Malaysia drawing up plans to stabilise home prices

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Malaysian Prime Minister Ismail Sabri Yaakob points at a model of the project at the event. With him are (from left) Perbadanan Prima Malaysia CEO Mohd Nazri Md Shariff and Minister of Housing and Local Government Reezal Merican Naina Merican. THE STAR

A new framework to address concerns over the sharp increase in construction costs contributed by the Ukraine conflict will be drawn up by Malaysia’s National Affordable Housing Council.

Prime Minister Ismail Sabri Yaakob said the government was determined to find a solution to the issue that was affecting home prices.

“The council will help resolve problems that have emerged as well as make the buying and owning of houses easier in the future,” he said in his speech at the groundbreaking ceremony for the PR1MA-Astrum Ampang residency in Kuala Lumpur on April 29.

Ismail Sabri said the government was aware of the people’s need to own a house.

“Under the 12th Malaysia Plan [RMK12] and the housing council, immediate and long-term measures have been outlined to resolve this problem.

“This is in line with efforts to boost affordable homeownership for the B40 and M40 groups,” he said, referring to the bottom and middle 40 per cent of income earners – currently those whose households bring in a monthly median income of below 10,960 ringgit ($2,500).

Ismail Sabri also spoke about youths working in the city who face issues with housing and accessibility.

He said that houses in Malaysia were getting expensive due to the uncertain economic situation as well as the pandemic, making it difficult for youths to own a home.

As such, he said the Ministry of Housing and Local Government had planned a residential project called the “Transit Oriented Development [TOD]”.

“The PR1MA-Astrum Ampang project is a TOD project at Jelatek, Kuala Lumpur, with access to LRT Kelana Jaya line and MRT lines.

“TOD is convenient for youths who are going to work while enabling the country to reduce its carbon footprint by 2030 in line with the Sustainable Goals Development.

“One of the four phases in this development will be devoted to the construction of PR1MA housing with a gross development value [GDV] of 180.80 million ringgit,” he said.

The project is a collaboration between Perbadanan PR1MA Malaysia and Astrum Ampang Sdn Bhd.

PR1MA is the investor and joint venture partner in this mixed development.

A total of 712 homes will be offered under the concept of “Small Office Home Office” (SOHO) and serviced apartments at 450sq ft and 550sq ft (41.8sqm and 51.1sqm) priced at 250,000 and 270,000 ringgit.

It is located 4km from the Kuala Lumpur City Centre (KLCC) multi-purpose development area and within easy reach of other facilities such as schools, shopping malls, hospitals and banks.

The development is also in line with RMK12 aimed at “One Family, One Home”.

THE STAR (MALAYSIA)/ASIA NEWS NETWORK