Govt to explore shared ownership model

The Malaysian government plans to investigate the shared ownership model for housing, according to housing and local government minister Nga Kor Ming. The minister unveiled this initiative during the inauguration of the National Housing Policy 2026-2035. The shared ownership scheme, similar to one implemented in the UK, allows buyers to acquire a portion of a property through mortgage and deposit, while paying a subsidized rent for the remaining proportion.

Minister Nga emphasized the necessity of a more adaptable and inclusive housing financing system to accommodate the evolving employment landscape. Furthermore, the government intends to persist in examining rent-to-own and fixed-rate mortgage options, along with other appropriate financing instruments. Additionally, Minister Nga announced plans to draft a new Property Building Managers Act to enhance the management of strata communities.

This move is crucial as Malaysia is home to nearly three million strata properties, many of which face issues such as malfunctioning lifts, inadequate cleanliness, and neglected facilities, all of which adversely impact residents' quality of life and property values.