FT Ministry to Create Developer-Friendly Package

March 30, 2017

 

More affordable homes in Kuala Lumpur are in the pipelines as the government is coming up with more attractive incentive to lure developers on board.

To encourage developers to build affordable homes within their own land, the Federal Territories Ministry mulls creating a package that will help developers be time efficient while reducing cost when constructing affordable housing, reported Reuters.

This comes as developers spends a lot of time and money when dealing with engineers, construction consultants and utilities for an affordable housing project.

“We are having discussion with consultants, architects, engineers, on how to come out with a package that will benefit developers to build affordable houses,” said Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor.

“Because the problem we have now is land, land to build affordable houses in the city,” he said following the launch of the Seri Wahyu Residency Federal Territories Affordable Houses (RUMAWIP) project.

Rumawip is a government initiative aimed at building 80,000 affordable homes throughout Putrajaya, Labuan and Kuala Lumpur by 2020.

Seri Wahyu Residency features 660 housing units that are priced at RM300,000 per unit. With a built up area of 805 sq ft, each unit includes two bathrooms and three rooms.

Facilities at the development include a children’s playground, swimming pool, multi-purpose hall and gym.

When asked if the ministry would also reduce the 10-year resale freeze for RUMAWIP projects, Tengku Adnan replied “no for the time being”.

He noted that the moratorium period prevents buyers from speculating on house prices, reported Free Malaysia Today.

“We do not want the people to sell the houses which they bought at a lower price, compared with the market’s price,” he explained.

And unlike 1Malaysia People’s Housing programme (PR1MA) houses, which can be found everywhere, Rumawip houses are situated at prime areas, he said.

Prime Minister Najib Razak in January reduced the moratorium period for PR1MA houses from 10 to five years in a bid to make the housing project more attractive.

Among affordable homes around Klang Valley are:

1. Rumah Selangorku CyberSouth, Dengkil

2. Tamarind Suites, Cyberjaya

3. Sky Awani Residence 2, Sentul

 

Image sourced from Malay Mail

 

Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my

 

For more information on new homes, check out PropertyGuru’s New Property Launches and Project Reviews.

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