GEORGE TOWN: The number of overhang residential houses in Penang dropped to 2,400 units in the first half of 2024 from 2,901 units in the same period a year ago.

The National Property Information Centre (Napic) report estimated the overhang value to be RM2.02bil.

According to Napic, Penang ranks fourth in the country with the most overhang properties, after Perak (4,161 units), Johor (3,219 units) and Kuala Lumpur (3,051 units)

In the country, the completed but unsold units fell to 22,642 units, worth RM14.24bil, in the first half of 2024, continuing the decline from 25,816 units worth RM17.68bil in the second half of 2023.

“Condominiums and apartments account for 59.8% or 13,535 units of the overhang.

“Terrace houses represent 24.4% or 5,524 units, while semi-detached and detached houses comprise 8.2% or 1,867 units. The remaining 7.6% consists of other houses,” said Napic.

It added that the overhang units in the high-end segment priced above RM500,000 took up the largest market share at 41.6% or 9,413 units.

“In contrast, the remaining properties are priced at RM300,000 and below, as well as between RM300,001 and RM500,000, representing 30.2% or 6,840 units and 28.2% or 6,389 units, respectively,” Napic said.

Napic added that condominium and apartment units in the Johor Baru District, the Northeast and Southwest districts of Penang and Section 1-100 in Kuala Lumpur dominated the overhang units, accounting for 18.9% or 4,284 units of the national total.

There were 1,232 new residential property launches in Penang in the first half of 2024.

“The unsold units in the under-construction category were 4,288 units with an RM1.98bil value.

“The unsold in the yet-to-be-constructed category was 1,480 units with an RM702,019 value,” the Napic report added.

During the first half, Penang had an existing stock of 555,549 residential properties, while the incoming and planned supply units stood at 26,733 and 18,640, respectively