THE private-sector led FundMyHome is to give home buyers more options, said Lim Guan Eng, defending the peer-to-peer home financing scheme unveiled two days after Budget 2019 was tabled on November 5.

“This is an alternative where we want to give people choice. It’s up to them to choose and we want to ensure the options are wider and there are more access to loans,” the finance minister told BFM radio station on the Breakfast Grille today.

The EdgeProp Sdn Bhd launched FundMyHome on November 7, and its chairman, Tong Kooi Ong, defended the scheme as something which will not cost the government a single sen and does not require regulatory approval.

Lim was responding to a question on how FundMyHome could launch just days after Budget 2019 was tabled.

“The prime minister (Dr Mahathir Mohamad) has stressed that Malaysia needs to be business friendly. He’s also interested in innovative solutions to resolve some of the problems and issues. 

“At the end of the day, it’s down to outcomes and results. I cannot be determining the programme of the prime minister who has met those who suggested this alternative to financing the purchase of homes for those who can’t afford it or obtain loans from banks.

“The launching came very close to the budget announcement because he is going from one programme to the next.”

Lim said the budget was arrived at with all the ministries involved to ensure “the economy is entrepreneurial in nature and private-sector driven”.

On whether the government planned to have REITs for other government-linked companies, Lim said: “Why don’t we do the airport REIT first? And if it’s successful, it can be extended to others.

“This is a first in the world and we need to ensure that necessary discussions are done with all the stakeholders. There is keen interest and this would allow us to expand the airports at a time when the government has limited funds.

“We can’t be discussing billion-dollar deals when the stakeholders have not finalised their discussions.”

During the budget announcement, the government said it would divest a 30% stake in its airport assets into a real estate investment trust (REIT) structure and use the funds for capital expenditure.

Maybank Investment Bank Research, in a report, said the government could raise up to RM4 billion from its airport REIT.

The government currently owns the airports in Langkawi, Penang, Kuala Lumpur International Airport, Kuching and Kota Kinabalu. – November 12, 2018.