Major Decline in Housing Supply

Posted on: 2015-08-12

MALACCA: The supply of residential properties has declined 50.1% from 4,223 units in 2014 to 2,106 units this year.

The Real Estate and Housing Developers' Association Malaysia (Rehda) Malacca chapter chairman Anthony Adam Cho Tian Han described the trend as worrying.

He said if it continues many locals may not have a roof over their heads in the future.

He noted that providing housing to locals was the responsibility of the state government and requested that non-bumiputra be allowed to buy unoccupied bumi lots.

'Private entities are doing their part to build houses for everyone's benefit.

'The state government ought to find the right method to offer these houses at an affordable rate,' he said after opening the 2015 Malaysia Property Expo (Mapex) at Mahkota Parade.

Rehda he said, had no choice but to continue making an appeal to release unsold bumi lots and to outline appropriate action to dispose these unsold units.

Cho said many non-bumis were desperate for homes and owning one was difficult.

He added this is the fourth consecutive year Rehda was making this call to the state government.

In 2011 and the following year, Cho's predecessor Datuk Gew Yew Kiat blamed poor response from bumi buyers as the main factor leading to the exodus of many housing developers from Malacca to other states.

Gew was quoted as saying that the state was losing out in wooing developers to Malacca.

He said they were driven away by the 60% quota for bumi lots imposed on new housing schemes.

Rehda's members have decreased from 82 in 2005 to 69 presently due to this regulation.

The association said that residential projects were still in great demand among those buying for their own use as well as investors.

It said that the state required about 10,000 to 12,000 units for local house buyers, especially young adults.

Rehda noted 80% of Malacca land was gazetted as Malay Customary Land (MCL) and that houses built there are only offered to local bumis.


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Source From: http://www.thestar.com.my/Metro/Community/2015/08/12/Major-decline-in-housing-supply-Rehda-requests-release-of-designated-lots-to-all-housebuyers/

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