It was reported that EPF has approved withdrawals totalling RM1.66 billion by 3.5 million contributors under the i-Lestari initiative launched last month. However, is RM500 per month enough to help them pay for their shelter or even feed their families? Will such pittance be sufficient to resuscitate their failing businesses?

“It was surprising to see that most potential buyers are not overly pessimistic despite the severe pandemic and the slew of other consequential economic shocks such as oil price crash and extremely volatile stock market,” said KGV International Property Consultants executive director Samuel Tan.

Dr Foo Chee Hung: Malaysia is expected to experience economic contraction following the imposed Movement Control Order (MCO) from March 18 to May 3 that has caused business shutdown in all non-essential activities. The country’s property market was clobbered as a result.

Consumer shopping habits are changing. The usual mall offerings consisting of retail shops, departmental stores and F&B outlets do not suffice anymore.

Although the majority of the respondents look forward to visiting malls again in the long run, in the near term, most would continue to be wary about the spread of the Covid-19 coronavirus as only 26% of those who will visit malls post-MCO stated that they will go to the malls immediately after the MCO is lifted against 74% who reckoned that they would only visit when the need arises.

The objective of the survey was to gauge consumer behaviour in visiting shopping malls pre- and post-MCO; and to see whether Malaysians were keen to return to visit their favourite malls like they used to after the MCO was lifted.

“A late Covid-19 Act is redundant in nature. You cannot legislate back to life a business that has already closed down due to the failure of owners to sustain their business and pay rent during the MCO.”

How are malls reacting to the coronavirus pandemic? How will they thrive in the new normal?

How are malls reacting to the coronavirus pandemic? How will they thrive in the new normal?

For the property industry, like most sectors which were considered non-essential, business came to almost a standstill during the full MCO period. If not for the Covid-19 outbreak, the 2019 market performance could have indicated a light at the end of the tunnel for a property market which has been in a slowdown since 2015/16.