Sarawak state government will double it efforts in promoting Malaysia My Second Home (MMSH) programme abroad as part of the solution to address local real estate industry increasingly gloomy outlook.


Abang Johari (left) in discussion with visiting Kelantan youth leader
delegation Mohd Zharuzaman Mat Zain. (Photo: BP)

Sarawak Housing Minister Datuk Seri Abang Johari Tun Abang Openg said his ministry has been encouraging local housing developers to tap on overseas market to sell their properties especially those costing more than RM30,000 above.

“To overcome the current glut in housing industry, we encourage developers to get foreigners to buy these houses, which can be done under the MMSH programme” Abang Johari said as reported in Borneo Post on Friday.

The National Property Information Center (Napic) report said on the second quarter of 2008, of 4,540 units of luxury homes being built, only 1,203 units have been sold so far.

In comparison, at the same period last year (2007) of 11,993 units being built, only 2,585 units have yet to be sold the report said.

According to Johari most of these houses could have been sold if banks have not been overly cautious in giving out loans to their customers.

“Actually, there are buyers who can afford the RM300,000 houses but banks have been overly cautious in giving out loans, resulted in these houses not being sold,” he said.

Earlier Abang Johari entertained visiting youth movement body Pertubuhan Pergerak Generasi Muda Malaysia Negeri Kelantan at his office in Kuching.

*Irene C (BP) contributed to this report and edited by Bintulu.Org