.jpg "Datuk Soam Heng Choon (centre) speaks during a press conference at Wisma Rehda in Petaling Jaya December 15, 2021. u00e2u20acu201d Picture by Choo Choy May")
KUALA LUMPUR, Dec 16 — The Real Estate and Housing Developers’ Association Malaysia (Rehda) urged the government to help the property industry by curbing anti-competition and profiteering activities.
They said these practices were hurting the sector in Malaysia as prices of materials continued to rise, which will eventually cause a spill on effect on the public.
“Biggest concern for the supply chain is claims of anti competition and severe profiteering by certain people in the supply chain. We’re not pointing the fingers at anyone but there have been claims and suggestions from our association members and our statement is quite general.
“We want the government to engage with us and the suppliers and developers to ensure no such thing is happening. This can be done easily.
“For example, for goods made in Malaysia, the government can check if there is any profiteering or anti-competition. If there are any of the supply chains monopolised by only three or four suppliers, those are things we hope the government can look into,” said Rehda president Datuk Soam Heng Choon.
He said he hoped the various government agencies would engage suppliers individually so they can understand the market better, learn why the prices have increased and if the price increase was valid.
He said it was akin to the recent uproar when prices of vegetables and chickens skyrocketed where the government agencies had to check for themselves.
“A lot of noise was made about the price increase by the developers without knowing the supply chain and the reasons. But this can be reflected very easily, especially for public companies.
“When they announce their year-end results then you will know if there is any anti-competition or profiteering or not. It’s quite clear. If it’s a private company it’s more difficult.
“For a private company suddenly you have super profits then there must be certain reasons why profit has gone up so much,” he added.
Soam was speaking at the press conference held by Rehda today to highlight issues pertaining to the selling and marketing of real estate.
Among the issues highlighted were how to end financing challenges relating to financial institutions in Malaysia, a slow adoption of digital services, and a negative buyers market coupled with pressure from external forces.
Several proposals to the government to improve access to home financing for home buyers were made.
For My First Home Scheme (Cagamas), they suggested financial institutions expand their step-up financing and accelerate the Rent-To-Own scheme for the rakyat.
