GEORGE TOWN: More than RM100bil in properties were sold in Malaysia in the first half of this year, prompting the government to double its initial target.

Housing and Local Government Development Minister Nga Kor Ming said while the ministry aimed to see RM100bil in property sales this year, the National Property Information Centre recorded RM100.5bil between January and June itself.

He said if the trend continued, Malaysia may achieve RM200bil in property sales by the end of this year.

He added that a robust property sector was crucial to the economy because it directly impacted the performance of more than 200 subsectors such as renovations and refurbishments, furniture, retail sales and banking services.

Nga also said to ensure future success, the ministry was developing a big data system on the Malaysian property sector.

He said this software would be provided to all relevant parties, including developers, so that they can identify areas that need housing projects, the types, and price ranges sought.

He said this would ensure that development projects met actual demand, preventing “white elephant” projects from forming.

For homeowners, Nga said the government was mulling a plan to get new owners and occupants of public housing projects to attend courses on the responsibilities of home ownership.

He said the course would educate such owners on the risks of not paying maintenance fees or misusing the privilege of being public housing unit owners.

“This course will raise awareness among residents in public housing projects and can assist the ministry in upgrading and maintaining such facilities,” he added.

Nga said this was in line with the government’s rebranding of People’s Housing Projects to People’s Residency Programme, approved last month.

He was speaking at a press conference here yesterday after handing over the keys to 20 Ideal Residency homeowners.

Also present were state housing committee chairman Datuk Seri S. Sundarajoo, PR1MA chief executive officer Datuk Seri Mohd Nazri Md Shariff, Ideal Property Group chairman Tan Sri Alex Ooi Kee Liang and Seri Delima assemblyman Connie Tan.

Nga congratulated the Penang government on being able to mould good quality affordable housing projects for the people.

He said Penang has lived up to its name as the Silicon Valley of Asia, as it is the largest exporter of electrical and electronic goods in the region.

https://www.thestar.com.my/news/nation/2024/10/06/govt-aims-higher-after-surpassing-property-sales-target