Malaysian developers confident government will meet housing targets
A million affordable houses in a decade? Achievable, says REHDA
The Malaysian government’s grand plan to deliver one million low-cost residential units in a decade is viable, an association of property developers has assuaged first-time property seekers.
“One million (affordable) homes in 10 years is achievable if there is enough resolve and I think that this government has that,” Datuk N K Tong, vice-president of the Real Estate and Housing Developers’ Association Malaysia (REHDA), was quoted as saying by Bernama.
However, the initial target imposed on the first year of the scheme may not be a realistic expectation, he suggested.
More: Malaysia’s exemplary projects reflect speedy journey to developed-nation status
“I wouldn’t expect the first 100,000 homes to be delivered within the first year, because from a practical point of view, the gestation period for the development can take up to four years,” Tong said at the press conference for World Class Sustainable Cities (WCSC) 2019, to be held in September in Kuala Lumpur
With good coordination between housing authorities, various government bodies, developers, home buyers, and other stakeholders, such targets “will be achievable,” he added.
REHDA, along with the Malaysian Institute of Planners and the Institute of Architects Malaysia, organised WCSC 2019 as a networking event for city managers, urban planners, architects, and engineers.
The one million affordable homes arrived last year under a campaign promise by the ruling Malaysian party Pakatan Harapan. Market observers were doubtful it would meet its goals, with CBRE|WTW managing director Foo Gee Jen calling one target “a tall order.”
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors