12 September, PUTRAJAYA – The proposed Home Ownership Campaign (HOC) is not limited to Chinese and Hong Kong nationals but also open to people from other countries, said Housing and Local Government Minister Zuraida Kamaruddin.
However, she said, the campaign to resolve the issue of unsold high-end homes was still at the discussion stage in the ministry and had not yet been taken to the Cabinet.
She added that the mechanism and rules for the campaign and the ‘Malaysia My Second Home’ (MM2H) programme was still being worked out.
“Once the policy is finalised, we will open it to people of other countries who want to make Malaysia their second home,” he said in a press conference held after the pre-launch of the 7th Asia-Pacific Urban Forum (APUF7) here today.
Yesterday, Zuraida was reported to have proposed the HOC to attract buyers from China and Hong Kong as a solution to the issue of surplus of high-end homes here which are worth about RM100 billion.
Zuraida said the ministry will discuss the HOC with the Ministry of Tourism and the Home Ministry which looks after applications for the MM2H.
She said there were also requests for the ministry to consider allowing permanent residents here to own homes under the HOC.
On the worry of various parties that the campaign would reduce the purchasing power of locals, Zuraida said the HOC only involved unsold elite and premium homes worth more than RM1 million.
“If I ask the developers to reduce to RM200,000, its impossible. These houses are abandoned, and gives the country a bad image.
“This is what we need to study, (so) investment can come in, tourists can come in and the properties can be maintained,” she said.