Congratulations to the REAL ESTATE AND HOUSING DEVELOPERS ASSOCIATION MALAYSIA (REHDA), Melaka branch for the successful launch of MAPEX 2008 at Mahkota Parade which will last for 3 days until the 20th July 2008. Congratulations is also extended to the new Chairman of REHDA, Mr. Gwee Yew Kiat for ensuring continuity of MAPEX which has run since 1998.
I have been given to understand that 26 housing developers in Melaka, 2 banks and 1 property investment company are taking part in this year’s event. The exhibition will also offer 4,633 units of mixed development whereby 2,797 units are specially reserved for Bumiputras. 928 are MCL (Malay Customary Land) owned while 914 non-Bumiputra units with a total worth of RM621 million will be offered.
The information which I have obtained from MAPEX which was last held in April 2008 is that a total of 66 units of mixed development worth RM14 million were sold then. Following that, MAPEX will be held in this July to provide opportunities to the public to buy property in Melaka.
I have also been approached by REHDA who have appealed to the state government to release the unsold Bumiputra units to non-Bumiputras as the holding costs is too much for the developers to bear. REHDA has also urged to state government to lower the Bumiputra holding equity from 60% to 40%.
The state government truly understands this situation as the Barisan Nasional government has always been sensitive and sympathetic to such matters. In respect of equity holding, we have in fact reduced it by 10% as it used to be 70%. In urban areas, for example, we have lowered the equity to 40%, 30% and in some cases, below 30%.
To overcome the problem of unsold Bumiputra housing and property units, we have suggested that state agencies such as PKNM, Yayasan Melaka and Majlis Agama Islam Melaka (MAIM) buy over such units and rent them to the Malays at lower rentals. I have also urged MARA and UDA to help purchase these Bumiputra quota properties.
To Bank Negara, I have suggested that buyers of houses and shop houses be allowed to make loan repayments over 2 generations. Repayment over 2 Generations is now allowed in Japan and Europe. I am sure that the problem of Malay property ownership will be solved if Bank Negara studies my proposal in detail. I also believe that there are many well-off Malays but I am perplexed as to why they are reluctant to buy Bumiputra units especially shop houses. Presently, Bumiputras only account for 9% of commercial property ownership. I appeal to such Malays to change their perspective towards such property.
I invite everyone to MAPEX 2008 at Mahkota Parade and those interested in making a purchase will be happy to know that 100% financing can be arranged. This will indirectly contribute to the state economy.
In respect of the sale of completed houses with CF (Certificate of Fitness), I agree to relax the quota of projects which have 5 or less unsold units. For unsold shop houses, I have asked the developers to discuss with PKNM and Yayasan Melaka to buy over such units at a reasonable discount and for the agencies to rent or lease them to the Bumiputras at a lower rental.











