Country Gardens massive project is new Johor Bahru and from a...

Country Gardens massive project is new Johor Bahru and from a short video I saw, it was an attempt to create and entire community in the middle of no other developments, whereas UOS are principally in developed areas in Kuala Lumpur.

I suspect its also at a slightly different (middle market) pricepoint and quality compared to the Chinese builders as well as their local multi decade experience in that market so I don't see the Chinese as competition.

What seems to have occurred is that a very healthy and growing property market (from both locals but also overseas investors) in Malaysia has taken a knock and a significant amount of properties came to market with lower demand and higher interest rates......UOS has managed to pivot into leasing a decent share of their unsold inventory and just waiting for the market to recover (I've seen HK developers do the same given how much cash they have and the price differential between a soft market and a vigrant market.......you can't really compare to someone like Meriton who need to sell/lease something asap given their holding costs are so high and how highly they are leveraged).

The upside is that there is little risk in this company apart from succession and the cost of holding is the opportunity cost........how much longer before they start making decent returns on equity which will then be a catalyst for the price