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Tuesday, October 7, 2014

Federal agencies increase house prices for huge profits

State executive councillor Jagdeep Singh Deo said federal agencies should only break even, not make profits.
jagdeep_perdaGEORGE TOWN: Federal agencies handling housing projects could make up to RM149 million in profits from the 55 proposed housing projects by Penang Regional Development Authority (Perda) and JKP Sdn Bhd in Penang.
State executive councillor Jagdeep Singh Deo said that of the 9,444 affordable housing units proposed by the state Federal Action Council (FAC), only 2,447 units would be low cost houses.
Another 6,546 units were categorised as medium cost while the remaining 451 units were commercial.
Jagdeep also claimed that many medium cost units in these projects were priced above the state’s affordable housing ceiling price per unit of RM250,000 for the mainland and RM400,000 for the island.
Some medium cost units, he claimed were priced up to RM575,000 each on the mainland and up to RM1.85 million each on the island.
“The federal agencies handling the projects would net a RM149 million profit,” alleged Jagdeep, who is in charge of state housing development and, town and country planning, at a press conference here today.
He claimed the federal projects were not affordable housing when compared with the state’s Bandar Cassia affordable housing project where houses were sold for between RM168,000 and RM220,000 each.
He wants both Perda and JKP to reduce the housing prices to cut profit margins and make the units affordable for the people.
Saying affordable houses should be people-centric, not profit-centric, Jagdeep added that federal agencies should only break even, not look at profits.
Last month, state FAC chairman Zainal Abidin Osman claimed that the state planning committee had yet to approve council project plans submitted in 2011 to build some 10,000 affordable housing units in Penang.
When Jagdeep wrote to FAC seeking more details on land matters, he was informed that most land was acquired for public use.
Jagdeep said since this was so, the land should be used to build low cost or affordable housing, not commercial or posh housing.
“We need a full explanation why the prices are above the state affordable housing prices,” he told newsmen.

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