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.
“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.”
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