FT Minister: Home affordability for M40 will be prioritised

KUALA LUMPUR (Sept 19): The Federal Territories Ministry will work on the supply side to provide more affordable homes for middle class city dwellers, minister Khalid Samad said today.

“The issue of homes for the middle class has not been fully addressed, [even] those earning RM6,000 a month could not afford a home. Therefore, home affordability for this group will be a priority for the KL2040 masterplan,” he said in his speech at the opening ceremony of the 11th International Conference on a World Class Sustainable Cities (WCSC) 2019.

Themed “NEXT: KL2040”, this year’s WCSC conference explored how Kuala Lumpur and other cities in Malaysia can prepare for the challenges of becoming world class sustainable and livable cities.

Speaking to the media after the ceremony on how his ministry plans to address the supply of affordable housing, Khalid said: “We are looking at affordable homes. We are trying to achieve a sufficient amount. Perhaps, subsiding the building of the homes by giving discounts, for example, so more homes below RM300,000 can be built.”

Commenting on the extension of the Home Ownership Campaign (HOC) to foreign buyers, Khalid said it should be the developers’ decision on whether to sell to foreign buyers and adjusting the pricing which could attract buyers.

“Local buyers will always be given the priority [to purchase], but if [the units were] left unsold after years with no local buyers, obviously we have to consider a need to open it to international buyers, especially those linked to Malaysia My Second Home Programme (MM2H),” stressed Khalid.

He added that there are no plans to freeze development permits. “Let the market resolve itself instead of having too much government intervention.”   

As for KL’s re-planning for the next 20 years, Dewan Bandaraya Kuala Lumpur will come up with a long-term view of its development plans and the challenges the city will be facing from various perspectives such as demographic changes, climate change, technological disruptions and scarcity of land.