Latest Planning For Property Market By The Ministry of Housing

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Here’re the latest updates from the Minister of Housing and Local Government (KPKT), Zuraida Kamaruddin for the local property market:

1. KPKT will seek Cabinet’s approval to put the government housing schemes & entities under one roof, including SPNB, PR1MA, Rumahwip, PPA1M, RMR1M, PPR & more.

“We are indeed looking at streamlining all the government housing project into one body, and renaming it into something else. We will file the Cabinet papers to coordinate the projects from all government agencies such as PR1MA, SPNB, Rumahwip, PP1M, among others,” said Zuraida.

 

2. KPKT will be meeting MoF and BNM to review the credit rating and loan policies for homebuyers, especially for first-time homebuyers.

There will be a new mechanism to facilitate the bank loan application process for young Malaysians purchasing their first properties, Prime Minister Tun Dr. Mahathir Mohamad said.

“We found that banks are too strict with housing loans and this makes it difficult for people to own a house.

“We would need to review the current process and a certain mechanism will be introduced to ease the procedure.”

 

3. House owners of the government housing projects, especially PPR, are required to excavate the foreigner tenants within these three months or risk punishment from the authority, which may include the loss of ownership.

People’s Housing Project (PPR) owners, renting their units to foreigners, have been given three months beginning today to eject these tenants.

Housing and Local Government Minister Zuraida Kamaruddin said if the owners fail to do so; they would be subjected to action including the cancellation of homeownership rights.

She said action taken will start with PPR homes under the ministry nationwide, followed by the other sectors.

 

4. A special workforce will be created to study the feasibility of redeveloping the area of Highland Tower. The area, which has been neglected since 1993, is considered a premium land located on a strategic location.

The Minister of Housing and Local Government (KPKT) Zuraida Kamaruddin said the ministry would be looking at redeveloping the Highland Tower area.

“As the MP for Ampang for the past two terms, the area has been an eyesore for the residents nearby. Highland Tower is considered a premium location that was coveted by many, and it is such a waste just to let the area be neglected as it is now,” said Zuraida during the press conference at KPKT Ministry.

Facing obstacles obtaining the proper documents to handle the issue back then, Zuraida is hopeful that she will have access to the information for examination.

“We will establish a special committee for a feasibility study of Highland Tower, which will be in charge of taking over the land as well as rebuilding the houses destroyed during the tragedy in 1993,” she shared.

 

SOURCE: StarProperty.my

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