Logo of Phnom Penh Post newspaper Phnom Penh Post - Malaysia drawing up plans to stabilise home prices



Malaysia drawing up plans to stabilise home prices

Content image - Phnom Penh Post
Malaysian Prime Minister Ismail Sabri Yaakob points at a model of the project at the event. With him are (from left) Perbadanan Prima Malaysia CEO Mohd Nazri Md Shariff and Minister of Housing and Local Government Reezal Merican Naina Merican. THE STAR

Malaysia drawing up plans to stabilise home prices

A new framework to address concerns over the sharp increase in construction costs contributed by the Ukraine conflict will be drawn up by Malaysia’s National Affordable Housing Council.

Prime Minister Ismail Sabri Yaakob said the government was determined to find a solution to the issue that was affecting home prices.

“The council will help resolve problems that have emerged as well as make the buying and owning of houses easier in the future,” he said in his speech at the groundbreaking ceremony for the PR1MA-Astrum Ampang residency in Kuala Lumpur on April 29.

Ismail Sabri said the government was aware of the people’s need to own a house.

“Under the 12th Malaysia Plan [RMK12] and the housing council, immediate and long-term measures have been outlined to resolve this problem.

“This is in line with efforts to boost affordable homeownership for the B40 and M40 groups,” he said, referring to the bottom and middle 40 per cent of income earners – currently those whose households bring in a monthly median income of below 10,960 ringgit ($2,500).

Ismail Sabri also spoke about youths working in the city who face issues with housing and accessibility.

He said that houses in Malaysia were getting expensive due to the uncertain economic situation as well as the pandemic, making it difficult for youths to own a home.

As such, he said the Ministry of Housing and Local Government had planned a residential project called the “Transit Oriented Development [TOD]”.

“The PR1MA-Astrum Ampang project is a TOD project at Jelatek, Kuala Lumpur, with access to LRT Kelana Jaya line and MRT lines.

“TOD is convenient for youths who are going to work while enabling the country to reduce its carbon footprint by 2030 in line with the Sustainable Goals Development.

“One of the four phases in this development will be devoted to the construction of PR1MA housing with a gross development value [GDV] of 180.80 million ringgit,” he said.

The project is a collaboration between Perbadanan PR1MA Malaysia and Astrum Ampang Sdn Bhd.

PR1MA is the investor and joint venture partner in this mixed development.

A total of 712 homes will be offered under the concept of “Small Office Home Office” (SOHO) and serviced apartments at 450sq ft and 550sq ft (41.8sqm and 51.1sqm) priced at 250,000 and 270,000 ringgit.

It is located 4km from the Kuala Lumpur City Centre (KLCC) multi-purpose development area and within easy reach of other facilities such as schools, shopping malls, hospitals and banks.

The development is also in line with RMK12 aimed at “One Family, One Home”.

THE STAR (MALAYSIA)/ASIA NEWS NETWORK

MOST VIEWED

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’