PUTRAJAYA: The RM240bil in property transactions reported last year, shows that the sector has not only recovered but has become an engine for economic growth, says Nga Kor Ming.
Commenting on the Valuation and Property Services Department’s (JPPH) Property Market Report 2025 released recently, Housing and Local Government Minister said the figure was the highest in a decade.
“In other words, our property sector has not only fully recovered, but has now become an engine of economic growth, which I describe as a pillar of the country’s economy,” he told reporters at the Ihya Ramadan programme at the ministry on Tuesday (March 3).
This is because property development is linked to 200 industries, whether manufacturing, contractors, banking and legal businesses. All these are interconnected, and this reflects an encouraging trend,” he added.
He said the government is also looking to establish a single agency to handle all housing-related matters.
“There will be a single window for national housing, so that all approval processes, transfers and bureaucratic procedures can be reduced, and administrative and approval processes can be expedited,” he said.
We hope that the national housing reform measures we are actively implementing including the electronic Sale and Purchase Agreement (e-SPA), the Housing Integrated Management System (HIMS), and the Housing Development Account (HDA) Audit are all progressing smoothly. I expect this year to be an even more encouraging one if all parties cooperate effectively,” he added.
On the conflict in the Middle East, he said Malaysians must be prepared for a storm to come if the situation does not unfold as hoped.
“It is essential that we safeguard national stability, especially during times of such crisis. We must rise to ensure that our country remains stable and harmonious. We must not be shaken or descend into chaos, as this would certainly affect the lives and welfare of Malaysians,” he said.
On the impacts on the construction sector he said, it is important to ensure that transport costs do not adversely affect our housing and construction sectors, as the Strait of Hormuz, which handles 25% of the world’s oil and gas supply has been restricted.
The conflict between US and Iran has entered day three.
Nga also announced that the ministry is planning to build the largest People's Residency Programme home in Bandar Sri Permaisuri Kuala Lumpur.
He said the project will serve as a transit home for youth and will have 1,319 units.
