Housing ministry ready to look into property glut

PETALING JAYA (Nov 21): The Urban Wellbeing, Housing and Local Government Ministry is ready to look into the issue of excessive property stock, especially unsold residential units, with various parties to resolve the problem.

In a Bernama report, Minister Tan Sri Noh Omar said it would identify housing-related issues, such as supply mismatch and market demand.

“The ministry is prepared to look into the issue with all parties such as the National Property Information Centre, Finance Ministry, Federal Territories Ministry, Bank Negara Malaysia (BNM) and the Real Estate and Housing Developers’ Association Malaysia,” he said when winding up the Supply Bill 2018 at the committee level for the ministry at the Dewan Rakyat yesterday.

In a BNM report on Friday (Nov 17), the central bank said 83% of unsold homes (130,690 units as at 1Q17) were priced above RM250,000 while 61% of them were high-rise residences.