REHDA Malaysia president Datuk NK Tong

The Real Estate and Housing Developers’ Association (REHDA) Malaysia has welcomed the measures announced in Budget 2023 by the Unity Government on Friday. In particular, the association supports the government’s plans to build 12,400 units of low-cost houses under Program Perumahan Rakyat (PPR) and 4,250 Rumah Mesra Rakyat under Syarikat Perumahan Negara Bhd (SPNB), with allocations worth RM367 million and RM358 million respectively.

REHDA also commends the government’s decision to increase Syarikat Jaminan Kredit Perumahan (SJKP) allocation to RM5 billion, which is expected to benefit 20,000 borrowers without fixed income. The association believes this move will increase the ability for more Malaysians to buy a home and improve their quality of life.

However, REHDA is concerned that the pressing issue of the continuous increase of building materials prices, highlighted in the association’s Budget 2023 Memorandum, has not been addressed. The association emphasizes that if left unaddressed, the issue will have an adverse impact on house prices in the open market. Nonetheless, REHDA will continue to engage with all relevant industry players, including the government, to find a solution to this issue in the near future.

In a press statement, REHDA Malaysia president Datuk NK Tong stated that the government’s approach in the budget may seem bold and aggressive but is in fact prudent given the concerns of slower global growth for 2023. He is hopeful that some of the measures announced towards alleviating the burden of the less privileged will help them navigate their day-to-day life amidst the high cost of living, especially in urban areas.

Tong reiterated the association’s pledge to continue with its nation-building role of providing quality and affordable homes for the rakyat while providing employment to the 180 upstream and downstream industries. He hopes that the government will continue to give their full support to the industry.