Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Friday, November 14, 2008

Call for Govt to relax bumi quota ruling

PETALING JAYA: Housing developers have urged the Government to relax the bumiputra quota for housing schemes, as unsold bumiputra units are placing a heavy burden on them amid the weak global economy.

Real Estate and Housing Developers Association of Malaysia (Rehda) president Datuk Ng Seing Liong reiterated his earlier calls for the Government to review the bumiputra quota policy and standardise it in all states.

“We hope that all the state governments will seriously consider our proposal to limit the bumiputra quota to a maximum of 30% of the total units. Discounts for Malay buyers should be capped at 5% and be only applicable for properties valued at RM250,000 and below.

“In addition, there should be an automatic release of the quota units after six months of a project’s launch or when construction has reached 50%, whichever is earlier,” he told the media on the sidelines of the summit.

The two-day summit gathered property developers, housing associations and government bodies to discuss the current and future issues relating to the property industry. It was opened by Housing and Local Government Minister Datuk Seri Ong Ka Chuan.

Meanwhile, Glomac Bhd managing director Datuk F.D. Iskandar, one of the panel moderators at the summit, suggested that the Malaysia My Second Home (MM2H) scheme be placed under the Prime Minister’s Department because the Tourism Ministry was unable to promote it effectively.

“The Tourism Ministry is focusing more on attracting tourists than ensuring the MM2H programme is successful,” he said.

By The Star

No comments: