The Government has announced several measures to help keep the momentum for the property sector in Malaysia.
Prime Minister Datuk Seri Najib Tun Razak, proposed that the cap of houses for young working Malaysians to be raised from RM220,000 to RM 400,000 under the propsed My First Home Scheme (MFHS) which was announced earlier this year. Najib also promoted the PR1MA Scheme, which comes under the category for affordable homes.
“PR1MA will be the sole agency to develop and maintain affordable and quality homes, specifically for the middle-income group. It will be the developer for projects on land owned by the Government,” he said.
To protect home buyers, the Government will encourage the construction of more houses based on the built-then-sell.
Inline with the Economic Transformation Programme (ETP), where the Government wants to raise the population of the Klang Valley to 10 million; there will be a need and increase of demand for housing.
The slew of measures to promote house ownership among young working Malaysians showed that the Government is serious to prop up the property market in Malaysia.
