Malaysia’s mid-income housing scheme undergoing transformation
Ambitious government programme has been a letdown to middle-class Malaysians looking to own a home
A government housing scheme for middle-income earners will be undergoing a ‘transformation exercise’, The Sun Daily reported.
Perumahan Rakyat 1Malaysia (PR1MA), also known as the 1Malaysia Housing Programme, is participating in a due diligence process until June.
“As a government entity, PR1MA is committed to ensure that its obligation with stakeholders including homebuyers is honoured, while at the same time, we are also embarking on a transformation exercise that will enable PR1MA to maximize the effectiveness of the change effort that is taking place within the organisation to further improve our business and operations,” said PR1MA acting CEO Mohd Nazri Md Shariff in a statement to the press.
More: Malaysia’s exemplary projects reflect speedy journey to developed-nation status
PR1MA has achieved sales bookings of around 10,200 homes with a value of MYR2.56 billion (USD616 million) within three months of the launch of the Home Ownership Campaign (HOC 2019), he added.
The scheme was established to promote home ownership among middle-income Malaysian households that had been underserved by housing programmes which gave inordinate focus on lower-income earners.
However, only 16,682 units, representing 1.6 percent of the target, were built between 2013 and 2018 for PR1MA. Around 1.42 million people have registered for the programme to date.
Recommended
Thailand’s real estate sector watches closely as the Shinawatras return to power
Time will tell if the return to power in Thailand of the Shinawatras will lift the country’s ailing real estate sector
China’s homebuying surge: Can new stimulus measures keep the market rally alive?
Stimulus measures have sparked a surge in homebuying activity around China, but many are sceptical the shift will endure
Meet the architect transforming Asia’s retail spaces with nature-inspired designs
David Buffonge, the cofounder of Hong Kong-based Lead8, has strong opinions on how to improve built environments around Asia
6 sights to check out in Siem Reap, Cambodia
Cambodia’s “temple town” is bolstering its touristfriendly attributes with new infrastructure and residential developments