|Chipi Gala Night|
CHIPI GALA NIGHT SPEECH
YBhg. Tan Sri Lee Kim Yew,
YBhg. Dato' C S Ong
YM Tunku Dato' Ya'acob bin Tunku Abdullah
Ladies and Gentlemen.
Assalamualaikum and a very good morning.
2. The Malaysian residential property market continues to drive the growth in the property market. It accounts for almost two thirds of total volume and half of total value of transactions of almost 14 billion ringgit, during the first half of this year. We have also seen increases in housing starts and planned supply, reflecting improvements in market confidence.
3. In the light of the stronger than anticipated economic growth achieved during the first nine months of this year of 6 percent, the economy is well on track to achieve the projected growth of 5.8 percent for the whole of 2006. The Ninth Malaysian Plan has also projected that this strong growth would continue to be sustained over the Plan period. The better outlook, especially over the medium term, will have a spillover effect on the property sector, arising mainly from the higher income effect, and favourable employment market conditions, as well as attractive financing packages. In addition, our demographic structure shows that we have a relatively large young population who represents potential home buyers.
4. The Government's policy on housing development programs has always been focused on the need to ensure Malaysians in all income groups, have access to adequate, quality and affordable homes. Emphasis is also given on ensuring appropriate locations for housing, particularly for low and medium cost housing, as well as the provision of sufficient public amenities to create a conducive living environment for home buyers and their families.
5. The Ninth Malaysia Plan has estimated that new housing requirements during the Plan period will total more than 700,000 units. Of this, some 38 percent will be for the low-medium cost houses, while the balance 62 percent for the medium and high- end homes.
6. The Plan also envisaged that the private sector would play the lead role in meeting the nation's housing requirements. The Government is confident that the private sector has adequate capacity to meet the Plan's housing targets. The Government, on its part, will continue to provide the necessary support to facilitate the private sector to meet the target.
7. The Government's efforts at improving the delivery system in the housing sector has focused on several initiatives. The recent introduction of the build-and-sell approach for sales of residential units aims at reducing the risks to house buyers of incomplete and abandoned housing schemes, which presently, clearly place house buyers at a disadvantage.
8. In addition, to further promote sales of higher end properties to foreign purchasers in line with the promotion of â€œMalaysia: My Second Homeâ€ program, the Government has further relaxed home ownership rules for foreigners, whereby foreign acquisitions of residential properties of more than 250,000 ringgit per unit will no longer require the approval of the Foreign Investment Committee.
9. Home buyers are increasingly becoming more discerning when making decisions in buying houses, particularly in the light of greater competition among developers as well as the overhang condition that still exists in the residential property market. As such, property developers have to be more innovative in terms of offering products as well as in design and financing concepts for new homes. In this regard, I would like to commend Country Heights in introducing the CHIPI Program for the benefits of home buyers.
10. In concluding, I would like to thank Country Heights for inviting me to this gala function tonight. Once again, I would like to congratulate all those who have participated in the CHIPI Program.
|Terakhir Dikemaskini Khamis, 24 Mac 2011 10:28|