“It’s time to review the [release mechanism] policy as I understand some states even have a Bumiputera quota up to 70% for a housing development,” said KPKT Minister Zuraida Kamaruddin.

MTEM chief executive Ahmad Yazid Othman claimed that the proposal by the Johor chapter of the Real Estate Housing Developers Association (Rehda) was a way to avoid paying fees to convert the units to non-bumiputera properties, which he estimated contributed RM600 million to the state's coffers.

The take-up rate for commercial and industrial properties by bumiputra buyers was low, between 2% and 3%, he said, and this forces developers to hold the unsold units before eventually getting permission from the state government to sell them to non-bumiputra buyers.

He is replacing Tan Sri Alies Nor Abdul, who has resigned on June 1, the PMO said in a statement.

“I hope that the government will provide some form of incentives like easing lending rules, that will help to boost the local housing market,” said the groups managing director.

Ahmad Asri urged property developers to take “active measures” to reduce prices.

Factors that may change this are if the government and Bank Negara come up with a financing scheme that benefits home-buyers from all segments, not limited to first-time buyers and the bottom 40 group.

The office floor plates average 20,000 sq ft and can be divided into quadrants, allowing larger corporations to take up a few floors and smaller companies to take up a quarter of a floor, he said at the Rehda Institute CEO Series 2018 in Kuala Lumpur today.

During his keynote address in Rehda Institute CEO Series 2018 held today in Kuala Lumpur, Lim stressed that the government did not oppose selling properties to non-citizens.

“The government wants to see the reduction of house price. We are not interested to see developers giving out freebies from the saving. It is meaningless. All the people hope to buy cheaper homes,” said Lim.