This accounts for 69.3% of the target of 500,000 units under the 12th Malaysia Plan.

Housing and local government secretary-general M Noor Azman Taib attributed this success to the collaboration of federal housing agencies, state governments and private developers, with the PR1MA Malaysia Corporation (PR1MA) being the key contributor, Bernama reported.

The National Affordable Housing Policy aims to provide quality affordable homes nationwide by 2028, Azman said at the launch of the Giga PR1MA Homes event in Ipoh today.

He said PR1MA has 88 projects nationwide at various construction stages, totalling 54,137 units. Of this number, 40,686 have been sold as of Aug 30 this year.

“In Perak, there are 15 PR1MA projects with 7,631 residential units and 679 units are ready for sale.

“The Giga PR1MA Homes campaign is one of the largest home ownership initiatives, offering 2,785 residential units, including 679 units in Perak,” he said.

Meanwhile, housing and local government minister Nga Kor Ming said the government was committed to helping young people own homes through the Madani Deposit scheme.

The scheme, aimed at youths aged between 21 and 40, is one of 33 proposals forwarded by the ministry to the finance ministry for the 2025 budget.

Nga said 76.9% of families in the country currently possess their own homes and although that figure is impressive, the focus now is on young people struggling to buy a first home.

“The government is aware that for young working adults, their main problem is bank approval due to lack of supporting documents to secure a loan.

“The maximum Madani Deposit for each house is RM30,000 for a house priced not more than RM500,000,” he said after opening the 2024 Perak DAP Socialist Youth convention.

Nga hopes the initiative will be accepted by the finance ministry to further increase home ownership in the country.