Mapex 2015 attracts young property buyers

Real Estate and Housing Developers' Association Malaysia (Rehda) Penang chairman, Datuk Jerry Chan said the property fair, themed "A New Year, A New Home", has helped many Malaysian home-buyers to purchase their dream homes at affordable prices.

"It has also helped generate demand for housing and ensure sustained growth of the housing and property industry," he said in his speech at the launch of Mapex 2015 by Chief Minister Lim Guan Eng here Saturday.

Chan said Rehda Penang has come a long way to become the leading voice of the real estate and housing industry.

"Rehda has been engaging the state government and government agencies to resolve the challenges faced by the industry in the face of economic uncertainties as well as rising construction and compliance costs.

"As an industry, the real estate and housing industry shares the government's vision and mission of providing adequate, quality and affordable housing for the people," he said.

He said one of the ways is reviewing residential property plot ratio guidelines further to allow developers to bring down the cost of building and thus provide more affordable housing for Penangites.

"Rehda Penang always realises the importance of giving a helping hand to those in need especially the less fortunate communities. We aspire to establish ourselves as a compassionate and responsible entity through Corporate Social Responsibility (CSR) initiatives," he said.

Lim, in his speech, said the theme "A New Year, A New Home" is in line with the state government's efforts to ensure that genuine qualified first-time buyers are able to own a home under the new housing rule which took effect on Feb 1, 2014.

"This ruling is intended to protect existing and emerging affordable housing stocks, curb speculation and assist low-income groups to have a roof over their heads," he said.

Lim said the Penang house price index rose from 116.6 in the third quarter of 2003 to 218.2 by the third quarter of 2013.

"Penang has seen property prices doubling since 2003. House prices have been increasing 8.6 per cent annually while the average household income has increased by 5.4 per cent.

"This means house prices have increased faster than income, which leaves an affordability gap," he said.