No monopoly in FundMyHome scheme, says Tony Pua

Yasmin Ramlan

Political secretary to the finance minister Tony Pua says the FundMyHome scheme is no a monopoly and other companies can form the same platforms to meet the demands of the public. – The Malaysian Insight file pic, November 9, 2018.

THE crowdfunding platform to allow people to buy homes, introduced in Budget 2019, is not a scheme which will be monopolised by a single private entity, said Tony Pua.

Pua, who is political secretary to the finance minister, said the crowdfunding platform will be opened to all developers in future projects.

“I would like to clarify this misunderstanding. The FundMyHome scheme is not a monopoly. It is just the pioneer project which came out of Pakatan Harapan’s idea.

“We are open to other parties forming the same kind of platforms to meet the facilities for the public,” he said during the Budget 2019 Doing Business In The New Malaysia forum today.

On Wednesday, former prime minister Najib Razak said he was displeased by the FundMyHome scheme that was announced in Budget 2019.

“I think just like many of the items announced in Budget 2019, all of these actually have not been well-planned or are still in the planning stage. In fact, it does not benefit the people.”

Najib added that he was amazed by the sequence of events.

He said on November 2, the government announced Budget 2019 which allowed the private sector-driven property crowdfunding platform.

On November 4, FundMyHome’s proprietary platform from a private company was launched.

Pua, however, said the FundMyHome scheme, which was launched by Prime Minister Dr Mahathir Mohamad, prioritised protecting home buyers and investors in the scheme.

The scheme allows a person to buy a home by paying an upfront 20% of the house’s price, with investors such as banks committing to fund the remaining 80% in exchange for a share in future profits. – November 9, 2018.

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  • Just be honest about it. The one that benefits most are developers who are getting cash upfront for inventory that previously can't be sold so that they can continues to overbuild and defer the problem a couple of years down the road.

    Posted 5 years ago by Hisham Mokhtar · Reply