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Overhang value exceeded 600% over five years

OF late, there have been calls from different quarters appealing to the government to reduce the pricing threshold of properties that foreigners are allowed to buy.

The call is a result of a growing number of completed but unsold units in the country.

Over a five-year period between 2014 and the end of 2018, the number of unsold completed residentials grew from 11,816 units to more than 45,000 units by the end of 2018, including serviced apartments and small offices home offices (SoHos).

This translates to a rise of 281% over the period.

In ringgit value, the rise is even greater. The value of residential overhang snowballed by a massive 635%, according to the National Property Information Centre (Napic) records.

The residential overhang was valued at RM4bil at the end of 2014. It grew to RM29.7bil by the end of 2018, Napic records showed.

OF late, there have been calls from different quarters appealing to the government to reduce the pricing threshold of properties that foreigners are allowed to buy.

The call is a result of a growing number of completed but unsold units in the country.

Over a five-year period between 2014 and the end of 2018, the number of unsold completed residentials grew from 11,816 units to more than 45,000 units by the end of 2018, including serviced apartments and small offices home offices (SoHos).

This translates to a rise of 281% over the period.

In ringgit value, the rise is even greater. The value of residential overhang snowballed by a massive 635%, according to the National Property Information Centre (Napic) records.

The residential overhang was valued at RM4bil at the end of 2014. It grew to RM29.7bil by the end of 2018, Napic records showed.

This double increase coincided with the escalation of property prices over a 10-year period starting from 2009/2010. Property prices remain high today.

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Micro homes and communal living bring ‘kampung spirit’ back to city living

KUALA LUMPUR, Feb 7 — The trend for communal living and micro housing that is appearing in cities worldwide is not just for millennials or singles anymore.

Two full-scale prototypes of the 21st-century housing concept which opened to the public here today at the World Urban Forum (WUF9) Village drew the attention of families and retirees too.

“When we talk about communal living, we would have single occupancy in mind because families would not have much time to interact with others, and we felt it would be more accepted by the younger generation.

“However, we did receive enquiries from older couples as well as they are open to the concept of creating a community,” Think City Sdn Bhd programme manager Joanne Mun told reporters at the installation on Medan Pasar here.

Opened to the public for the first time at 10am today, Mun said about 200 visitors had dropped by to see the micro housing installations.

“It is encouraging to see the interest shown by the public as we had received many positive feedback. We would like to see more people come over to give their input,” she said.

She added the shared-living concept proposed by the Kuala Lumpur City Council (DBKL) and Think City aims to bring back the “kampung spirit” to the city, where members of the community are always open to helping each other out.

“City life is very fast-paced and people are usually too busy, which reflects less interaction between neighbours.

“Apart from creating a community, this concept is also to look into adaptive use of vacant buildings. In the last three years alone, we have seen many big corporations and small businesses moving out of the city, leaving many commercial spaces vacant,” she said.

Mun said the two micro houses on display, shortlisted from six design applications, were selected based on 10 different criteria.

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Harga rumah di Malaysia ‘sangat tidak mampu milik’

KUALA LUMPUR: Piawaian antarabangsa mengkategorikan rumah kediaman di Malaysia sebagai ‘sangat tidak mampu milik’, demikian menurut kajian yang dibangunkan Demographia International dan dicadangkan oleh Bank Dunia, Pertubuhan Bangsa-Bangsa Bersatu dan Universiti Harvard.

Pengarah Jabatan Pemantauan dan Pengawasan Kewangan Bank Negara Malaysia (BNM), Qaiser Iskandar Anwarudin, berkata kebanyakan rakyat Malaysia tidak mampu untuk membeli rumah yang baru dibangunkan berikutan harganya di luar keupayaan kewangan mereka.

Beliau berkata, berkata berdasarkan sumber daripada Jabatan Statistik Malaysia, Pusat Maklumat Harta Tanah Negara (NAPIC) dan BNM, harga bagi rumah mampu milik di seluruh Malaysia perlu ditawarkan pada harga maksimum RM282,000 untuk isi rumah berpendapatan median atau penengah.

“Bagaimanapun, berdasarkan sumber sama, rumah mampu milik yang ditawarkan dalam pasaran ialah RM298,000 (harga median sebenar).

“Manakala, purata harga bagi pelancaran hartanah baharu yang ditawarkan dalam pasaran adalah pada RM417,262 seunit,” katanya pada sesi taklimat BNM bersama media mengenai hutang isi rumah dan pembiayaan perumahan, di sini, hari ini.