COVID-19 Pandemic: The New Normal in Business Continuity Plan for Real Estate Firms in Malaysia

Abstract

Coronavirus (COVID-19) whipped in the new decade of 2020, throwing the healthcare industry and associated professionals into turmoil in the face of an unprecedented global crisis. The consequences of the pandemic affect almost all market sectors worldwide. The rapid spread of the pandemic put whole nations in lockdown mode to stop the contagion which at the same time affected numerous businesses including those in real estate sector. Combination of Business Continuity Plan (BCP) and Real Estate were discussed decades ago under the Business Continuity Management (BCM) canopy but the current pandemic has opened up a so called ‘new normal’ routine for such combination. Ambiguous dynamics, especially on the flattening of the pandemic curve, have disrupted companies across the globe. Linkages inherent to business environment in respect to domestic and international supply chains have created huge impact on the continuity of its operations in particular, and its contribution to the economic development at the macro level. This paper aims to provide some thoughts on how the supply chain in Business Impact Analysis (BIA) which is one of the key factors of BCP could help real estate firms in managing daily tasks during circumstances of crisis. That apart, with BIA, it would contribute to better BCP allowing for long term sustainability of the businesses. The COVID-19 pandemic has challenged researchers to think, introduce and execute vigorous approaches on business survival, to ensure the continuity of their operations. The appropriate steps in BIA will contribute to a better BCP for most real estate firms, especially in Malaysia. Hopefully, this paper can give some insights for academicians, but more importantly as well, for business operators within the real estate sector to assist in adjusting their firms in line with the ‘new normal’ brought about by COVID-19.