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 Local

Ministry to tackle overhang property issue

18th April, 2019

By JASON JACK EBIT

KOTA KINABALU: The Ministry of Local Government and Housing is committed to solving the issue of overhang housing units in Sabah.

Its minister, Datuk Jaujan Sambakong said so far, the number of unsold homes based on the ministry home ownership data is at non-serious level.

He said, based on the data, within six years, only 10,679 units home have not been sold with an average of 1,795 units per year.

“Therefore, my ministry will strive to solve the overhang issue to prevent the property market in Sabah from getting more serious.

“To prevent the problem from getting worse, my ministry and the Federal Minister of Finance have introduced the Home Ownership Campaign. This campaign is one of the government’s efforts to boost the property industry and to overcome the overhang problem.

“This campaign has already been initiated since January 1 this year and will provide citizens with the opportunities to acquire house through discounts for almost 10 per cent and stamp duty exemption by the government,” he said. He said this when replying to a question from Lumadan assemblyman, Matbali Musau during the debate session of the 15th Legislative Assembly sitting.

Besides that, the government also introduced the FundMyHome scheme, a concept where people can get financial aid to buy a home through peer-to-peer lending.

Under this scheme, buyers only need to pay 20 per cent by cash to buy the house where the other 80 per cent will be paid by financier.

“After staying for five years, buyers will have the choice to either continue staying at the house by paying the remaining 80 per cent or sell the house,” he added.

He further explained that the government also welcomes the private sector scheme, namely Rent-To- Own by offering buyer to rent the house within a certain period and buyer will be given the choice to either buy the house by obtaining full funding from any financial institution.

“So far there are three projects under the Malaysia Civil Servants Housing Programme (PPAM) implemented in Sabah which includes 1296 apartment and 298 terrace unit. From the total, 1318 units of homes have been acquired by civil servant through the programme,” he said.

Meanwhile, answering additional questions from Kuala Penyu assemblyman Datuk Limus Jury, Jaujan said that the government is in talk to halt the lifetime lease policy used by the previous government throughout the country in all the Housing Development Programme for the Hardcore Poor (PPRT), in the state and replace it with hire purchase.

“Since taking over the ministry, I do not want this lifetime lease policy to be implemented, this is not a good way to help the people.

“Under the Sabah Housing and Urban Development Board (LPPB), I am aware that there are still houses that were built 30 years ago that are still being rented although in an unsafe and dilapidated conditions,” he stated.

Jaujan explained that the lifetime policy is among the barriers for citizens to own their own homes, and that the government also has to bear the increasing cost of maintenance expenses.

   
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