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MELAKA, Feb 2 — A total of 1,163 units of residential and commercial properties in Melaka which were developed over 10 years ago and worth RM420.94 million have yet to be sold to-date.
Melaka Chief Minister, Datuk Seri Idris Haron, said of the total, 725 units were residential properties valued at RM253.68 million and 438 units were commercial properties.
“The number was released by the Valuation and Property Services Department for the second quarter report of last year and Melaka was among the states which recorded the lowest number of unsold properties.
“This shows that the development projects implemented in Melaka are in line with current demand and have no negative impact on the property development industry,” he told reporters after opening the Special Bumiputera Housing and Real Estate Expo 2018 here today.
Also present were Melaka Housing, Urban Wellbeing, Local Government and Environment Executive Councillor, Datuk Ismail Othman and Executive Director of Melaka Housing Authority Saleh Mohd Dom.
The three-day expo in Mydin Ayer Keroh, which involves 22 housing developers, starts today.
Idris said property ownership, particularly for the rakyat, was the highest in the country as the state government always focused on affordable housing development projects.
He, however, said the move did not mean that the state government was inhibiting the development of luxury properties and the property developers should first look at the market’s capability of the project.
“Previously, the state government has stopped the development of luxury properties worth RM1 million and above to balance the supply and demand of the property sector as done by the federal government,” he said. — Bernama