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4,000 PR1MA Homebuyers To Enjoy Deferred Loan Repayments, MM2H Received 111 Applications, 15 Approved, And More

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In a bid to help those affected by construction delays, about 4,000 buyers of 1Malaysia People’s Housing Programme (PR1MA) through the Public Sector Home Financing Board (LPPSA) are set to enjoy deferred loans repayments. Meanwhile, the Malaysia My Second Home (MM2H) programme has received 111 applications, of which 15 had already been approved.

1) 4,000 PR1MA homebuyers to enjoy deferred loan repayments

A total of 4,000 buyers of 1Malaysia People’s Housing Programme (PR1MA) through the Public Sector Home Financing Board (LPPSA) that were affected by construction delays may enjoy deferred loan repayments.

This comes as the Housing and Local Government Ministry (KPKT) has “sent an application to the Finance Ministry seeking a six-month month deferment (of loan repayments)”, revealed KPKT Minister Datuk Seri Reezal Merican Naina Merican.

 

He noted that financing via LPPSA was not similar to taking loans from banking institutions, where deductions start after the buyers had received the keys from the developer, reported Bernama.

 

“For LPPSA financing, whether the project is completed or not, deductions will begin after 24 months for landed property and 36 months to 60 months for strata property,” he said.

Bernama said the complete details relating to the loan deferment will be announced soon.

2) MM2H received 111 applications, 15 approved

The Malaysia My Second Home (MM2H) program has received 111 applications since online applications were opened in November 2021, dispelling rumors that the program is unpopular among foreigners.

Of the 111 applications, 15 have already been approved, said Home Minister Datuk Seri Hamzah Zainudin. He shared that the registration process for the remaining 96 will be completed “as quickly as possible”, reported The Malaysian Reserve.

 

“Therefore, there is no reason to exaggerate this issue as if there were numerous losses,” said the minister.

 

“Based on this, if we pass the 111 applications, they would bring in at least a million ringgit each,” he said. As such, the government would be able to raise RM1 billion every year should an average of 1,000 participants be successful, he added.

3) Property market to see a gradual recovery

Rahim & Co’s Director of Research Sulaiman Akhmady believes that it would take another 12 months for the property market to recover amidst the uncertainties brought about by the pandemic and the impending 15th General Election.

 

According to Sulaiman, he will not be surprised if the market improves by year-end or early next year “after getting clarity on the domestic policies”, reported The Sun.

And while the property market is expected to enter a positive territory this year, the growth for 2022 will be really small, said Siva Shanker, CEO of Rahim & Co.

“It is a flattish curve but any curve is better than a negative curve. We’ve had such a bad two years in terms of Covid-19, it can’t recover quickly. Instead, it will be gradual,” he said.

 

4) Property overhang remains a persistent issue

Rahim & Co International said property overhang – which is spurred by unaffordability – remains a persistent issue within Malaysia’s real estate industry.

In fact, overhang numbers increased 14.8% to 57,390 units worth RM42.49 billion of dwelling units, revealed Rahim & Co Research Director Sulaiman Akhmady Mohd Saheh.

“While this may be due to the pandemic’s effect, the persisting overhang numbers are evidence of a problem that is yet to be tackled effectively and it will continue to remain so,” he said as quoted by Malay Mail.

He noted that most of the overhang stock were non-landed units, with Johor, Selangor, and Wilayah Persekutuan Kuala Lumpur having the highest number of overhang units.

5) KPKT to ensure provision of affordable quality housing

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The Housing and Local Government Ministry (KPKT) will ensure the provision of adequate and quality affordable housing in Malaysia.

Under the 12th Malaysia Plan, the ministry’s mission is to deliver 500,000 housing units, said KPKT Minister Datuk Seri Reezal Merican Naina Merican. He noted that the figure is no “small amount, so we need a strategy to ensure the mission is achieved”, reported The Malaysian Reserve.

With this, Syarikat Perumahan Negara Bhd and Perbadanan PR1MA Malaysia (PR1MA) will continue to be KPKT’s backbone in providing affordable homes to the middle 40% and bottom 40% income groups, said the minister.

 

Reezal also revealed that the National Affordable Housing Council meetings with Prime Minister Datuk Seri Ismail Sabri Yaakob have been reactivated, with the first meeting set on 31 January.

6) i-City, China Mobile to develop Malaysia’s first smart green corporate tower

i-City Properties (i-City) has partnered with China Mobile International (CMIM) to build the first smart green corporate tower in the country.

The New Straits Times reported that the corporate tower – located within the i-City – will be equipped with 5G internet-enabled sensors and cameras to monitor energy consumption, the environment as well as human traffic flow for data collection purposes, said i-City Director Monica Ong.

The data gathered will help the machines connected to the tower to identify and alert building management of peak hours and the number of security personnel and cleaners needed ahead of time.

“All of this is possible thanks to AI’s capabilities. This will improve sustainability and building tenant experience, which is a top priority, while also emphasizing the environment and sustainability of our smart city,” said Ong.

 

7) Draft MPAJ local plan to be displayed in April

The draft Ampang Jaya Municipal Council Local Plan 2035 (RT MPAJ) is in the final drafting stages and is set to be displayed in April.

MPAJ Press Relations Officer Norhayati Ahmad revealed that the plan will – for the first time – be made available for online viewing, reported The Star.

She said stakeholders can give their feedback on RT MPAJ 2035 (Replacement) plans “either by filling up a form or via online”.

Notably, the draft plan was initially set to be tabled in July 2021. However, its tabling has been delayed due to COVID-19-related restrictions.

 

8) Stakeholders want the existing buffer zone in the draft local plan to be retained

Stakeholders in Kuala Langat raised concerns over the proposal to reduce the minimum distance between settlements and heavy industries during the public hearing on Kuala Langat Municipal Council’s (MPKL) 2030 Draft Local Plan.

 

Notably, it was proposed that such distance be reduced from 500m to 300m, reported The Star.

 

Lee Chee Kwang, the legal adviser of Kuala Langat Environment Action Association (PTASKL), said the proposal runs counter to the advice of environmental experts.

“Many experts have said that the 500m distance is important to ensure residents’ safety,” he said as quoted by The Star.

“Even now, there are factories that are not complying with this rule, so imagine if it is reduced to 300m.”

 

He noted that passing such an amendment would legalize at least two factories that are operating near housing areas and schools, which would be hazardous to the people.