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DPMM: Malaysia Needs One Million Affordable Homes

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The Malay Chamber of Commerce Malaysia (DPMM) believes that Malaysia needs about one million homes in order to meet the needs of the mid-income group, reported Bernama.

The Klang Valley alone needs 300,000 of such homes, said its president Datuk Syed Ali Alattas after a Post-Budget 2016 Forum, while hoping that the government will create a housing bank to help house buyers and developers.

“This institution is important as the cost of building 300,000 units of homes costing RM200,000 needs financing of about RM60 billion,” he said.

Syed Ali noted that the developers association in Melaka failed to sell 50,000 units of low-cost homes as banks reportedly refused to extend loans to buyers.

On Budget 2016, he said there are still issues which had not been overcome. One of those is the financial allocation to ensure the success of the Bumiputera agenda within the micro financing business.

“Only 3.5 percent of the RM260 billion budget allocation was for this sector. In the current uncertain economic situation, the microfinancing business sector has been somewhat affected.”

He revealed that DPMM received over RM500 million during the 1997-1998 economic crisis to help half of its affected members.

“At that time, DPMM had less than 10,000 members. At present, we have more than 500,000 Bumiputera entrepreneurs registered with us, and who need assistance towards continuing their businesses,” said Syed Ali.

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