Over 29k unsold houses in first quarter of 2020

Photo used for illustration purposes only

KUALA LUMPUR – A total of 29,698 units of completed houses, out of the 127,604 units launched with a value of more than RM18 million, were reported to be unsold in the first quarter of this year, said Housing and Local Government (KPKT) Deputy Minister Datuk Seri Ismail Abdul Muttalib.

He said records at the National Property Information Centre (NAPIC) showed that this was lower compared to the 30,664 unsold units in the fourth quarter of last year.

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“Among the reasons for this are the inability to purchase according to the market price and the lack of an integrated system to ensure there is a match in terms of supply and demand according to location,” he said during the question and answer session in the Dewan Negara today.

He said this in reply to a question from Senator Dr Ahmad Azam Hamzah, who wanted to know the ministry’s guarantee in ensuring that the houses built would be sold.

Ismail said among the ministry’s efforts was to cap the ceiling price for affordable housing at RM300,000 under the National Affordable Housing Policy.

Apart from that, the ministry also asked developers to conduct feasibility studies so that the problem of oversupply could be overcome in the long run

He said the KPKT was also conducting a Housing Data Analytics Study to get a true picture with regard to housing management in the country.

“The study will be used as input for the development of a property data collection centre platform, which includes demand and supply, to help in decision-making at the federal and state government levels as well as to assist in the provision of more comprehensive national housing policies and planning,” he added.

He said the government was also developing the Housing Integrated Management System (HIMS), which would act as a one-stop centre for matters under the Housing Development (Control and Licensing) Act 1966 and for the updating of private housing development information.

The system is expected to be ready by April 2021, he said.

— BERNAMA