PETALING JAYA: As a result of the evolving situation of the Covid-19 outbreak which has put the brakes on the economy, local developers are deliberating whether or not to continue, or defer, future launches.
AmResearch said this in a report, adding that as consumer spending is now mainly focused on necessities and not on big-ticket items such as property, the near-term outlook on the property segment remains uncertain.
“To remain prudent, we are lowering our assumptions on their sales targets, and cutting our earnings forecasts to reflect the impact from lower sales and the timing of revenue recognition, ” the research outfit said, referring to the property firms under its coverage.
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