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Release of quota after 6 months, with conditions.

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One major concern on cashflow for developers would be unsold units. Beyond just money, it will also be delaying their next project. For some of the developments, the Bumiputera quota is something they need a solution to. To a developer, they just want to sell all the units and could then focus on their next project. Article in edgeprop.my here. Perak Menteri Besar Datuk Seri Ahmad Faizal Azumu said beginning 1st April 2019, housing developers in Perak will be allowed to apply for properties under the Bumiputera quota to be released to other buyers if it remains unsold by the Perak Housing and Property Board (LPHP) within six months. He said that the time frame reduction to six months is to ease the burden on housing developers.

He added, “If the properties are unsold after six months, the developers may apply for 50% of the Bumiputera quota to be released to other buyers, on the condition that the properties have achieved 30% physical construction and 60% of the non-Bumiputera lots have been sold. They may apply for the remaining 50% to be released after physical construction has reached 80% and 90% of the non-Bumiputera lots have been sold.” He also announced that the ceiling price for “Rumah PerakKu I” and “Rumah PerakKu II” will be increased so as to attract private developers. “The prices of Rumah PerakKu I houses will be increased from RM70,000 to RM90,000 and from RM140,000 to RM180,000 for Rumah PerakKu II houses. “In line with the price increase, the minimum build-up of Rumah PerakKu I houses in zone A will be increased from 860 sq ft to 900 sq ft,” he added. Article in edgeprop.my

Frankly, when it comes to property, it’s extremely important to make it big enough so that a couple who bought it could also continue staying there after they have a bigger family. The price difference between RM140,000 and RM180,000 is RM182. The potential gain is however much more because these homes could be built with better specs too. Let us be reminded that when a home is too shoddily built, the maintenance will be far higher and for the owners, the value will not appreciate too. This meant that the price could not help them hedge against inflation. Just look to HDB flats in Singapore. They are well built and over the years, some have risen in prices to hit SGD 1 million too. Happy understanding.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 18 Feb 2019

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