In a bid to address the property overhang in Malaysia, the Housing and Local Government Ministry (KPKT) will conduct a study, which will start in Q1 next year, on the state of supply and demand of housing projects.
The data gathered from the study will be used as a guide by the federal and state governments in drafting more comprehensive policies, said KPKT Minister Zuraida Kamaruddin as reported in The Malaysian Reserve.
“There is a heavy overhang in residential property caused by poor planning of projects and unsuccessful housing loans,” she told the Dewan Rakyat as quoted by The Malaysian Reserve.
Check out Project Reviews for honest and unbiased reviews for 700+ projects (and counting) in Malaysia!
“Currently, property developers do not have data on demand estimation for residences to guide their projects.”
She made the statement in response to a question by Datuk Ahmad Jazlan Yaakub (Barisan Nasional-Machang) on the measures taken by KPKT to monitor the housing projects launched by property developers and avoid property overhang issues.
Data from the National Property Information Centre showed that the country has 31,661 unsold units worth RM20.03 billion during the first half of 2020, up 3.3% from the second half of 2019’s 30,664 units worth RM18.82 billion, said Zuraida.
She added that data from the study would also contribute to the Housing Integrated Management System (HIMS), a real-time big data system being developed by the ministry “to guide developers in launching new residential projects”.
The HIMS will also include inputs from developers and contractors, like data on project control and monitoring, licence issuance as well as housing ownership under private projects, said Zuraida.
She expects the data management system to be completed by mid-2021.
Separately, Zuraida announced in her winding-up speech for the Supply Bill 2021 that the moratorium of the rent-to-own (RTO) and rental schemes for the People’s Housing Project (PPR) units will be extended by the ministry until March 2021.
“March to September this year was our first phase in giving the moratorium for these PPR houses, and we are currently in the process to execute the second phase, which will end in March next year,” she said.
From March to September 2020, 3,636 PPR housing units under the rental scheme were offered the moratorium, involving RM3.71 million, and 4,650 units under the RTO scheme, involving RM6.67 million.
“KPKT encourages moratorium to be given to other public housing under other state governments and local authorities to help those who are affected by the Covid-19 pandemic,” said Zuraida.
Read our helpful Guides to learn all about the various property buying, selling and renting tips!