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Gov’t Mulling To Absorb Affordable Private Houses

The Housing Ministry (KPKT) is considering to help property developers and home owners sell newly completed residences and resale houses costing under RM500,000 by including such properties into its pool of one million low-cost homes, reported The Edge.

According to Housing and Local Government Minister Zuraida Kamaruddin, her ministry’s priority remains the provision of affordable dwellings to low-income and middle-income households, which are respectively called the bottom 40 percent (B40) and middle 40 percent (M40) groups.

Given this primary goal, her ministry is mulling to absorb overhang properties priced below RM500,000 that are also situated in good locations.

Notably, overhang properties are defined as those that have been completed, in addition to receiving their Certificates of Fitness for Occupation (CFO) or Temporary Certificates of Fitness for Occupation (TCFO), but remain unsold for a minimum of nine months.

Based on data from the National Property Information Centre (NAPIC), the number of overhang houses across the country reached 25,193 units as of Q1 2018.

Before wresting control of the federal government in the recent general election, Pakatan Harapan (PH) pledged to provide one million low-cost houses to the B40 and M40 groups.

“We also look at a few options to ease the burden of the M40 and B40 buyers in terms of loan application, (getting) deposit and payment schemes,” she said during the opening of the Malaysia Secondary and Primary Property Exhibition (Maspex) 2018.

The three-day event, organised by the Malaysian Institute of Real Estate Agents (MIEA), was held at Starling Mall in Damansara Utama on 28-30 September. It featured about 25 firms that exhibited over 1,000 various types of properties costing RM300,000 to more than RM1 million.

“According to the NAPIC’s data, there are around 34,500 r overhang property worth RM22 billion in the market, which has reached an alarming level. Through Maspex, we hope to provide a platform for industry players to showcase their properties and for the buyers to find their ideal property,” said the event’s organising committee chairman Ahmad Zamzuri Kamarudin.

Meanwhile, MIEA President Eric Lim revealed that the Penang edition of Maspex 2018 will be held at Queensbay Mall on 25-28 October.

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