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Wednesday, March 4, 2009

Rehda lauds ministry’s move

KUALA LUMPUR: The Real Estate and Housing Developers’ Association Malaysia (Rehda) welcomed the announcement by the Housing and Local Government Ministry on stimulating the property market.

“The ministry’s decision to get banks to reschedule payments and reduce interest rates will make housing loans more affordable and avoid the occurrence of non-performing loans in the housing and construction sectors,” president Datuk Ng Seing Liong said in a statement.

Ng added that the move would create greater financing for the housing sector while the reduced rates would also attract potential buyers who have been adopting a wait-and-see attitude.

Meanwhile, the Government’s decision to subsidise the construction or purchase of land for building 25,000 low-cost houses, was also seen as a positive step towards providing more affordable housing for low-income earners.

Ng further stated that the revision of stamp duties and taxes for developers would ease the industry’s burden as well.

By Bernama

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