Housing ownership – Najib is speaking for his own political agenda and not for the People

Najib has labelled the PH Government’s lowering the threshold for foreigner to purchase completed unsold properties to RM600,000.00 as helping the “bosses” and “selling off the land and nation asset”. He said 50,000 foreigners will stay in Malaysia as a result of this policy taking into account 5 family members per house unit. The unfounded accusation shows how low BN and Najib can go in twisting and confusing the facts.

The Government has announced in the recently passed Budget 2020 for the lowering of threshold on high rise property prices for foreign ownership from RM1,000,000.00 to RM600,000.00. This is only confined to the supply of overhang condominiums and apartments amounting to RM8.2 billion in the second quarter of 2019 and in urban areas. This will help in the growth and improvement of cash flow in the market.

It is not surprised that Najib has opted to frame the announcement as if the Government is neglecting the poor and the needy on the issue of house ownership in Malaysia. The same accusation was made by the Opposition Leader, Ismail Sabri, during his Budget debates in Parliament. These are the quality of opposition leaders that we are having today.

The PH Government is a government that take care of every aspects and levels of society. In order to assist the first time house buyer to own their dream house, the Government has introduced, for the first time, the House Ownership Campaign (HOC) since January 2019.

The HOC requires the Developers to reduce the Property selling-price for not less than 10% from the original selling-prices, and allows the exemption of Stamp Duty for Transfer up to the value of RM1,000,000.00 and Loan up to the loan value of RM2,500,000.00. The government has managed to reduce the property prices, and the government has reduced the financial burden of the buyers in terms of processing of documents. This benefit the Rakyat most.

To date, more than 20,000 property units valued at more than RM13 billion have been successfully transacted under HOC 2019. Applying Najib’s formula of multiplying 5 members per household, the PH Government has benefited more than 100,000 Malaysians. This number is still increasing.

We didn’t see similar assistance in favour of the People from the government under Najib’s regime. Najib has introduced PR1MA projects in 2012 and huge numbers of units of apartments were built but remain unsold. Government grants were used to pay off the contractors and developers and the unsold stocks remain with PR1MA. Who has actually benefited from this scheme?

It is the current PH Government that have given up-to 30% discount for the PR1MA units, and taken aggressive marketing measures to push for the sale of PR1MA units in favour of the People.

Najib has to come clean. He is speaking for his own political agenda and not speaking for the People.

Wong Kah Woh
Media statement by Wong Kah Woh in Kuala Lumpur on Sunday, 1st December 2019