PETALING JAYA (June 29): Close to half of the Small Office Home Office (Soho) units or 1,430 units of  2,912 units launched in Kuala Lumpur that  are under construction, remain unsold in 1Q2018.

According to the National Property Information Centre’s (Napic) 1Q2018 property market status report, Kuala Lumpur’s launched but unsold and under construction Sohos have more than quadrupled to 1,430 units in 1Q2018 from 330 units in 1Q2017.

Most of these units were located in the Seksyen 1 — 100 area, as well as in the Sentul and Batu Caves area.

Most were priced between RM750,000 and RM1 million as there were 666 launched units within this price range but 636 units remained unsold.

For those priced above RM1 million, 560 units of the 1,133 units under construction are still waiting for buyers.

The other two states that have unsold Soho units under construction were Selangor and Johor. In Selangor, the figure stood at 3,333 units, a slight increase of 2% from 3,260 units last year, with most of the units priced between RM500,000 and RM750,000.

The good news is that Johor’s unsold Soho units under construction have decreased by 400% to 348 units from 1,379 units in 1Q2018, with most of the units in the price range of RM250,000 to RM500,000.

Overall in Malaysia, of the 14,248 Soho units under construction as of 1Q2018, 5,111 units remained unsold. This was a slight improvement from 1Q2017, when 5,359 units of 15,590 Soho units under construction were unsold.

Most of the Soho units were priced between RM250,000 and RM500,000 (9,778 units).

Over 50% of the Soho units in the price range of RM500,000 to RM750,000 had no takers, with  1,566 units out of 2,671 units under construction in this price range, unsold.

A total of 1,270 unsold units in the market have not begun construction, with 733 units in  Kuala Lumpur and 537 units in Selangor.

Overall, 2,025 Soho units were launched in 1Q2018, with the majority priced between RM500,00 and RM1 million.

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