The outlook for 2024 remains cautiously optimistic as external factors continue to dampen investment confidence. Sales performance, too, showed improvements in established areas with strong owner-occupier demand. The commercial sector saw minor improvement but the coming online of past delayed projects will add pressure. For the industrial sector, interest remains in newer integrated and managed industrial parks with specific niches rather than generic products. Overall, the moderated pace of recovery in 2023 is likely to spill over into 2024 as the market recalibrates itself. Policy-based enablers such as a revised MM2H that should be redesigned to be more investor-friendly and, hopefully, a revisit of the proposed Residential Tenancy Act will give the market a boost.
