KPKT may help developers, home owners sell properties priced below RM500,000

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PETALING JAYA (Sept 28): The Housing and Local Government Ministry (KPKT) is looking at absorbing properties – both on the primary and secondary markets – priced at below RM500,000 into its pool of one million affordable homes.

KPKT Minister Zuraida Kamaruddin said as the focus will be still on promoting homeownership among the M40 and B40 groups, overhang properties – defined as completed properties with Certificates of Fitness for Occupation (CFO) or Temporary Certificates of Fitness for Occupation (TCFO) which remain unsold after being on the market for at least nine months – in good locations which suit their needs will be considered for inclusion in the pool.

According to the National Property Information Centre (Napic), there are 25,193 overhang residential units in Malaysia as at the first quarter of this year.

She added that the ministry will talk to developers and property owners about helping them to find buyers.

In Pakatan Harapan’s general election manifesto, the new government promised to provide one million affordable homes to the middle to low-income group.

“We also look at a few options to ease the burden of the M40 and B40 buyers in terms of loan application, [obtaining] deposit and payment schemes,” she told the media after officiating the opening ceremony of the Malaysia Secondary and Primary Property Exhibition (Maspex) 2018.

Organised by the Malaysian Institute of Real Estate Agent’s (MIEA), Maspex 2018 featuring 25 exhibitors showcasing more than 1,000 properties with diverse choices across all property types and prices ranging from RM300,000 to over RM1 million.

EdgeProp.my is the media partner and sponsor of Maspex 2018.

The three-day event is held at Starling Mall, Damansara Utama, from today until Sept 30.

Maspex 2018 organising committee chairman Ahmad Zamzuri Kamarudin said Maspex 2018 is a unique proposition in that it is the only property exhibition in the country to showcase a wide variety of properties in the secondary market, alongside with primary properties.

“According to the National Property Information Centre’s data, there are around 34,500 unsold or overhang property worth RM22 billion in the market, which has reached an alarming level.

“Through Maspex, we hope to provide a platform for industry players to showcase their properties and for the buyers to find their ideal property,” he said during the opening ceremony.

Besides the property showcase, a series of talks on property investment and legal issues by industry experts will also take place on Sept 29 -30.

MIEA President Eric Lim said the institute will also be hosting Maspex 2018 in Penang from Oct 25 to 28 in Queensbay Mall.