Negeri Sembilan’s new housing policy, enforced last month, is expected to stabilise home prices within the state, curbing property speculation, said Menteri Besar Datuk Seri Mohamad Hasan.
With affordable home prices contained, local residents, particularly young people need not rush into purchasing a home, reported local media.
“Previously, they rushed to buy a house at whatever price offered, fearing that the prices would go up if they were late…But with this policy in placed, they no longer have to rush into buying a house,” said Mohamad after chairing the State Executive Council Meeting yesterday.
“The people are rest assured that affordable houses would continue to be built by developers in the state.”
He said the policy will help stabilise home prices in the short-, medium- and long-term. Aside from curtailing speculation on homes priced at RM80,000 and below, the policy will also ensure that only eligible buyers can purchase them.
Mohamad added that the policy will also benefit property developers since they are not required to allocate 30 percent low cost units in the housing projects built by them.
“The developers are pleased with the new policy because they no longer have to build low-cost units as they are not profitable due to rising land, construction materials and labour costs.”
Mohamad said after the launch of affordable homes, the state government will introduce affordable factory building and affordable shophouses at the proposed Malaysia Vision Valley (MVV).
Notably, MVV will allow small and medium enterprises within the state to own factories. It will be built on a 108,000-hectare site and will have a gross development value of around RM641 billion.
Image source: mstar.com.my
Farah Wahida, Editor of PropertyGuru, edited this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
