Bank Negara: Risks contained for non-residential property sector despite challenges
Risks in the non-residential property (NRP) sector remained contained in the second half of 2024 (2H 2024) despite continued challenges
19 March, TANJUNG MALIM – The improvement of the Perak State Housing Policy (DPNP) 2019 which comes into effect on April 1, will allow developers to apply for the release of Bumiputera quota if the property cannot be sold within six months, compared to two years earlier.
Menteri Besar Datuk Seri Ahmad Faizal Azumu said the levy penalties paid by the developer would be channelled to the Perak Housing and Real Property Board (LPHP) and be used as funds to build ‘Rumah PerakKu’ targetting the B40 home buyers.
“We can choose to hold on to old rules on sentiment basis. But it will not solve the problems, and the plight of B40 will not be able to be championed,” he said at the launch of 466 units of the affordable housing project in Taman Malim Putra here today.
Also present were former Inspector General of Police Tan Sri Norian Mai who is chairman of Amazing Approach Development Sdn Bhd, the housing developer and Behrang assemblyman Aminuddin Zulkipli.
Ahmad Faizal said under the initiative, LPHP’s role would be strengthened as an agency that handles all the management, planning, and monitoring of property development in the state and will improve the monitoring system to ensure that Bumiputera quota sales conditions are always complied with.
Ahmad Faizal said developers who sold Bumiputera lots to non-Bumiputera buyers before getting the approval from the state authorities or LPHP would be subject to fines or double levy payments.
Meanwhile in a press conference later, the Menteri Besar explained that the developer was allowed to contact the government to get a direct release, depending on the location.
“We find a housing project that does not attract Bumiputera buyers. So if we place the bumiputera quota in this area it will not be sold and after two years the developer will finally go to the government to request a release.”
Then we ask the developer to pay the levy. So now, we can sell directly and give the money to LPHP to build houses for the a B40 group. This is one way of obtaining funds to assist the bumiputeras as well,” he said.
He gave the example when handing over house keys to 100 buyers of Rumah PerakKu in Seri Iskandar recently which saw more than 1,000 applications being received for the houses.
But at the same time, there are still 900 families still waiting for the same house. This is a reflection of the real situation where more than 12,000 families are still waiting for the opportunity to own their first homes at affordable prices, he said, adding that at this point the state government has built more than 30,000 of the 50,000 affordable housing units targetted
Menteri Besar Datuk Seri Ahmad Faizal Azumu said the levy penalties paid by the developer would be channelled to the Perak Housing and Real Property Board (LPHP) and be used as funds to build ‘Rumah PerakKu’ targetting the B40 home buyers.
“We can choose to hold on to old rules on sentiment basis. But it will not solve the problems, and the plight of B40 will not be able to be championed,” he said at the launch of 466 units of the affordable housing project in Taman Malim Putra here today.
Also present were former Inspector General of Police Tan Sri Norian Mai who is chairman of Amazing Approach Development Sdn Bhd, the housing developer and Behrang assemblyman Aminuddin Zulkipli.
Ahmad Faizal said under the initiative, LPHP’s role would be strengthened as an agency that handles all the management, planning, and monitoring of property development in the state and will improve the monitoring system to ensure that Bumiputera quota sales conditions are always complied with.
Ahmad Faizal said developers who sold Bumiputera lots to non-Bumiputera buyers before getting the approval from the state authorities or LPHP would be subject to fines or double levy payments.
Meanwhile in a press conference later, the Menteri Besar explained that the developer was allowed to contact the government to get a direct release, depending on the location.
“We find a housing project that does not attract Bumiputera buyers. So if we place the bumiputera quota in this area it will not be sold and after two years the developer will finally go to the government to request a release.”
Then we ask the developer to pay the levy. So now, we can sell directly and give the money to LPHP to build houses for the a B40 group. This is one way of obtaining funds to assist the bumiputeras as well,” he said.
He gave the example when handing over house keys to 100 buyers of Rumah PerakKu in Seri Iskandar recently which saw more than 1,000 applications being received for the houses.
But at the same time, there are still 900 families still waiting for the same house. This is a reflection of the real situation where more than 12,000 families are still waiting for the opportunity to own their first homes at affordable prices, he said, adding that at this point the state government has built more than 30,000 of the 50,000 affordable housing units targetted
