The Valuation and Property Services Department's (JPPH) National Property Information Centre (Napic) should be empowered and given more funding to collate, collect, analyse, and provide accurate and timely data to property industry players.
According to the Malaysian Institute of Property and Facility Managers (MIPFM), data and information should be collected in a comprehensive manner that includes not only unsold units but also vacant and unused units.
"This would give a better and accurate picture of property supply, use, and occupation," it said in a statement.
According to MIPFM, vacant properties indicate poor utilisation of completed properties, which will exacerbate the oversupply situation.
It also believes that Napic should be the sole agency in charge of all property supply and demand data.
"MIPFM understands that Jabatan Perumahan Negara intends to establish a databank for unsold properties in Malaysia. However, it is widely understood that Napic acts as the national property centre that collects and publishes data and information on the property market in the country.
"All data for the property market should be under Napic to avoid overlapping information," it said.
MIPFM also stated that instead of focusing solely on the property market, financial resources for new building construction can be diverted to other financing opportunities.
It said a single comprehensive property databank improves property market transparency and market efficiency in the occupation, investment, and development sectors of the property market.