The government will incorporate three categories of affordable housing that will be constructed under the National Housing Policy, latest, by next month, says Housing and Local Government Minister Zuraida Kamaruddin.

She said houses fetching RM150,000 and below, RM150,000-RM300,000 and RM300,000-RM500,000 would make up the new categories.

Zuraida also said all housing projects under the five housing entities comprising Perbadanan PR1MA Malaysia (PR1MA), 1Malaysia Civil Servants Housing Programme (PPA1M), UDA Holdings Bhd, Syarikat Perumahan Negara (SPNB) and the Hardcore Poor Housing Programme (PPRT) would be streamlined under one programme.

“This means that the housing entities will use the same design, same pricing and the same management,” she told reporters after launching the Malaysia Property Expo (Mapex 2018) yesterday.

image: https://content.thestar.com.my/smg/settag/name=lotame/tags=Int_Business_Finance_SME,Int_Business_Finance,Demo_Gender_Female_enr,Demo_Age_65plus_enr,Demo_Age_25to34_enr,Demo_Age_35to44_enr,Int_Property,Int_Property_Affluent,Demo_Gender_Male_enr,all,Demo_Age_45to54_enr

“We are also looking at various options for social housing requirements in town areas, particularly the rent-to-own (RTO) scheme where those renting will be given time to plan and buy their house after five years (of renting),” she said, adding that the built-and-sell scheme would not be part of the ministry’s agenda for the time being.

Zuraida also expressed optimism on the property industry’s outlook given the various policies and ongoing efforts aimed at enabling people to own a house.

In the other hand, Real Estate Housing Developers’ Association Malaysia (Rehda) immediate past president Datuk Seri FD Iskandar Mohamed Mansor hoped the government would not introduce new taxes, developmental and compliance costs on the housing industry as it was already reeling from very tight margins.

“It is a volume game, not a margin game to us. Our (developer’s) margins are thinner, at about 12%-16% now compared with 35%-40% some 30 years ago.

Source: Bernama

Property developers are more optimistic about the Malaysia property market outlook in the coming year than the current second half of 2018.

According to the latest Real Estate and Housing Developers’ Association (Rehda) Property Industry Survey 1H18, only 18% of the 152 Rehda members who took part in the survey were optimistic about the property market in 2H18. However, when asked about 1H19’s outlook, 39% of the respondents believe the market will be better, 44% were neutral while 17% were pessimistic.

Meanwhile, 41% respondents were optimistic about growth in the residential sector in 1H2019 compared with only 23% respondents for 2H18.

The survey also revealed a 9% decrease in the number of respondents who were pessimistic about the market — from 25% in 2H18 to 16% in 1H19.

“About 66% of respondents who planned to launch new projects in 2H18 anticipate their sales performance to be 50% and below in the first six months after the new project launch,” said Rehda president Datuk Soam Heng Choon when noting the pessimistic sentiment for 2H2018.

Only 26% of the respondents who planned a launch during the remaining months of 2018 expect a 51% to 75% take-up in the first six months of launch, while only 7% were confident of getting 75% take-up.

According to the survey, 75% of the 152 Rehda member respondents had unsold units in 1H2018, an increase from 66% in 2H17. The rise in unsold units were attributed to mostly end-financing challenges and unreleased bumiputera units.

Of the 15,852 total units that respondents planned to launch in 2H2018, the majority (8,991 units) are strata high-rise units, while landed residences and commercial properties made up 6,433 and 428 units respectively.

In 1H18, strata residential property launches had overtaken landed units by 9% from the preceding period.

“Apartments or condominiums have become the most popular properties launched in 1H18, overtaking 2- to 3-storey terraced houses,” said Soam.

However, landed 2- to 3-storey terraced houses were the best selling residential product in 1H18.

The survey results were revealed in a media briefing on Wednesday.

Source: EdgeProp.my

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The property market in Penang is known as one of the most expensive in the country, with prices soaring over the years despite various cooling measures implemented by the authorities.

Recently, however, there have been signs of property prices stabilising and the state has even reported property overhang.

Since 2014, the Penang government has stepped up the development of affordable housing projects and imposed various measures in an attempt to keep property prices under control.

Among the prime locations in Penang are Gurney Drive, Tanjong Tokong and Batu Ferringhi, where properties are beyond the reach of locals as most of them are priced at above RM800 per square foot.

Factors that have contributed to the rise of Penang property prices include speculation, shortage of land on the island, an increase in the cost of building materials and the influx of foreign buyers, partly due to the weak ringgit.

State Housing, Town and Country Planning, and Local Government Committee chairman Jagdeep Singh Deo said since 2014, the state government had implemented various cooling measures to contain the property prices, which have gone up exorbitantly since 2008.

Moratorium

Among the measures implemented by the state government is the moratorium on the sale of houses. For low-cost and low medium-cost houses, the moratorium is 10 years, whereby the owners cannot sell their units within 10 years of purchase.

The moratorium on the sale of affordable homes costing below RM300,000 is five years. For higher priced houses, buyers cannot sell their property within three years of purchase or else they will be deemed as speculators and will need to pay a 2% approval fee.

“For foreign buyers, the state has imposed a few conditions. On Penang island, for instance, they cannot purchase landed properties priced at less than RM3 million and high-rise residential units costing less than RM1 million. On the mainland, they cannot buy landed properties less than RM1 million and high-rise units less than RM500,000.

“On top of that, foreign buyers are also subjected to a 3% approval fee,” Jagdeep said.

Property overhang

Following the various cooling measures implemented by the state government, there have been signs that Penang’s property prices are stabilising.

However, the authorities and developers are now facing another problem, namely property overhang which refers to built properties that have obtained the certificate of completion and compliance but remain unsold.

According to the National Property Information Centre, Penang had the highest number of overhang units in Malaysia last year with 4,903 units.

A study on property overhang carried out by the State Housing, Town and Country Planning, and Local Government Committee showed that out of the 4,903 overhang units, 2,600 were properties priced above RM500,000.

Real Estate and Housing Developers Association Penang branch chairman Toh Chin Leong, however, said property overhang was not a worrying sign as it could be due to the state’s soft property market over the last few years.

Restructuring process

Jagdeep, who is state assemblyman for Datuk Keramat, said the housing and local government ministry was currently restructuring its housing programmes following the change of federal government after the 14th general election on May 9.

He said during his last meeting with Housing and Local Government Minister Zuraida Kamaruddin, she gave her assurance that Penang would not be neglected when it came to housing matters.

Jagdeep said during his meeting with Zuraida, he was told that the various public housing programmes, which are currently handled by different ministries, may be placed under one roof in the housing and local government ministry for more efficient monitoring.

“This matter is still under discussion and the minister will make an announcement once a decision has been made,” he said.

He added that in Jelutong, two plots of land, each measuring 1.6 hectares, had been identified for PPR projects while a PR1MA project, involving 3,000 units, has been approved in Kampung Kastam at Jalan Bukit Gambir.

Source: Bernama

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This development will offer 24 units of double-storey shop offices, with standard built-up size of 3,024 sq.ft. Indicative price starts from RM850,000 onwards.

Other phases:

• Sanctuary Garden
• Sanctuary Villa
• Sanctuary Residence
• Sanctuary Ridge
• Sanctuary Village
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Property Project : Sanctuary Row @ Permatang Sanctuary
Location : Permatang Tinggi, Bukit Mertajam, Penang
Property Type : 2-Storey shop offices
Tenure : Freehold
Land Area: 21′ x 72′
Built-up Area: 3,024 sq.ft. onwards
Total Units : 24
Indicative Price: RM850,000 onwards
Developer : IJM Land

SITE PROGRESS

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.