Earlier today, Rehda Institute chairman Jeffrey Ng urged the government to expand its rental housing initiative to help low-income households which were struggling to afford their own homes.
The Rehda Institute is the training and research arm of Rehda. It was established in 2001 to address the research and educational needs of the housing and property industry.
In a Utusan Malaysia report, Ng said that renting could be a more sustainable option as land was a limited and depleting resource.
In response, Nga said that the country’s aspiration to provide every Malaysian a decent home could only be realised through strategic collaboration between the public and private sectors.
“Rehda (Institute) is hoping that the government will absorb all the obligations to build social housing so that they will be allowed to monetise their land,” said Nga.
“However, we have to take a fair and balanced approach. All developers also have a role to play through corporate social responsibility (CSR).
“While making a decent profit is necessary for a business to sustain itself, businesses also have a responsibility to take care of the less fortunate,” he told reporters after officiating the launch of TRX Residences here.
Meanwhile, Nga said the government was seeking to build 500,000 affordable housing units by the end of the 12th Malaysia Plan (2021-2025).
Currently, the government offers affordable rental housing under the People’s Housing Project (PPR) for households with monthly income of less than RM3,000, as well as under PR1MA. It also offers rent-to-own options under the My First Home Scheme.
Separately, Nga said a new Act called the Real Property Development Act, which is aimed at regulating mixed development projects in Peninsular Malaysia, would be tabled in Parliament by next year.
The Teluk Intan MP pointed out that the Housing Development, Licensing and Development Act 1966 only governed residential properties.
“However, nowadays (new projects) are usually mixed developments which include retail, commercial units, SoHo (small office, home office), and even medical properties,” he said.
Nga added that the “business-friendly” legislation would safeguard the interest of purchasers, developers and landowners, making property investment “safe and regulated”.