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MALAYSIA NEEDS IMMEDIATE HOUSING RESTRUCTURING


KUALA LUMPUR: Malaysia needs a more structured and modernized construction industry or risks having a 'homeless generation' in the future, says National House Buyers Association.
Speaking at the Does Greater Prosperity Come with Less Housing Affordability Forum today, its secretary-general Chang Kim Loong(photo left) said shrinking buyer affordability may result in a homeless generation if no immediate housing restructuring is taken.
"Aside from affordability issues, there is also the concern of investors club purchasing property units in bulk,resulting in escalating house 
prices. 
  • "The affordable bracket should be between RM150,000 and RM300,000, and not more.
  • The government should also take a look at the affordable definition to be correlated to the actual earnings of buyers. 
  • "Capping developers' profits should also be considered for the affordable housing category.
  • A regulated housing industry would see more reasonable home prices," he said to about 300 forum participants and industry practitioners.
Calling for a closer look at a new governance structure to prevent an imminent housing crisis, Khazanah Research Institute research director Dr Suraya Ismail(photo) said a planned and structured construction industry can help address the problem.
"A fragmented affordable housing sector will prohibit innovation and result in an inefficient national housing system. "We need a more responsible and elastic supply of affordable homes by improving the production processes which will lower prices in a shorter development tenure.
"Subsidising 80 per cent of the population is not a feasible option. 
"But modernising and transforming the construction sector would provide the solution," said Suraya.

Source: New Straits Times


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