MELAKA TARGETS 88 PCT HOME OWNERSHIP BY 2030 - CHIEF MINISTER

MELAKA, Sept 21 (Bernama) — Melaka Chief Minister Datuk Seri Ab Rauf Yusoh announced that the state government is targeting 88 per cent home ownership by 2030. 

He noted that at least 4,191 housing units need to be built annually to achieve this goal. 

"According to a report by the Department of Statistics Malaysia, the housing development sector in Melaka has shown positive performance in 2023, with home ownership rates at 84.5 per cent, higher than the national average of 76.5 per cent.

"Meanwhile, data from the National Property Information Centre (NAPIC) for the second quarter of 2024 recorded that Melaka continues to maintain its status of offering the lowest house prices nationwide, with an average of RM233,255," he said during the sales launch of the Kota Syahbandar Condominium project here today.

Ab Rauf emphasised that in line with its goal to ensure that all housing developments in the state are beneficial, the government is taking the issue of unsold properties in Melaka seriously.

"Alhamdulillah, Melaka has recorded only 514 unsold housing units valued at RM210.14 million, compared to other states, where unsold properties exceed 2,900 units per state.

"We will continuously monitor housing prices to ensure they remain relevant and affordable, despite the rise in raw material costs. This will help minimise the number of unsold houses," he said.

He added that the state government strongly encourages property developers to offer more high-quality projects to meet the growing demand for residential units in Melaka City, which is expected to rise further, with the current number of visitors and tourists already at 10.15 million as of August 2024.

"I believe this development represents a beacon of hope for the state's economic growth. From an economic perspective, this condominium project has the potential to become a future investment that will bolster the state's economic growth and contribute to an increase in its Gross Domestic Product.

"I sincerely hope that the strong cooperation between the state government and private housing developers will continue for the future prosperity and well-being of all Melaka residents," he said.

— BERNAMA