By Viktor Chong viktorchong@thestar.com.my

PETALING JAYA: REHDA trustee Datuk Ng Seing Liong urged the government to reduce compliance costs for the developers as most of the added cost will be transferred to the customers.

Speaking at the StarProperty.my Post GE-14 Forum, Ng cited conversion premiums, development charges, TNB, IWK, water and road contribution as some of the costs to be considered.

According to Ng, affordable housing headed by private developers will still need to be sold at a fair price. Affordable house projects under the government, on the other hand, should have their prices and sales controlled so that it will benefit the people.

Concerning policies, Ng said Bumiputera quotas and discounts should also be standardised, possible with quotas at 30% and discounts at 5%. There should also be a release mechanism for unsold Bumiputra quotas where the unsold units should ideally be released six months after launching.

“Banks could also help first-time homebuyers by considering the other incomes of the loan applicants,” said Ng. He added that Maybank has come up with a loan scheme where the individual does not need to pay instalment for the first five years. During that period, only the interest needs to be serviced. To aid home ownership, Ng also suggested that the government standardise loan interest rate at 5% for affordable housing.

Ng advised house buyers to purchase a house only when enough yield could be derived from it. Otherwise, there is a possibility that the individual could get tied up by the purchase.