A check with auction houses show that indeed, prices on the foreclosure market have slumped to as much as 30% to 40% below market value.

The overall situation for the residential sector is expected to continue to be challenging as the pandemic has yet to be brought under control.

"Moody's does not expect the coronavirus pandemic to have a sustained negative impact on Malaysia's economic model."

In a landmark decision on Jan 19, 2021, the Federal Court has delivered its grounds of judgement in respect of the case of PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah & Another & 6 Other Appeals. It has finally clarified the legal position as to when time starts to run, in respect of VP of the property.

While MBAM deputy president Oliver Wee Hiang Chyn welcomes the move as it benefits the industry as a whole, he pointed out contractors need more attention and help.

Rehda president Datuk Soam Heng Choon: When the economy moves, people will have more income and are more willing to buy property, so that we (developers) can provide more jobs. Because of the political overhang, the economy is not moving and foreign investors are not coming in.

As most retailers are categorised under non-essential industry, they have no permission from authorities to operate.

The building and development industry is among the many hard-hit sectors, but gritting their teeth through it, its key stakeholders concur MCO 2.0 is necessary.

Datuk Chang Kim Loong: Eventually, it is the purchasers who lose — their houses are taken away; they have to settle their mortgage loans with increasing interests; and they are blacklisted, which means they can never borrow again and never buy houses again!

Within 2,700 acres, it consists of a 12,000 sq ft main house, two guest houses with four bedrooms and two bedrooms respectively, several barns, animal shelter facilities, a maintenance shop and a four-acre lake with a fountain.