The latest numbers point to a softer selling environment for developers: Gamuda’s FY2026 property sales fell 22% to RM3.2 billion, and 59% of developers in a Rehda survey had unsold stock at mid-year. For buyers, that usually means more room to negotiate on rebates, packages and unit choice. The key is to compare the nett price after incentives, not the list price, and to never let a discount talk you into the wrong home.
Developers are selling slower. Buyers have leverage.
What the latest developer numbers show
At the end of September, Gamuda reported record group revenue but a weaker property division. Its FY2026 property sales came in at RM3.2 billion, down 22% and short of its RM4 billion target, which the group put down to deferred launches and softer domestic sales. In the fourth quarter alone, property revenue fell 14% and property net profit fell 41%, reflecting slower sales conversion at its Malaysian townships.
Gamuda is not alone. In the Real Estate and Housing Developers’ Association’s (Rehda) mid-year survey, 59% of 181 developers said they had unsold stock as of 30 June. And in Penang, NAPIC data for the first half of 2026 showed new residential launches up 79.9% while transactions fell 9.9%, a sign that more supply is chasing fewer deals in some markets.
| Indicator | Latest reading |
|---|---|
| Gamuda FY2026 property sales | RM3.2b (−22%), target was RM4b |
| Developers with unsold stock (Rehda survey) | 59% of 181, as at 30 June 2026 |
| Penang H1 2026 (NAPIC data) | Launches +79.9%, transactions −9.9% |
Why unsold stock gives buyers leverage
A developer carrying completed but unsold units is paying to hold them, and every month adds to that cost. That is when developers become more open to incentives: rebates, legal fee packages, furnishing, or flexibility on which unit you get at a given price. Developers will rarely announce this; you find out by asking the right questions.
That said, a softer market is not the same as a falling market everywhere. Well-located projects near rail lines and job centres often still sell steadily. Your leverage depends on the project, not the headlines.
List price vs nett price: how to compare
The single most useful habit is to work out the nett price for every unit on your shortlist:
- Start with the SPA price, the figure that will appear in your Sale and Purchase Agreement.
- Subtract direct rebates that actually reduce the price, and check whether the bank values the unit at the SPA price or the nett price.
- Value the packages honestly. “Free legal fees” and furnishing packages are worth something, but not always what the brochure implies. Our guide to what free legal fees and developer packages really cover explains the details.
- Divide by built-up area to get a real price per sq ft, then compare like with like: same tenure, same title type, similar distance to transit.
What to ask for when you negotiate
- A better unit at the same price (higher floor, better facing, end unit).
- Rebates or a legal fee package, confirmed in writing before you pay the booking fee.
- Furnishing or fittings, if you plan to rent the unit out.
- Clarity on the payment schedule for under-construction projects. See our progressive payment timeline guide.
When a “deal” is not a deal: an agent’s checklist
💡 My practical view: a discount on the wrong unit is no deal. Before you get excited about a rebate, run through these checks.
- Location first: commute, schools, rail access and what is being built nearby.
- Tenure and title: freehold vs leasehold, residential vs commercial title. See commercial vs residential title.
- Developer track record and, for new launches, realistic completion timelines.
- Resale and rental demand in that specific building, not just the area.
- Completed or new launch? Each has trade-offs. Read completed vs new launch condos in KL.
Frequently asked questions
Is now a good time to buy property in Malaysia?
Are completed unsold units riskier to buy?
Can I negotiate the price of a new launch in Malaysia?
Want help comparing nett prices?
WhatsApp DMS Team. We will compare the real cost of the projects you are considering in KL, Selangor or Johor Bahru, free of charge.
About the author: Jason Chan (DMS Jason Chan)
Jason is a registered real estate negotiator (REN 78007) and founder of DMS Team, a property consultancy registered under EUM Realty Sdn Bhd [E(1)1708] with consultants across Kuala Lumpur and Johor Bahru. He researches and reviews every market analysis published on dms-team.com.
This article is general information as at 7 October 2026, written from an agent’s practical perspective. It is not financial or legal advice. Incentives vary by developer and project and should be confirmed in writing.
Sources: The Star: Gamuda FY27 outlook; Business Today: Gamuda FY2026 results; Malay Mail: Rehda survey and Budget 2027 wishlist; EdgeProp Daily Digest, 29 September 2026 (Penang H1 2026 NAPIC data).
Last updated 7 October 2026 · DMS Jason Chan, REN 78007