IJM Land wants a transparent property market

It is compulsory for developers to send their data to the KPKT and BNM, says MD


IJM Land Bhd wants the Pakatan Harapan-led government to push for a more transparent property market which will allow developers to compete fairly based on their skills and strength.

“We require transparency and data. A lot of data on the property market is not timely and in terms of accuracy, it is not something we can rely on as absolute truth.

“Hopefully, the new government can establish one agency that collects all data and publishes it, in terms of sales and unsold stocks in certain areas, so that developers don’t have to guess what the demand is,” MD Edward Chong Sin Kiat told reporters in Kuala Lumpur yesterday.

He added that it is compulsory for developers to send their data to the Housing and Local Government Ministry (KPKT) and Bank Negara Malaysia (BNM), but some of the developers may not be doing it.

IJM Land’s subsidiary Bandar Rimbayu Sdn Bhd senior GM Chai Kian Soon said the data required by KPKT now is only on residential properties.

“The requirement of KPKT is to send data on residential properties only and not on non-residential properties.

“This is partly the reason for the glut in the commercial market right now — because developers did not have the data, they continue to launch that type of property,” Chai said.

In addition, Chai said he hopes there will be a standardised release mechanism for Bumiputera units.

“We hope the government can come up with some standardisation in terms of release mechanism for Bumiputera units, so we do not hold so much of stock,” Chai added.

To date, IJM Land has around RM1 billion value of unsold properties in the country with residential units accounting for 85% of that figure and most of which are under the Bumiputera quota.

IJM Land plans to launch its Bandar Rimbayu’s Phase 11 in the fourth quarter of this year (4Q18).

Phase 11 will consist of 195 units of double-storey link-houses with a starting price of RM850,000 each.

Chai said there is still a high demand of landed properties in good locations, hence, we are confident to receive a good take-up rate for the project branded Swans.

IJM Land has about RM1.5 billion worth of projects in its pipeline but the projects will be launched depending on the demand.

“We will constantly review our launches and monitor the demand for such projects. The RM1.5 billion projects in the pipeline are the new phases of our existing townships across Malaysia including Penang, Klang Valley, Seremban, Johor and Sandakan,” Chong said.

IJM Land currently has 1,618.74ha of landbank in Malaysia worth RM30 billion in gross development value.