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Who are you building for? Certainly not us

Written by: MT Reader | 13 Nov 2017 17:54
The bulk of the unsold units were those selling for RM500,000 and above. Reuters pic
Written by:
13 Nov 2017 17:54
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News that almost 40% of completed residential units have not been sold in the first half of 2017 surely must be a sign that we may be overbuilding for the wrong market.

According to the Deputy Finance Minister, the 40% represents some 20,807 units worth RM12.2 billion.

That is a lot of properties unsold involving a lot of money.

It doesn’t take a genius to realise why they are not selling.

As revealed further, a majority of them were condominiums and apartments starting at RM500,000 and above.

Surprise, surprise. Well, guess what?  The average Malaysian can't afford such homes.

And with us struggling as it is dealing with rising living costs, we don’t intend to either.

From the look of things, even the well to do is shunning these units.

It seems Malaysians are being very careful with their money and prefer affordable investments.

Can developers then please shift their focus towards the affordable home market?

That’s where the money is now because that’s all the average Malaysian can afford.

We need more homes costing RM300,000 and less.

I am lucky enough to purchase my home some years ago when it the economy was doing alright and owning a home was still within reach.

I cannot say for my teenage children when they start their own families in say 10 years time.

My nephew in his late 20s is already crying in silence each time the banks reject his loan application for a RM280k medium cost apartment.

Developers have also a duty to fulfil to the community that supports them and made them rich. 

Greed can wait for when things pick up.

For now, realise that your fellow Malaysians need help more than ever to own homes.

Just imagine 20,000 unsold homes and lying there empty while hundreds of thousands of families, possibly even millions, still struggling to find a way to own a modest decent home.

That’s the sad reality I guess these days.

Julian P
Kuala Lumpur

 

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