Malaysia’s housing construction & affordable housing benefits from 3 C’s says Tan Sri Michael Yeoh

Malaysia’s housing, property and affordable housing sectors (including the business community) are benefiting from a government led environment that is focussing on the three Cs…Certainty, Consistency and Clarity in its macro-economic policies and endeavours said Tan Sri Dr Michael Yeoh in his opening address at the recent Kingsley Strategic Institute (KSI) National Housing & Property Summit in Kuala Lumpur.

YBM Senator Dato’ Raja Kamarul Bahrin Shah, Deputy Minister of Housing and Local Government was the keynote speaker at KSI’s Summit that brought together high-ranking senior government officers, business leaders, captains of industry, academia and stakeholders to discuss The New Property Landscape in a Changing Business Environment – Where do we go from here? 

“With respect to the housing and property industry, affordable housing remains a challenge with greater need for Public Private Partnership (PPP) between government and the private sector.  This is needed to deliver the outcome of more affordable housing in line with the nation’s aspirations”, affirmed Tan Sri Dr Michael Yeoh.

The escalating home ownership and overhang in the country has become a top agenda for the government to resolve.  Various housing policies and measures are being implemented to stimulate buying and boost the current property market said Senator Dato’ Raja Kamarul Bahrin Shah in his opening remarks.

“The recently launched National Housing Policy 2.0 outlines five focuses 16 strategies and 57 action plans, of which 15 will be carried out in the first two years.  The five focuses include improving accessibility and affordability, quality housing for all, cohesive neighbouring and neighbourhoods, improving coordination between housing development and transportation and strengthening the institutional capability”, said the Senator and Deputy Minister.

The Housing Policy aims to build 1 million affordable units in the next 10 years with the target broken down to 100,000 homes annually.

The latest economy indicators point to a positive Malaysian property market next year driven by strong fundamentals including solid economy growth, increased loan applications and approval, stable currency, private consumption, investment, as well as the Government's infrastructure investments.

Both the Senator and Tan Sri Dr Michael Yeoh addressed the need for appreciation of technology and its impact and growing importance in the buying, selling, and renting process of property. 

It is going to be the game changer with Big Data and technology impacting property and construction, as well as every aspect of living and commercial endeavour.

Senator Dato’ Raja Kamarul Bahrin Shah continued, “The property industry needs to look at other ways of overcoming the demands for housing with renting an option to overcome supply issues.  A strong tenancy market will support the investment market and improve property market issues”.

“The Rent-To-Own (RTO) scheme is a positive Government initiative that offers buyers the option to rent their homes for five years and apply for financing to participants in the sixth year”.

Senator Dato’ Raja Kamarul Bahrin Shah concluded his presentation affirming there is no single solution for improving urbanisation and achieving sustainable urban development.  The Government’s agenda provides the principles and practices to bring the vision to life and into reality.

There is much that needs to be done in the property and housing sector.  But by working together with the private sector, the goal to energise the industry and find ways to improve and sustain Malaysia's property market can be achieved.

Tan Sri Dr Michael Yeoh confirmed that the Summit had been a success and KSI was in the process of producing a report of the discussions for presentation to the Ministry.

Issued by Connect Malaysia           www.connectmalaysia.com.au          

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