Ministry to develop Affordable Housing Price Index

KUALA LUMPUR (July 18): The Housing and Local Government Ministry (KPKT) is developing an Affordable Housing Price Index for each location nationwide as a guide for developers, prospective buyers and local authorities to determine the appropriate price of affordable housing in an area or locality.

Its Minister, Datuk Seri Reezal Merican Naina Merican said the index should be set up as there are different standards or definitions of affordable housing in various localities and States.

"For example, affordable in Shah Alam might not be the same as affordable in Hulu Selangor. That’s why we need to have a different standard to be guidelines for housing developers or entities to develop or build affordable housing,” he said during his speech as the launch of the Home Ownership Programme (HOPE) and the Jom Beli Rumah Carnival at Mid Valley Exhibition Centre near here on Friday.

Both programmes are among government initiatives aimed to make house ownership easy for B40, M40 groups and youth.

"Every Malaysian family needs and should be helped to own a home. This is our joint objective — One Family One House,” he said.

Reezal also informed that the Jom Beli Rumah Carnival held on Friday will be expanded throughout the country and over 130,000 affordable houses as well as over 330,000 residences at open prices will be offered in the series of carnivals.

"It will not just be in Mid Valley only, but will be taken to Malaysian families in the north, east coast, south as well as Sabah and Sarawak," he said.

He said special offers, including discounts of up to 10%, reduction or exemption of legal fees along with facilities to make the 10% deposit by instalments, will be given to visitors.

Meanwhile, he said 386,000 units out of 500,000 houses targeted for construction throughout the 12th Malaysia Plan (12MP) were in the implementation stage.