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Good showing: Chor (front, fifth from left) and SMG group chief executive officer Alex Yeow (front, centre) with the winners of the StarProperty Awards 2021.

THE property developers who won their respective StarProperty Awards 2021 are proof that the industry is on the rebound, judging from the response to their award-winning projects.

Buoyed by the extension of the ongoing Home Ownership Campaign (HOC), which has been extended to the end of the year, there are signs of a slight improvement in the purchase of new properties.

According to the Real Estate and Housing Developers’ Association (Rehda), many developers have cited the campaign as a reason for their favourable performance.

The sentiment was also echoed by various surveys held by Juwai IQI Global and StarProperty, citing the HOC as a driver spurring the industry.

According to Knight Frank Malaysia, the campaign is also expected to play a role in the recovery of the housing market in 2022.

Saying this during the virtual StarProperty Awards 2021 presentation which went live on Oct 28, Star Media Group (SMG) chairman Tan Sri Chor Chee Heung said as of Feb 28, the HOC had seen 34,354 properties worth RM25.65bil being sold.

Out of these properties, a majority of 28,045 units or 82% are properties under construction, while 18% or 6,039 units are completed units.

“The bulk of sales, comprising 37%, are properties ranging between RM500,000 and RM750,000, followed by properties priced between RM300,000 and RM500,000 (which make up 26% of total sales) and properties between RM750,000 and RM1mil making up 19% of total sales.

“The latest figures from the National Property Information Centre or Napic are also promising.

“The property market recorded a significant increase in the first half of 2021, with a total of 139,754 transactions worth over RM62bil being recorded, showing an increase of 21% in transaction volume and 32.1% in transaction value compared to the same period last year,” he said.

Conversely, people who have been forced to remain at home during the movement control order or MCO periods, have taken a good look at their own homes and realised the shortcomings, said Chor.

“So now, they have a better idea of what they want when they seek to upgrade their homes.

“As such, there are new market demands for developers to fill even as they incorporate sustainable practices within their organisations and maintain excellence in development, design, and quality.

“They continue to elevate industry standards.

“Other than that, developers have had to also quickly adapt to changes and improve to fit the new norm,” he said.

Meanwhile, the celebration of the sixth installation of the StarProperty Awards 2021 was held in Cyberspace for the second time, capitalising on the experience gained from last year’s virtual event to create greater excitement.


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