Zuraida: Govt in talks with developers to resolve housing overhang

Zuraida said she would like to call upon property developers with properties priced at RM500,000 and below to contact the ministry. — Picture by Miera Zulyana
Zuraida said she would like to call upon property developers with properties priced at RM500,000 and below to contact the ministry. — Picture by Miera Zulyana

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PETALING JAYA, Sept 28 — The Housing and Local Government Ministry is currently in talks with property developers to resolve residential property overhang worth more than RM22 billion, says Minister Zuraida Kamaruddin.

She said the ministry would focus on properties below RM500,000 first to assist house buyers and also developers.

“If I can find the best deal at a good price with the developers and the location is good, it can be offered to the B40 (bottom 40 per cent of household income) and M40 (middle 40 per cent of household income) groups,” she told reporters at the Malaysia Secondary and Primary Property Exhibition 2018 here today.

Zuraida said she would like to call upon property developers with properties priced at RM500,000 and below to contact the ministry and obtain assistance for their houses to be listed under the government’s one million affordable houses target.

She said the government had completed the National Affordable Housing Policy 2.0 and the policy was expected to be announced by end-October.

“We have to get some comments and feedback from various ministries involved, so that when the Cabinet gives its approval, it will be (immediately) launched,” Zuraida said,

She also said the ministry is in the process of streamlining all the agencies under it.

“So far, these agencies came to us, 1Malaysia Civil Servants Housing Scheme, 1Malaysia People's Housing, Syarikat Perumahan Negara Bhd and UDA Holdings Bhd.

“We hope to complete the process in the next two months”, she said.

On Finance Minister Lim Guan Eng’s statement that the Sales and Service Tax (SST) waiver on construction services and materials would be reviewed if housing prices are not reduced, Zuraida said the price of houses should be cheaper as no SST was imposed.

“If the price is still expensive don’t buy their property,” she added. — Bernama

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