Emulate South Korea and Singapore in building affordable houses, says BNM Deputy Governor

Emulate South Korea and Singapore in building affordable houses, says BNM Deputy Governor

KUALA LUMPUR, March 24 — Malaysia can emulate other countries, such as South Korea and Singapore, to build more affordable houses for the lower- and middle-income groups, said Bank Negara Malaysia’s (BNM) Deputy Governor, Dr Sukhdave Singh.

He said in these countries, the public and the private sectors joined hands in providing affordable housing.

“The housing community needs to adjust to the trends and the government is definitely playing a role in trying to create the supply,” he told reporters at a conference organised by the Malaysian Economic Association, here Thursday.

He said there was a mismatch in housing supply whereby most houses that were coming into the market were at the higher-end.

However, there was a lot of demand for affordable homes, he said.

BNM, in its 2015 Annual Report released Wednesday, estimated that 202,571 new homes were needed each year from 2016 to 2020, about 2.5 times the number of residential units constructed annually in the past five years.

It also suggested that the many affordable housing developers in the country should be consolidated and the government should also look into the residential rental market as well.

— BERNAMA

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