KUALA LUMPUR: According to an academician, the government’s takeover of the Bandar Malaysia development will bring various benefits to the people. The move, which is in line with the Budget 2024 objectives, aims to optimize the use of strategic lands for people-oriented projects. Senior lecturer at the Centre of Real Estate Studies, College of Built Environment, Universiti Teknologi Mara Assoc Prof Dr Mona Isa highlighted that the government’s focus is not only on commercial values but also on the needs and well-being of the people. She explained that establishing an affordable housing project in a sustainable location is crucial to provide easy access to essential amenities such as public transportation, reducing commuting burden and associated costs for the residents.
During the presentation of the Malaysia Madani Budget 2024 on October 13, Prime Minister Datuk Seri Anwar Ibrahim announced the unity government’s initiation of the Bandar Malaysia development to ensure strategic lands are optimally utilized for people-oriented projects, aligned with Madani values. The projects encompass affordable housing projects for veterans, taking into account the interests of Bumiputera communities in the Federal Territories. Additionally, the development will include the provision of parks and green spaces that will benefit all residents in the Klang Valley.
Assoc Prof Dr Muhammad Najib Razali, the director of real estate at the Faculty of Built Environment and Surveying, Universiti Teknologi Malaysia, called the RM100 million allocation for maintaining low- and medium-cost public and private strata housing projects a community-oriented measure that focused on the needs of the people. He emphasized that consistent maintenance is essential for strata housing to ensure residents can enjoy a good quality of life and avoid buildings looking worn out and outdated.
The National House Buyers Association (HBA) secretary-general Datuk Chang Kim Loong welcomed the special guarantee fund of RM1 billion by the government, aiming to incentivize developers to revive abandoned projects. He expressed hope that this grant would allow developers to revive these projects without burdening existing house buyers with large sums of money since they have already suffered financial losses. HBA suggested that the guarantee fund be overseen by the Finance Ministry, with an intelligent team responsible for selecting reputable developers, contractors, and builders with good financial standing.
Chang also stressed the importance of not allowing abandoned projects to be abandoned again by errant salvagers. He recommended that the government prioritize abandoned projects that are near completion for revival, utilizing the government-guaranteed funds for maximum impact. This statement was made in response to the announcement by the government. – Bernama
