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Over RM14 billion worth of new homes unsold in Q2 2024 | Scoop
To address overhang of new properties, the Housing and Local Government Ministry has introduced price mapping for homes according to the median income in a particular state or district, besides making developers conduct feasibility studies. - propertyguru.com.my pic, November 20, 2024
News

Over RM14 billion worth of new homes unsold in Q2 2024

They comprise more than 24,000 units or over 17% of units launched

Scoop Reporters
Updated
1:39 PM MYT

 

KUALA LUMPUR — 24,642 housing units valued at RM14.24 billion were unsold for the second quarter of this year, according to the Housing and Local Government Ministry. 

Data from the National Property Information Centre (Napic) showed the number to be 17.7% of the 128,032 homes built in that period, the ministry said in a written parliamentary reply.

Bumiputera reserve lots are also included in the total number of unsold units, although the ministry did not specify how many.

“The issue of unsold completed houses (overhang) arises due to a mismatch between demand and supply in the housing market. 

“This situation occurs when the housing built does not meet the needs of the local population in terms of quantity, quality, or price relative to their income,” the ministry said.

The ministry’s reply was to Datuk Seri Jalaluddin Alias (Jelebu-BN) who asked for the number of unsold  Bumiputera reserved properties. 

The ministry added that the quota and discounts for Bumiputera reserved lots are under the jurisdiction of state authorities and for now the minimum quota is set at 30%. 

To combat the issue of unsold new properties, the ministry said the federal government has implemented several initiatives including mapping out prices for affordable homes according to the median income in a particular state or district. 

Further, before starting any housing development project, the ministry said that developers will be encouraged to conduct a feasibility study to ensure the homes are affordable for the people. 

The ministry also pointed towards the Housing Credit Guarantee Scheme (SJKP) under the i-Biaya initiative, where the federal government provides up to an RM500,000 guarantee for those without a fixed income intending to buy their first homes. 

“Under the Bumiputera Economic Transformation Plan 2035 (PuTERA35), the government also plans to conduct a continuity study on housing needs to assess the requirements and provision of housing for the Bumiputera community. 

“This aligns with the goals of PuTERA35, a comprehensive national agenda aimed at developing the Bumiputera economy based on values, ethics, and integrity,” the ministry added. – November 20, 2024

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