Pandemic leads to growth in Malaysia’s online residential rental market

By Poovenraj Kanagaraj

According to Speedhome, the sales on its rental platform and the acceptance of “contactless viewing” recently launched by the platform has improved.

Chief executive office, Wong Whei Meng, said after Putrajaya loosened the movement control order, many tenants whose leases expired were eager to find a suitable house to stay, hence it became finding a house through an online platform became their first choice.

“I think the outbreak has changed the consumption habits of Malaysians. In the past, everyone still had doubts about online services and had resistance to using online services. SPEEDHOME launched contactless house viewing during the outbreak, which was accepted by the public even during the MCO and as a result still closed many deals, ” he said.

Sales manager, Ong highlighted that the number of rental enquiries made by tenants restored to the same level as of March pre-MCO.

“A response like this is rare especially during the Ramadan month. I believe this is due to many tenants who were unable to relocate before April,” she added.

In other news, MTDC’s RM 10 million allocation to co-invest in equity crowdfunding was welcomed by Wong.

“Start-ups are an inevitable force in Malaysia’s economic transformation. It is estimated that after this wave of outbreaks, many companies will face serious cash flow problems. If high-quality start-ups cannot get full support from the government and are forced to shut down. Their business will have a serious impact on the future of the Malaysian digital economy and I hope that more government agencies will follow the MTDC ’s prospective deployment, ” he said

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