House price reduction, control in Budget 2014

Reduction and control in house price are expected to figure prominently in the Budget 2014 to be tabled in October. Urban Wellbeing, Housing and Local Government minister Datuk Abdul Rahman Dahlan said his ministry had been directed to initiate a laboratory (lab) to obtain suggestions and ideas from the housing industry. "Those who are involved in the lab are housing developers, housebuyers associations and other stakeholders," he told reporters after launching the House Price Reduction Initiative workshop here today. He said the suggestions would be inclined towards fiscal and policy issues such as real property gains tax or stamp duty. Abdul Rahman said the lab would discuss among others, the best approach to tackle the drastic increase in house prices over the past five years. "The lab will have the support of the prime minister as the issue is among the government's main agenda," he said. Abdul Rahman said the ministry had set up a monitoring committee to ensure the materialisation of one million affordable homes as pledged by the government in the next five years. "We have been directed to monitor projects under the national housing developer (SPNB), 1Malaysia people's housing (PR1MA), public-private partnership unit (UKAS) and government agencies, and the first meeting was held two months ago," he said.