Part 7/9:
By 1995, evidence surfaced suggesting a massive oversupply of housing units, with estimates indicating that about 300,000 units, or approximately 14.5% of the total housing stock, lay vacant. As the economic backdrop shifted dramatically with the onset of the Asian Financial Crisis, confidence waned, leading to a substantial pullback from investors and developers alike. The bubble burst, punctuated by stalled projects and plummeting property values.