Property sector of Malaysia

Well, the recent selldown of many property counters is not surprising...
As of today, most housing projects will still be selling like hot cakes in most of the areas in the country. Question is do we have secondary market demand? even those projects that costs around 400k are sold out in hours upon launch especially those from reputable developers....
I think there are so many sellers and so little buyers these days... therefore its buyers market.
Worst, the property sold in Malaysia are not habitable upon completion unlike houses in foreign countries like US, Aus, UK. Developers get good margin from the current model...
E.g. You buy a RM1.2-1.5mil condo in Penang and you still need to renovate at least 150-200k to make it cozy and feels like a home. Most of the materials are cheap parts and there is nothing in the unit for you to move in and stay...
Tell you what,... if you ask do we have a property bubble now?... I would say "fuck yeah, there is one big one", if the Europe thing go worse and Greece is bankcrupt and recession comes in 2012... property prices will drop significantly... that time you will get many houses on fire sale... just look at the supply...