Helping Malaysians to own a property and escape poverty

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Developers usually find it hardest to finish selling the Bumiputera quota in their housing developments. This will usually affect the cashflow of the property developer. Seriously, developers just want to finish selling all units so that they could move on to the next project. Else, the holding costs for these will likely be high and usually it will be months to years before the units are sold or the quota is released. This is also one reason why property prices may have to be higher too. The unsold units are considered a cost and this cost would have to be borne by someone…

Article in FreeMalaysiaToday: Bumiputera quota for affordable housing to be reviewed, says Zuraida She said that the review would include having standardised pricing for affordable homes in the country. She said, “The ministry needs some time to review and get feedback from industry players and home buyers. Basically, the people will be assessed based on their income instead of race. If we set the affordable homes for only those earning RM3,000 and below, we will use the guideline regardless of religion and race.” Recently, Real Estate Housing Developers Association (Rehda) president Soam Heng Choon proposed the review of the Bumiputera housing quota policy to allow for the automatic release of completed but unsold Bumiputera units. Zuraida’s answer on the sales and services tax (SST) exemption on construction materials? She said besides cheaper house prices, developers could also offer “more value for money” for buyers of affordable homes. The full article in FreeMalaysiaToday

There are many Bumiputera friends whom I know are buying non-Bumiputera units too. Assuming this is just a small 5 percent, how about using this number as an automatic release of the designated Bumiputera units? As for the rest of the Bumiputera units, the upcoming policy from KPKT should be on helping any Malaysian needing assistance to own a home. Without a property, any household will always be held ransom to rentals and when we look at the advanced nations in the world today, lacking of a property is usually one major cause for continuous poverty. (Earlier article here) Imagine putting away more than half of the monthly pay just for rental. There’s no way out for many of these families… Oh yeah, how much can affordable homes appreciate? Let’s help.

written on 13th Oct 2018

Next suggested article:  Affordable housing to worsen the unsold units?

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