KUALA LUMPUR, Feb 11 (Bernama) -- Thorough research is required to analyse each key action under the broad framework of the National Housing Policy (NHP) 2.0 to ensure the policy’s success.
Knight Frank Malaysia Managing Director Sarkunan Subramaniam said the real estate consultancy firm lauded the NHP initiatives such as the National Community Policy to create vibrant communities and the formulation of the Residential Tenancy Act to protect tenant’s rights and avoid any discrimination against any race or gender.
However, he said the focus must not only be on protecting the tenant but also the landlord’s rights, as many residential tenancy Acts in the world over favoured the tenant.
In a statement today, Sarkunan said proposals to allow unmarried individuals in the B40 group to rent mall capsules at only RM100 per month, as proposed by the Kuala Lumpur City Hall, required thorough market research.
“Single people also require a reasonable amount of space and premises below 200 square feet were definitely not ideal choices even for single owners.
“Even in Hong Kong, which is known for its unaffordable property prices, several developments featuring shoebox flats failed to achieve favourable sales results,” he said, adding that these type of housing would be at risk of becoming ghettos and drug dens.
Touching on the possibility of Malaysia adopting the ‘build-then-sell’ model, Sarkunan believed Malaysia was not ready for such developments and developers should be allowed to decide on their own business model.
“The structure will generally increase the cost of housing units,” he said, adding that this would work against lowering house prices and affordability.
On the Housing and Local Government Ministry’s decision that houses under the Rent-to-Own scheme be resold to the ministry to prevent speculation, he said it was not advisable for the government to intervene directly.
“As far as speculation is concern, taxation mechanisms such as the Real Property Gains Tax and stamp duty were good enough to prevent such issues,” he added.
Sarkunan also suggested that the government streamline the Bumiputera housing quota and release mechanism in all states.