Parti Amanah Negara has urged the Johor government to purchase the 80,000 unsold Bumiputera properties within the state to save property developers from bankruptcy, reported Malay Mail Online.
According to party deputy president Salahuddin Ayub, the state could acquire low-cost units and resell them to the public, particularly the low income groups via a rent-to-own (RTO) scheme.
This comes as the people are finding it hard to obtain loans, on the back of the current economic situation, he said. But if the government takes over, selling the properties would become easier.
“This is because some of those who are eligible under the Johor Affordable Homes Scheme do not have a permanent jobs or complete financial statements. It is difficult for them to secure home loans from banks,” added Salahuddin.
“The RTO scheme is an approach that will enable them to own a home by assuming monthly rental payments as installment of house purchases.”
Other suggestions put forward by Amanah include the issuance by the Johor government of long term Islamic bonds or sukuk in order to secure funds for projects as well as the establishment of Bumiputera Property Trust Fund, which would acquire unsold lots located in strategic locations the value of which are expected to increase in the near future.
Last week, Johor housing and local government committee chairman Datuk Md Jais Sarday revealed plans to discuss the issue with the Real Estate and Housing Developers Association (Rehda).
Image sourced from Malay Mail
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