Residential projects built in Melaka to undergo selling price valuation review

The state government of Melaka, Malaysia, has announced an initiative to review the selling prices of newly built residential projects in the region. This review, to be conducted by the Valuation and Property Services Department (JPPH) through the State Land Subdivision and Partition Committee, aims to ensure that the prices of these developments are in line with the current market value and remain within the financial reach of potential buyers.

Chief Minister Datuk Seri Ab Rauf Yusoh emphasized that this move is not merely about approval processes but is aimed at fostering economic growth, creating job opportunities, addressing housing needs, and ensuring that housing prices are genuinely affordable. This initiative comes in the wake of the National Property Information Centre Report, which indicated that Melaka had the lowest house sale prices in Malaysia during the first quarter of the year.

Despite this, the state government remains cautious, noting that the housing affordability ratio in Melaka is significantly lower than the national average, and there is a need to maintain this affordability as market conditions and development costs evolve. The goal is to increase the home ownership rate to 88 percent by 2030, with a focus on ensuring that more Malaysians in Melaka can truly afford to own a home.

Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.