PCON 2019 set to spur local markets beyond the new year
22 January 2019, Petaling Jaya – Entering the New Year, the property market remains stagnant as buyers are still looking out for market insights for 2019. Buyers and investors remain cautious on buying in these slow-moving waters, and are holding out for them to justify their purchases. The supply and demand gap still exist. The root cause of these market conditions has yet to be addressed. There are untapped trends that could be leveraged on which is going to benefit the property industry. Property Conference (PCON) 2019 is a platform to gather the experts of Real Estate Industry and Property Market, to identify the issues faced by the market and provide solution to it. The event also serves as a platform for Malaysian Property Technology companies to provide solutions for solving the gaps of the property market.
According to Leong Seng Tat, Organizing Chairman of Property Conference (PCON) 2019, “like it or not, the 4th Industrial Revolution is happening without us even realizing it. With the introduction of novel technologies and their direct application in real estate, the market will be forced to transform, reshaping not only the ways we buy, sell, or rent properties, but also the ways property will be developed in the future.” In the press conference of the launching of said event at Menara Star, ‘’The key Property Technologies incoming as part of the Fourth Industrial Revolution is known also as ABCD, that is AI, Blockchain, Cloud, and Big Data. These technologies will truly change the property landscape when used together.” said Aaron Ting President of Fourth Industrial Revolution Structural Transformation (FIRST).
‘’Blockchain is a distributed ledger database that is transparent, incorruptible, and allows for both transactions and the recording of transactional data. It can even be used to represent physical assets, enabling the buying and selling of property on the blockchain,” he continued. Ernest Towle, General Manager of StarProp stated that: “With Big Data, relevant information can be placed on a heatmap that help authorities and the market players to make better decision in order to solve the issues that Malaysia Property Market is facing currently.” On the other hand, there are many conflicting opinions about the new Real Property Gain Tax (RPGT) rate was introduced in Budget 2019.
‘’Property Transactions are not only buying or selling the assets, it involves the regular rental income. Yet, there are many people out there not aware of the calculation of income tax on rental as well as other expenses that can offset to minimize the tax level,’’ said Mahathir Mahzan, Founder and Managing Partner of Mahzan Sulaiman. He mentioned that Real Property Gain Tax doesn’t apply only to individual basis of buying and selling property, but can also apply to the sale of shares of Real Property Companies (RPCs).
Property Conference (PCON) 2019 will be held on 23rd and 24th of February 2019 at Quill Convention Centre at Quill City Mall, Kuala Lumpur. This event will focus on topics that surrounding 3 different categories:
- The Rise of Property Technology (PropTech) in Malaysia and South East Asia Region
- Malaysia Property Market issues and solutions
- Non-Technology Disruptive Factors such as culture, trend and social behavioural changes
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