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Property News

Extension of moratorium could prevent panic selling

The announcement of the moratorium extension and loan repayment flexibility will mitigate forced or panic selling that could further distress the property market and restore certainty in terms of value for both the secondary market and the value of property in general, said CBRE|WTW managing director Foo Gee Jen.
“Coupled with the downward revisions of OPR, the moratorium extension to individuals will inject the much-needed stability to the housing market as it essentially downplays the risk of default,” said Foo in a press statement last night.

He also describing the measures as “sensible and necessary” to the current condition.

In addition to the moratorium extension for those who lost their jobs due to the Covid-19 pandemic, Prime Minister Tan Sri Muhyiddin Yassin today also stated in his announcement that individuals who suffered pay cuts will be entitled to a rebate in their instalments in tandem to the amount of salary loss.

Foo also lauded the government’s move to assist SMEs by offering the options of interest servicing and restructuring of repayment term.

“This is a timely relief for debt-reliant SMEs to at least be able to lower operational and asset costs. Better SMEs who are striving to move on could now afford more liquidity for financial manoeuvring as they restrategise and reinvest for future gains and bigger market share.

“In a nutshell, the targeted extension of moratorium provides the breathing space for individuals who hold assets and cost of doing business for SMEs. Together with fiscal stimulation, this is a step in the right direction to revitalise consumption and investment activities which will ultimately keep the economy rolling,” he said.

Meanwhile, looking at the sudden spike in the number of confirmed Covid-19 cases recently, Foo also urged all Malaysians to stay vigilant and continue to observe the precautionary measures to stop the spread of the virus.

Source: EdgeProp.my

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