ID :
73695
Tue, 08/04/2009 - 09:38
Auther :
Shortlink :
https://oananews.org//node/73695
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GOVT LOOKING INTO TOTAL REVAMP IN HOUSING AND PROPERTY SECTORS
KUALA LUMPUR, Aug 4 (Bernama) -- Prime Minister Najib Razak said it is
timely for the government to consider a total revamp of the current housing and
property sector system, and to come up with a new winning formula for all
parties involved.
He said this is to ensure the social agenda continues to be realised in
tandem with the growth and progress of the private sector.
The government through the Economic Planning Unit (EPU) is studying the most
feasible and sustainable model for the country's social housing goals where the
lower income group will be assured of continuous access to quality and
affordable homeownership with proper facilities and amenities, he said here
Monday night.
"In regard to the woes concerning the release of mechanism of unsold
Bumiputera quotas which have plagued the industry for many years, I would like
to urge the relevant state authorities to study this problem objectively so that
a long term solution can be found," he said.
Whilst the government stands firm on the issue of social justice, it is
cognizant that holding on to Bumiputera quota units where the demand is lacking
is proving to be problematic for developers, he said.
Najib said that certainly, it is not the government's intent to burden the
industry unnecessarily, and an expedient resolution to the problem will help the
industry move forward and promote further re-investment for the benefit of the
economy.
He said the government takes cognizance that the housing sector is a key
industry in generating domestic demand, more so in an economic downturn, as
proven in the past experiences.
He said it is on this basis that the government has provided numerous
incentives to the industry to help shore up the economy.
Among others, he said, a total of RM400 million has been allocated in the
two stimulus packages to build some 13,000 "rumah mesra rakyat".
In addition, he said the government has also allowed for tax relief on
housing loan interest of up to RM10,000 for three years in the 2009 budget to
stimulate the industry and ease buyers burden.
Najib said the government has set into motion various initiatives to
transform the Malaysian economy from an upper middle-income developing economy
into a high income nation within a decade.
He said the sustained development and growth of the housing industry is
indeed critical towards realising this objective.
This is centered on the fact that the housing industry is people-centric,
utilises substantive local content and by virtue of it having a high multiplier
effect given its cross-linkages to some 140 related industries. (US$1=RM3.52)
-- BERNAMA
timely for the government to consider a total revamp of the current housing and
property sector system, and to come up with a new winning formula for all
parties involved.
He said this is to ensure the social agenda continues to be realised in
tandem with the growth and progress of the private sector.
The government through the Economic Planning Unit (EPU) is studying the most
feasible and sustainable model for the country's social housing goals where the
lower income group will be assured of continuous access to quality and
affordable homeownership with proper facilities and amenities, he said here
Monday night.
"In regard to the woes concerning the release of mechanism of unsold
Bumiputera quotas which have plagued the industry for many years, I would like
to urge the relevant state authorities to study this problem objectively so that
a long term solution can be found," he said.
Whilst the government stands firm on the issue of social justice, it is
cognizant that holding on to Bumiputera quota units where the demand is lacking
is proving to be problematic for developers, he said.
Najib said that certainly, it is not the government's intent to burden the
industry unnecessarily, and an expedient resolution to the problem will help the
industry move forward and promote further re-investment for the benefit of the
economy.
He said the government takes cognizance that the housing sector is a key
industry in generating domestic demand, more so in an economic downturn, as
proven in the past experiences.
He said it is on this basis that the government has provided numerous
incentives to the industry to help shore up the economy.
Among others, he said, a total of RM400 million has been allocated in the
two stimulus packages to build some 13,000 "rumah mesra rakyat".
In addition, he said the government has also allowed for tax relief on
housing loan interest of up to RM10,000 for three years in the 2009 budget to
stimulate the industry and ease buyers burden.
Najib said the government has set into motion various initiatives to
transform the Malaysian economy from an upper middle-income developing economy
into a high income nation within a decade.
He said the sustained development and growth of the housing industry is
indeed critical towards realising this objective.
This is centered on the fact that the housing industry is people-centric,
utilises substantive local content and by virtue of it having a high multiplier
effect given its cross-linkages to some 140 related industries. (US$1=RM3.52)
-- BERNAMA
