Malaysia is planning a sale for RM22.5 billion of real estate to bridge the gap between property oversupply and lack of affordable homes, with developers asked to offer at least a 10% discount.
The numbers are staggering: about 180 developers will offer 22,000 units worth a total of RM22.5 billion at an expo planned for March 1 to 3. About a quarter of the properties on offer will be priced at RM300,000 or less, said Housing and Local Government Minister Zuraida Kamaruddin, adding that the transactions will be exempted from stamp duty fees.
“We hope that better discounts will be given to the people, as high as possible,” Zuraida said here yesterday. “We are trying to reduce the gap starting from the expo. From then on we will try to clean up.”
The average cost of a Malaysian home was five times the annual median household income in 2016, above the global standard of three times, Bank Negara Malaysia said in a quarterly bulletin posted in August.
