RM18.3b worth of unsold houses in 2Q, says deputy minister
Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir stated that, according to the National Property Information Centre (Napic), this indicates a 5.
Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir stated that, according to the National Property Information Centre (Napic), this indicates a 5.
These auctioned residential units include 1,033 units priced at RM300,000 and below; 418 units priced at RM300,000 to RM500,000; 267 units priced from RM500,000 to RM1 million; and 202 units priced at RM1 million and above.
The Local Government Development Ministry’s initiatives to assist affected homebuyers include issuing letters to confirm the status of the projects, to be presented by the buyer to financial institutions, and entities such as the Employees Provident Fund (EPF) and the Public Sector Home Financing Board (LPPSA).
Next month, the ministry will meet the Real Estate and Housing Developers’ Association (Rehda) Institute to discuss what incentives the government should provide to developers to encourage them to practise the build-then-sell concept, Local Government Development Minister Nga Kor Ming said in his welcome speech at the opening ceremony of the Malaysia Property Expo (MAPEX) 2023 at the Mid Valley Exhibition Centre on Friday.
“The ministry has also taken action to freeze 20 housing development accounts (HDA) for projects in the sick category.
Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir said the government is currently studying to amend the Advertising Permit and Developer’s License Act (Act 118).
The Ministry of Local Government Development is working on a National Housing Action Plan, which includes home supply requirements based on metrics such as the ratio of the median house price to median income.
Currently, Akmal Nasrullah said the liquidator may charge a service charge based on Companies Winding-up Rules 1972 for the services provided and the rate of charge is subject to the complexity of the liquidator's role in managing the affairs of the housing project.
In total, 118 private housing projects previously deemed delayed or sick have been recuperated and received certificates of completion and compliance.
Local Government Development Minister Nga Kor Ming said: "This step is one of the collective initiatives between the government and housing developers in providing homes for the people.