Mortgage Loan Applications Down In First Nine Months Of 2023, Minister Reveals Plans To Expand SASAR, RKAT Housing Projects And, More
8th November – 14th November
Malaysia saw mortgage loan applications amount to RM377 billion during the first nine months of 2023.
Meanwhile, Defence Minister Datuk Seri Mohamad Hasan has revealed plans to expand the Armed Forces Family Housing (RKAT) and One Member One House (SASaR) projects to several other cities.
1. Mortgage loan applications down in first nine months of 2023
Malaysia saw mortgage loan applications amount to RM377 billion during the first nine months of 2023.
Although the figure was 3.2% lower than in the previous year, it is still higher compared to pre-pandemic levels, reported the New Straits Times.
In the third quarter of 2023, mortgage loan applications rose 1.3% quarter-on-quarter, thanks to resilient July and August figures.
However, mortgage loan application declined 11.4% month-on-moth and 0.1% year-on-year in September, said UOB Kay Hian.
Meanwhile, loan approvals for mortgages showed resilience, with the potential of remaining steady over the rest of 2023.
For the first nine months of 2023, approved mortgage loans rose 1.7% year-on-year to RM144 billion despite a drop in mortgage applications.
This brought the approval rate to 43%, up from 41% over the same period last year.
2. Minister reveals plans to expand SASAR, RKAT housing projects
Defence Minister Datuk Seri Mohamad Hasan has revealed plans to expand the Armed Forces Family Housing (RKAT) and One Member One House (SASaR) projects to several other cities.
The housing projects were previously built within the Klang Valley only, reported Bernama.
Mohamad said his ministry would seek the views of the Malaysian Armed Forces (MAF) for that purpose.
“Among the cities are Kota Bharu, Ipoh, Johor Baru, Seremban as well as Penang,” he said during a press conference following the launch of the SASaR project at Wardieburn Camp in Setapak.
He shared that the SASaR Wardieburn project, which was expected to be completed in phases starting from 2026, was constructed by Platinum Victory Development Sdn Bhd at a cost of RM2.4 million.
The project was built based on the concept of cross-subsidy, wherein the government provides land to developers who build the homes at below market price.
According to him, 80% of the houses are set aside for military personnel, 15% for MAF veterans, and the remaining units are for the staff of the Defence Ministry.
The homes come with a 10-year prohibition to sell or rent.
3. Johor developers optimistic of state’s housing sector
After three years of uncertainties due to the COVID-19 pandemic, property developers in Johor are bullish of the state’s property sector amid signs of recovery.
Wong Boon Lang, Johor Chairman of the Real Estate Housing Developers Association (REHDA), is confident that REHDA’s Johor members are stronger now, putting negative thoughts behind them, reported The Star.
In fact, several developers, who tested the market with new launches in 2022 and 2023, have done well.
Although there remain some challenges such as a weaker ringgit and inflationary pressures, these have not dampened the spirits of developers.
“We have chosen a most appropriate theme called ‘Transforming Challenges to Opportunities’ for the Johor Malaysia Property Expo 2023 (Johor Mapex2023),” said Wong.
To be held from 17 to 19 November at Johor Baru City Square, the property expo will see 38 developers showcase RM6.2 billion worth of properties across 90 booths as well as five banks offering financial advice to prospective buyers.
Wong encouraged people to consider purchasing homes now instead of renting, given the several high-impact projects which would boost Johor’s economy.
He pointed that the Johor Baru-Singapore Rapid Transit System (RTS) Link, which is expected to be ready by 2026, would be a game changer, while the establishment of Special Financial and Economic Zones would have a significant impact on the state’s development.
4. UEM Sunrise partners Affin Bank to empower women homebuyers
UEM Sunrise Bhd has partnered with Affin Bank Bhd, via their latest mortgage acquisition programme “Affinita”, which is aimed at promoting homeownership among women.
Kenny Wong, Chief Marketing Officer of UEM Sunrise, said the partnership is one of the company’s efforts to provide financial support to homebuyers, reported The Star.
“In addition, the partnership also represents a significant step towards supporting women in various aspects of their lives, and by providing access to attractive financial support, we can empower women to achieve their dreams of property ownership, among other things.”
Wong noted that the programme also underscores UEM Sunrise’s commitment to advancing the rights of women as well as fostering gender equality and inclusion in the real estate sector.
The various incentives under the programme include access to Invikta Premier Banking of Affin Bank, with female customers offered financing of over RM500,000.
Those interested can visit KAIA Height sales gallery on 19 November, to learn more on how they could benefit from this partnership.
5. DBKL demolish illegal structures in Pudu
Waste cleaners in Pudu can now carry out their task properly, after Kuala Lumpur City Hall (DBKL) demolished the illegal structures at the Jalan Nyonya side lane and Lorong Baba back lane.
For over a year, Alam Flora waste cleaners had to contend with the illegal structures, which were erected by licensed traders, reported The Star. They have also lodged numerous complaints with Solid Waste Management and Public Cleansing Corporation (SWCorp) this year.
The demolition operation saw a backhoe, three lorries, shovels, demolition hammer, a tow truck and drills tear down the illegal structures at the Lorong Baba back lane.
It took the demolition team five hours to remove and dismantle tables, chairs, canopy frames and metal awnings.
A DBKL enforcement officer, who wanted to remain anonymous, stated that City Hall could not provide the cost of the demolition exercise just yet since it had to wait for the input of the engineering and mechanical department, which provided the vehicles, logistics and machinery for the operation.
“Once we have the figures, the traders who owned and installed these obstructions will have to bear the removal cost,” said the enforcement officer.
