I am very sure Malaysia needs more homes, especially the affordable ones. I know, you want to say that there’s an overhang. Perhaps it’s better to just ask 10 of your colleagues to understand that majority is definitely not an owner of a home, yet. They may be buying one in the near future potentially. Just need to make sure the price is affordable and they did not spend all their salaries on vacations and stuffs from online retail sites.
Of course, the term affordable is a huge difference in price for different households. However, the generally accepted number would be homes below RM400,000. BNM says it’s RM280,000 yeah. Earlier article here: BNM says new launches prices are too high for salary The burden of building ever more homes falls on our Housing and Local Government Ministry (KPKT).
Article in themalaysianreserve.com Housing and Local Government Minister Zuraida Kamaruddinn said that her ministry will open the request for proposal (RFP) tender for 72 plots of land under the federal government by January 2020. These lands banks were from the consolidation of the 1Malaysia People’s Housing Programme (PR1MA), Malaysia Civil Servants Housing Programme (PPAM) and Syarikat Perumahan Nasional Bhd (SPNB) under KPKT.
She said, “We have put together a pool of land under KPKT that would total up to almost 72 plots of land, which are to be launched for the RFP tender soon. We expect to have an average of 1,000 houses per plot.” She also said that developers’ track record — particularly those involved in the affordable housing projects by the private sector — would be a consideration during the tender process. Please do read the full article in themalaysianreserve.com here.
It may be a little late to save a 10% downpayment or maybe RM30,000 for a RM300,000 property within 2020. However, I do not think all the projects will start at the same time. Thus, perhaps it’s fine to start saving a lot and then register for these affordable units once the RFP dust clears and all the winning developers have presented their plans. For those who prefer to start staying immediately, then the secondary or the auction market may just be better and quicker too. Happy anticipating. I will report when more news are available.
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