KPKT sets up taskforce to solve 381 "sick" housing projects - Nga

Its minister, Nga Kor Ming said housing development is one of the important sectors in generating the country's economy with almost 200 industries involved and that it is the ministry's hope that the housing industry will continue to thrive in 2023.

"The ministry will launch more high-quality affordable houses so that the people can have comfortable and high-quality houses at reasonable prices," he said in a statement today.

Nga said based on statistics by the ministry, a total of 83,728 houses would be built under the 12th Malaysia Plan.

"A total of 22,209 houses have been completed, 47,637 units are under construction and the remaining 13,882 units will be completed by the end of 2025," he said.

The ministry, he said, will focus on the Sustainable Development Goals (SDG) put forward by the United Nations, especially in urban construction and planning.

It is hoped that the private sector can actively cooperate with the government to build more green spaces and use environmentally friendly design styles in construction in order to create more habitable housing with a green concept, he added.

The unity government, he said, supports the initiatives to help more young people to own their first home through a 100 percent stamp duty exemption incentive for houses priced at RM500,000 and below.

For houses priced at RM500,001 up to RM1 million, buyers can enjoy stamp duty exemption by 50 percent, he added.

"Now that the political situation in the country is stable, foreign investors have regained confidence in the unity government," he added.

Nga said he is optimistic about the market for the country's housing industry next year and hoped that entrepreneurs could an increase domestic investment.

"The unity government will cooperate by launching 'proper business' and 'pro-people' policies," he added.

To further strengthen the construction of public housing in the country, Nga said the ministry had invited the Singapore Housing Development Board (HDB) to share its expertise and experiences on housing issues.

"I believe this will help improve the level of urban planning in Malaysia and not only help more people own homes,but also create happy and prosperous households through innovative methods," he said.