Property development during the COVID-19 pandemic: challenges and outlook in Malaysia.

ABSTRACT

Through administrative research and media records, this paper aims to examine and highlight the effects of the COVID-19 pandemic on Malaysian workers, property development, construction sites, and the national economy. The development of real estate and the construction industry can significantly impact socio-economic growth and infrastructure development. Adequate building and infrastructure construction can ensure national economic stability, job creation, community cohesion, and higher living standards. Since the COVID-19 pandemic began in 2019, many countries, including Malaysia, have reported an increased number of virus cases. According to the Ministry of Health, 9316 cases and 314 COVID-19 clusters were discovered in Malaysia, with a 38.55-48.06% prevalence for factories, a 12.55-15.29% prevalence for community spreading, an 8.6-11.56% prevalence for construction sites, a 5.53-7.96% prevalence for educational sites, and a 7.01% prevalence for shopping areas. Several governments-imposed lockdowns, movement, and proximity restrictions during the pandemic due to the high infection rates at property development sites. However, due to inactivity in various sectors such as the construction industry, these measures have significantly impacted the national economy. As a result, the pandemic has had an impact on workers, production costs, and project completion timelines, resulting in operational issues and policy concerns. Overall, the records reviewed revealed that the COVID-19 pandemic has significantly impacted real estate development, the housing market, and the construction industry. As a result, sustained and targeted policies are required to support Malaysia's construction industry's socio-economic growth and infrastructure development.