The Valuation and Property Services Department (JPPH) under the Ministry of Finance has launched the Unsold Property Enquiry System Malaysia (UPESM) to help homebuyers make more informed decisions.
JPPH director general Nordin Daharom said UPESM is a collaboration in data collection between the Ministry of Urban Wellbeing, Housing and Local Government; Inland Revenue Board (LHDN); and the Director-General Department of Land and Mines Office.
“The system would display the total amount of unsold properties and their prices based on their respective local council zonings. This in-depth data selling system will enable the public to purchase data online, without having to be physically present in JPPH offices.
“Our data usually is in the textual [and physical] format, and we have been seeing demand for digital format. With the system, anyone can access the data, not just homebuyers but property developers as well, before they plan to develop anything new.
“So, if the data shows that there is a glut or oversupply in a certain area, why would a developer still want to venture into that area? We empower them [property developers] with knowledge for better planning,” he told reporters after the launch of UPESM in conjunction with the release of the “Malaysian Property Market Report 2017” today.
It is hoped that with UPESM, the number of overhang units will be reduced but there is no specific target, added Nordin.