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Big data to help solve property overhang issue

April 3rd, 2019 Leave a comment

affordable-housing-asia

A big data system is needed to solve property overhang issue in Malaysia, Housing and Local Government Minister Zuraida Kamaruddin said, adding that such a system will be a ‘game changer’ for the local property industry.

She said the lack of a big data system has hindered the government in understanding the local housing needs.

“Rest assured that we are working on establishing the big data system as outlined in the National Housing Policy 2.0,” she said in her keynote address at the Financing Affordable Housing across Asia Conference here today.

“Once we have this system up and running, we can consolidate the data to see where we are now and allow us to make future projections for housing development, in terms of property type, price and location. This will also be helpful in solving the property overhang issue.”

Data from the Valuation and Property Services Department shows as of September 2018, there are a total of 30,115 unsold residential units amounting to RM19.5 billion in value across Malaysia.

Zuraida said the government is currently in discussion with several international agencies to invest into the local housing market.

She stressed however that these agencies will be participating as financiers to the finished products instead of being developers.

“We are currently in discussions with entities from China, South Korea and Middle East with Cagamas Bhd as a conduit and administrator to the deal,” she said.

“These entities will be able to provide financing schemes to potential buyers at the completion of a project which usually runs between three to five years,” she said.

When asked further, Zuraida said she is keen to secure several memorandum of understandings (MoU) to this end in 2019 itself.

“Even if we secure a deal with these entities this year, it wouldn’t be until three to five years till these entities can come up with financing schemes, as they need to wait for the completion of the project,” said Zuraida.

Zuraida said she will most likely accompany Prime Minister Tun Dr Mahathir Mohamad to the Belt and Road Forum in Beijing, China at the end of this month.

“I am looking forward to go to the forum and hopefully will be able to identify three to four agencies to sign MoU with us there,” she said.

Source: NST Online

 

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  1. Macha
    April 4th, 2019 at 09:52 | #1

    No need big data and other fancy ideas, just improve our infrastructure, create more high value job opportunities by bringing in foreign investments. Focus on driving economy instead of politicking around meaningless issues, and the property overhang issue will resolve by it’s own

  2. TuaLampha
    April 4th, 2019 at 11:41 | #2

    @Macha

    Hahaha….I fully agree with you lah. Furthermore, there’s nothing wrong with the current oversupply situation as supply/demand cycles are normal in a free market. Just make sure developers who bet the wrong way don’t get bailouts by gov, otherwise the system will never get the full benefit of a free market. Also, yes, jobs, economy, and don’t forget education! The skill set of our workforce determines what kind of foreign investments come in.

  3. How big
    April 4th, 2019 at 18:07 | #3

    Is big

  4. Oh nice
    April 5th, 2019 at 10:00 | #4

    the previous dumb government would rather have the useless PNB118 than having the big data system built up..

  5. Lim cheng tng
    April 6th, 2019 at 07:29 | #5

    Better know before anyhow build

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