unsold Completed Homes
What Happened
A new REHDA Property Industry Survey found that 59% of 181 developers surveyed had unsold completed residential units as at 30 June 2026.
The three main reasons cited were rejected end-financing applications, property prices and unreleased Bumiputera units.
During the survey period, 54 respondents launched 15,834 units and sold 5,260 units, giving a take-up rate of 33.2%, only slightly higher than 32.2% previously.
REHDA also highlighted rising construction costs, financing constraints and regulatory/compliance costs as pressures on housing affordability. An average 13% increase in construction costs was reported between March and June.
Why It Matters
This is an important distinction:
A home can be “affordable” on paper but still unaffordable to the buyer.
If financing is rejected, margins are lower or credit requirements become more difficult, the advertised selling price isn’t the whole affordability equation.
For developers, unsold completed stock also ties up capital.
Miichael’s Review
This is exactly why I believe buyers should look beyond the headline price.
Before deciding whether a property is affordable, ask:
Can I actually obtain the financing?
What is my monthly commitment?
What happens if interest rates or my income situation changes?
For developers, the lesson is equally important:
Product pricing must match real purchasing power — not just construction cost plus desired margin.
Source: EdgeProp — REHDA survey on unsold homes and EdgeProp — REHDA on housing costs
🇲🇾 2. Johor: Paragon Globe Plans RM1.69 Billion Industrial Park
What Happened
Paragon Globe is pursuing additional land in Sedenak, Johor, for a proposed industrial park with an estimated gross development value of RM1.69 billion.
The project sits within the Kulai-Sedenak zone of the Johor-Singapore Special Economic Zone (JS-SEZ) and is planned to include industrial factories, commercial components and worker accommodation.
The group is also taking a more strategic approach to land development, looking at anchor occupiers and the ecosystems that can form around them, rather than simply developing land in isolation.
Why It Matters
This is bigger than another industrial-property announcement.
The interesting part is the “anchor occupier” strategy.
A major manufacturer can create demand for:
- suppliers
- logistics
- warehouses
- worker accommodation
- retail
- supporting services
That can turn an industrial site into an economic ecosystem.
Miichael’s Review
This is the kind of development strategy I find interesting.
The best land doesn’t necessarily have the highest GDV.
Sometimes the real question is:
“What economic activity will this land create around itself?”
That is a much more powerful way to assess long-term land value.
Source: The Star — Paragon Globe eyes RM1.69bil industrial park; EdgeProp — Paragon Globe landbank strategy
🇲🇾 3. Klang: Maybulk Moves Into Industrial Property
What Happened
Maybulk has proposed acquiring an 8,346 sq m freehold industrial property in Bandar Bukit Raja, Klang, for RM35.5 million.
The property includes an industrial building, warehouse and office facilities.
Importantly, Maybulk said the move is part of a strategy to diversify its revenue streams and reduce reliance on its existing shipping and storage businesses.
The acquisition would also immediately provide rental income once completed.
Why It Matters
This is a smaller transaction than the headline billion-ringgit deals — but strategically, it is very interesting.
We’re seeing a company from outside traditional property development use industrial real estate as an income-producing asset.
That reflects the growing attractiveness of industrial property as an investment class.
Miichael’s Review
I always find these transactions worth watching because they show how corporate investors think about property differently from individual buyers.
For a corporate investor, property can be:
An operating asset + rental income + capital preservation + diversification.
That is very different from buying a property simply because “the area is going up.”
Source: The Star — Maybulk proposes RM35.5mil Klang industrial acquisition
🌏 4. Australia: The Housing Slowdown Is Hitting More Than Property Agents
What Happened
Australia’s housing slowdown is now affecting a much wider economic ecosystem.
Reuters reported that Australian home sales volumes have fallen sharply, with turnover 15% below a year earlier in July/August and 10.5% below the five-year average.
Reuters estimates that the reduction in housing activity could remove around A$2.8 billion to A$5.6 billion of annual spending from businesses connected to property transactions — including removalists, conveyancers, furniture retailers, tradespeople and renovation businesses.
The important point is that prices themselves have not collapsed: Reuters reported prices were less than 4% below the March peak and still above year-ago levels. The bigger issue is fewer transactions.
Why It Matters
This is a fascinating distinction:
Property prices can remain relatively resilient while the property economy slows dramatically.
If fewer people buy and sell, many businesses around the property ecosystem suffer.
Miichael’s Review
This is a useful lesson for Malaysia too.
When we analyse a property market, we shouldn’t look only at:
“Are prices rising?”
We should also watch:
transaction volume, financing, turnover, inventory and buyer confidence.
A market can look healthy from a price chart while becoming much less active underneath.
Source: Reuters — Australia’s housing slowdown and wider economic impact
🌏 5. UK Housing: Prices Bounce, But Buyers Remain Selective
What Happened
UK asking prices rose 0.7% in September, equivalent to about £2,441, according to Rightmove data reported by The Times.
The average asking price reached approximately £367,440.
But the headline increase needs context: prices remained 0.8% below a year earlier, while housing supply was reported to be at a 12-year high.
Why It Matters
More supply gives buyers more choice — and therefore more negotiating power.
A seller cannot simply assume that a higher asking price will translate into a higher achieved price.
Miichael’s Review
This is one of my favourite property lessons:
The asking price is not necessarily the market value.
When supply rises and buyers become more selective, pricing strategy becomes increasingly important.
For investors, this also reinforces the need to distinguish between:
headline price movement and actual market liquidity.
Source: The Times — UK house prices rise for first time since May
📊 PROPERTY NUMBER OF THE WEEK
59%
The percentage of surveyed Malaysian developers reporting unsold completed residential units.
But the more interesting number may be:
33.2%
The reported take-up rate during the REHDA survey period.
The lesson: demand exists — but buyers are becoming increasingly constrained by financing, affordability and product suitability.
👀 WORTH WATCHING
🇲🇾 Malaysia
1. Housing affordability
Will financing accessibility improve enough to reduce completed unsold stock?
2. Johor industrial property
Watch how the JS-SEZ develops around actual occupiers and employment rather than simply land speculation.
3. Klang industrial assets
Will more corporates diversify into income-producing industrial property?
🌏 International
4. Australia
Whether weak transaction volumes persist even if prices remain relatively resilient.
5. UK
Whether increased housing supply eventually translates into more realistic pricing.
💡 MIICHAEL’S TAKEAWAY
This week gives us five very different property stories.
Housing affordability.
Industrial land strategy.
Corporate property investment.
Australia’s transaction slowdown.
UK supply and pricing.
And that’s exactly why I don’t believe we should talk about “the property market” as though it is one single thing.
Different sectors behave differently.
Different locations behave differently.
And most importantly, different buyers have different problems.
For someone buying a home, financing and affordability may matter most.
For an investor, rental income and liquidity may matter more.
For a developer, land cost, product positioning and absorption may determine success.
And for a corporate investor, property may simply be another asset class for diversification.
So perhaps the better question isn’t:
“Is property a good investment?”
It is:
“Which property, in which location, for what purpose — and under what market conditions?”
That is where better property decisions begin.
Miichael Yeoh
Property Strategist
