100,000 houses unsold since 2005

(Bernama) – A total of 111,809 houses worth RM19.9 billion remain unsold nationwide between 2005 and 2008, said Housing and Local Government Minister Datuk Kong Cho Ha.

He said according to the Valuation and Property Services Department, overhang properties accounted for 25,046 units worth RM4 billion in 2005, 31,253 units worth RM5.8 billion (2006), 29,481 units worth RM5.5 billion (2007) and 26,029 units worth RM4.4 billion (2008).

“Most of the overhang properties are in the Klang Valley. They remain unsold due to the prices and unsuitable locations,” he said in a written reply to a question from Hee Loy Sian (PKR-Petaling Jaya Selatan) at the Dewan Rakyat today.

Kong said the National Housing Department would approve the developer licence based on the property market demand to ensure that housing development would be in tandem with the economic growth.

Hee responded by saying that the ministry should solve the property overhang problem, especially in the Klang Valley, instead of approving new projects.