Malaysia splashes out on affordable houses

Malaysia is splashing out on a wave of new affordable houses.

The government will spend RM1.9billion in the next year to build 123,000 affordable housing units, according to Bernama.

The drive to create the houses, which will be priced one-fifth below the current market value, has been funded by the Syarikat Perumahan Nasional Berhad (SPNB) and the National Housing Department under the 1Malaysia Housing Programme Corporation.

The properties will be constructed around the country, with locations including Kuala Lumpur, Jonor Bahru and Kuantan. The corporation will also be given a Housing Facilitation Fund of RM500 million to help private developers build 30,000 housing units.

"A total of RM500 million [$163 billion] will be spent by PR1MA to build 50,000 houses in major locations nationwide with the selling price ranging between RM100,000 and RM400,000 per unit," commented Prime Minister Datuk Seri Najib Tun Razak.

(via OPP)