National Affordable Housing Policy to launch today

The govt is expected to put a cap on affordable homes at RM300,000 for units with a minimum of 900 sq ft


The National Affordable Housing Policy (NAHP) is slated to be unveiled today with the aim to provide potential house owners access at affordable prices and builders guidelines and market intelligence.

This comes after the newly established National Affordable Housing Council (NAHC), chaired by Prime Minister Tun Dr Mahathir, held its inaugural meeting recently.

Among the matters discussed were the implementation of the NAHP and the supply of one million affordable homes.

The NAHC was established on Nov 9 last year, in order to discuss issues, policies and direction related to national housing, which is managed by the Housing and Local Government Ministry (KPKT).

The National Housing Department on Jan 8 in a statement issued in conjunction with the meeting said the NAHC agreed to set up the RMN Implementation Monitoring Steering Committee chaired by KPKT Minister Zuraida Kamaruddin, who is slated to launch the NAHP.

The government intends to create an integrated housing data system which will allow and assist developers to gauge and understand the housing property market better.

Zuraida said the NAHP is a sub-policy of the National Housing Policy 2.0 and together with the National Community Policy, they are aimed at improving the wellbeing of the people, while providing quality affordable houses to the rakyat, especially the B40 (bottom 40%) income group.

The government is expected to put a cap on affordable homes at RM300,000 for units with a minimum of 900 sq ft, to provide more opportunities for the B40 group to own properties and enjoy a better living.

The policy would outline a price guide for affordable houses at different locations based on the medium income of the population and the definition of an affordable housing scheme was determined based on data gathered by Bank Negara Malaysia.

The formation of the NAHC was proposed in Pakatan Harapan’s manifesto for the 14th General Election, with the aim of building one million affordable houses in 10 years.

As a start, Syarikat Perumahan Negara Bhd is expected to build 100,000 units of affordable dwellings per year starting in 2019.

The government will also host a mega home sales expo “Home Ownership Campaign” in March, two decades after a similar expo was held in 1998, in part to find buyers for some 30,115 unsold homes nationwide at present.

Of the total, some 17,971 units are priced below RM500,000, while the remaining 12,144 are units between RM500,000 and RM1 million.

The developers are reportedly ready to give discounts of up to 10% to potential buyers.

During the tabling of Budget 2019 last year, Finance Minister Lim Guan Eng announced the government will exempt stamp duty on the instrument of transfer and the loan agreement for purchases of homes valued between RM300,001 and RM1 million by first-time homebuyers for six months, starting Jan 1, 2019, in order to address the issue of property overhang.