GOVERNMENT-linked property firms rang up RM70.8 million from the sale of 227 residential units under the Home Ownership Campaign (HOC) at the recently concluded Malaysia Property Expo (Mapex).

The Housing and Local Government Ministry told The Malaysian Insight in an email that the estimated sales value includes the sales recognised by government agencies such as UDA Holdings, Syarikat Perumahan Negara Bhd (SPNB) and Perumahan Rakyat 1Malaysia (PR1MA). 

HOC is an initiative introduced in Budget 2019 to address the issue of property overhang and stimulate uptake in the housing sector.

According to data from the Valuation and Property Services Department, as of end 2018, there were 30,115 unsold residential units worth a total RM19.54 billion.

HOC features properties in three price categories – below RM300,000; RM300,001-500,000; and above RM500,000. The campaign, which began January 1, ends June 30.

The ministry said 1,044 visitors registered for HOC at Mapex, while 242 made online applications made through the National Home Management System (SPRN) for homes priced below RM300,000 under the MyHome scheme.

The ministry said a survey of 251 visitors showed that 67% did not own a home. 

About 42.9% indicated interest in purchasing affordable properties priced below RM300,000.

About 40% said they could would pay RM300,000 to RM500,000 for a home, while 40.7% thought  affordable housing should cost RM150,000 to RM300,000.

A total of 100 respondents, or 40% have household income of RM3,001 to RM6,000 while 57, or 23% have household income of RM1,000 to RM3,000. – March 11, 2019.