Selangor To Build 60,000 Rumah Selangorku Units By 2025, Penang To Add A New Category Of Affordable Housing And, More
26th September – 2nd October
State Housing and Culture Committee Chairman Borhan Aman Shah said Selangor targets to build at least 60,000 units of Rumah Selangorku housing by 2025.
Meanwhile, Penang is poised to have a new affordable housing category, with the units priced at RM100,000 for families with a combined monthly income of RM5,000 or less.
1. Selangor to build 60,000 Rumah Selangorku units by 2025
Selangor targets to build at least 60,000 units of Rumah Selangorku housing by 2025, according to Borhan Aman Shah, Chairman of the State Housing and Culture Committee.
He noted that 109 projects comprising 35,606 Rumah Selangorku units have already been completed and occupied to date, reported The Star.
“In terms of housing offers, the Selangor Housing and Property Board (LPHS) has successfully offered 48,407 members of the public the opportunity to own Rumah Selangorku,” he said.
He shared that LPHS not only serves as a project monitor and policy maker, it also acts as a special housing developer of affordable homes.
He also revealed plans of LPHS to build 6,347 Rumah Selangorku units by 2026.
These upcoming affordable housing units will be strategically located in areas such as Alam Impian, Glenmarie, Pulau Meranti, Pekan Bangi Lama, Salak Tinggi and Kota Warisan.
2. Penang to add a new category of affordable housing
Penang is poised to have a new affordable housing category, with the units priced at RM100,000 for families with a combined monthly income of RM5,000 or less.
Datuk Seri Sundarajoo Somu, Chairman of the State Housing Committee, said the new category of housing units, spanning 750 sq ft, is aimed at providing more affordable housing options, particularly for the middle-income group.
The plan is still in the conceptualisation state, with more details set to be released by November.
“We are discussing with developers and urban planners how to build such homes to give buyers the best value for their money,” he said.
On the high loan rejection rates issue facing the B40 group, Sundarajoo said Selangor is working with banks to find solutions, reported The Star.
He noted that the market value for the lowest-priced affordable home now stands at RM150,000, making it easier to secure loans. However, many applicants lack proper documentation or formal jobs.
“In such cases, Penang’s Rent-to-Own model may be the best option for them,” said Sundarajoo.
3. Sabah to revised MM2H to attract more high-value talents
Sabah will table a revised version of the Sabah Malaysia My Second Home (SMM2H) programme at the state legislative assembly.
Chief Minister Datuk Seri Hajiji Noor said the move is aimed at fine tuning the programme to make the state more attractive for foreigners looking to move here, reported Malay Mail.
“The influx of talent and expertise will benefit us, especially for our SMM2H programme that will be tabled at the state legislative assembly soon,” said Hajiji.
The chief minister expressed hope that the revision will attract more high-value talents, including from South Korea.
To date, the state is home to about 2,000 Koreans, with most of them residing within the state’s capital.
He noted that while the number is relatively small, the state is heartened by the Koreans active participation in Sabah’s economy.
“Collectively, they have made a significant impact, as many have chosen to settle here and bring a rich and diverse wealth of experiences and skills,” said Hajiji.
4. REHDA urges government to make homes more affordable
The Real Estate and Housing Developers Association Malaysia (REHDA) has urged the government to enhance housing affordability for Malaysians in Budget 2024.
This could be achieved by reducing building material prices or eliminating import levies to lower input prices for developers, said REHDA President NK Tong.
“Other than the cross-subsidy method that developers have to undertake to build affordable housing, another major factor that contributes to the issue is the rising input cost for building materials, which correlates directly with rising house prices,” said Tong.
He explained that the intervention will go a long way in mitigating the problem in housing unaffordability, reported Free Malaysia Today.
Tong noted that the escalating land costs are also inflating home prices. He also called for reforms in state finance. Citing EPF’s Chief Strategy Officer Nurhisham Hussein, he pointed that a large chunk of the state’s income comes from property-related taxes.
As such, reforming state finance is “essential when it comes to discussing affordable housing”.
REHDA also wants the government to continue the home ownership campaign (HOC) since it has helped many Malaysians to acquire their own homes as well as improved the country’s gross domestic product.
5. Malaysia’s property sector outlook improves
MIDF Research said the outlook of Malaysia’s property sector is improving amid the declining property overhang and inventory levels among developers.
The research house noted that the unchanged overnight policy rate has also positively impacted property companies by supporting demand recovery, reported The Star.
With this, it has adjusted its net asset value discount as well as target prices for property firms under its coverage. It also upgraded the property sector from “neutral” to “positive” in line with its improving outlook.
MIDF Research issued “buy” calls for Mah Sing Group Bhd, SP Setia Bhd, IOI Properties Group Bhd, Glomac Bhd and Matrix Concepts Holdings Bhd. Its top sector picks were Mah Sing and Matrix Concepts.
The research house remained optimistic about property developers focusing on mid-market and affordable housing sectors, given the resilient demand for affordable housing.
Meanwhile, National Property Information Centre (NAPIC) said residential overhang in the second quarter of 2023 stood below the three-year average of 31,000 units.
It attributed the decline in residential overhang to renewed buying interest following the reopening of the country’s international borders.
6. Sabah plans to ban Airbnb operations in condos
Sabah is looking to regulate the operations of Airbnb within the state, shared Datuk Dr Joachim Gunsalam, the state’s Deputy Chief Minister.
“We are looking at the ordinances and see where we can regulate it. It could possibly be to make it illegal for Airbnb to be operated in a condominium or a private housing area. They have to be a business entity,” said Dr Joachim.
He expressed grave concern over a case where Chinese tourists found hidden camera in their rented Airbnb room, reported The Borneo Post.
“To me it is all about regulation of the AirBnB and there are some minimum standards (to adhere to),” said Dr Joachim.
With this, he urged visitors to Sabah to book only licensed accommodations, while urging operators to conduct their business professionally.
