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Economy

Developers urged to adjust prices

THE GLOBAL coronavirus pandemic has affected the property industry, as foreign investments fell and projects are put on hold.

Travel restrictions and stringent bank loan standards have also hampered the property industry’s recovery.

“Developers should consider repositioning their products, readjusting their prices to suit the current market, and developing creative marketing strategies such as offering virtual house viewing in order to stay competitive during this challenging time,” Marivic Españo, P&A Grant Thornton chair and CEO, said in a statement.

On the other hand, demand for affordable housing appears strong as buyers take advantage of record-low interest rates and the slump in property prices.

“We anticipate a surge in transactions when the COVID-19 situation is more stable as we foresee a lot of first-time homebuyers and investors will be taking this opportunity to own a house for their own stay or for renting or for investment purposes,” Ms. Españo said.

In line with its ASEAN focus services launch, the member affiliates of Grant Thornton in the Philippines, Cambodia, Malaysia, Singapore, Thailand and Vietnam are holding a webinar on March 24 to give insights on the current market landscape and growth opportunities for the property industry in the ASEAN region.

Sarkunan Subramaniam, managing director of Knight Frank Malaysia, along with tax experts from Grant Thornton Philippines and other ASEAN offices, will be speaking in the webinar.

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