SS1 and SS2 PJ PJ skyline - June 16, 2017. Art Chen / The Star.
PETALING JAYA: The Real Estate and Housing Developers’ Association (Rehda) said the realities of the housing issue facing the country can only be solved if different government agencies like Bank Negara, National Property Information Centre (Napic), the Urban Wellbeing, Housing and Local Government and Rehda work together.
Rehda is supportive of the call by Second Finance Minister Datuk Seri Johari Abdul Ghani and Bank Negara to establish a single authoritative body to oversee all housing matters in the country, especially in regards to affordable housing but give the freeze a “re-think”, a Rehda statement said.
“Rehda has always advocated the need for a comprehensive data to establish the demand and supply of properties in the right location,” a Rehda statement said.
“The availability of the data will help give a more accurate picture of where demands are located the most, and which areas require less, thus preventing oversupply.”
The association was responding to comments by Johari about a Cabinet freeze on residentials priced RM1mil and above and on shopping complexes and offices.
“The income per capita of Malaysians in general has improved by about 46% (since 2010) but this is not reflective in the disposable income and purchasing power of the average Malaysians due the rising cost of living.
“This is the fundamental reason why many Malaysians cannot afford to purchase property as their high household debt is high. We believe that some measures need to be taken by the powers-that-be to address this serious issue,” Rehda said.
The association also urged the Government and state authorities to review and reduce unnecessary compliance/contribution costs to help lower down developers’ cost of doing business and to remove restrictions on unsold completed properties for all types of properties.
“Stamp duty waiver, especially for buyers of the affordable housing category, would also go a long way in assisting purchasers to buy,” Rehda said.
The association also proposed that completed office space and retail lots be “re-purposed” to mitigate the high number of such properties.
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