KUALA LUMPUR, 23 June 2023 – The Malaysian government has unveiled a new program aimed at assisting low- and middle-income families in Kuala Lumpur to purchase affordable housing.
To address the high cost of housing in Kuala Lumpur, which is one of the world’s most expensive cities to live in, the initiative called Federal Territory Madani Neighbourhood has been introduced.
Under the Madani Neighbourhood initiative, three types of housing options will be available:
Residensi Prihatin Madani: These units, priced at RM200,000 each, will be 800 square feet in size and cater to families with a monthly household income below RM7,000.
Residensi Madani: Designed for families with a monthly household income below RM5,000, these units will be 750 square feet in size and priced at RM150,000 each.
Residensi Sejahtera Madani: Intended for singles and newly married couples with a monthly household income below RM4,000, these units will be 750 square feet in size and also priced at RM150,000 each.
Additionally, rental units will be available for those who are unable to afford homeownership. Rental prices will be set at RM600 per month for the M40 and B40 income groups, and RM300 per month for the B40 income group and hardcore poor.
The development of the Madani Neighbourhood will occur in phases, with the first phase expected to be finished by 2025. The precise location of the development has not yet been disclosed.
The initiative offers several benefits for low- and middle-income families, including:
Affordable homeownership opportunities.
A chance to live within a community of similar income groups.
Access to reasonably priced amenities such as schools, parks, and shops.
The government may face challenges related to land availability and funding during the implementation of the program. Nevertheless, the government remains committed to making the Madani Neighbourhood a reality and believes it will positively impact the Kuala Lumpur property market.
The introduction of the Madani Neighbourhood initiative marks a significant stride by the Malaysian government in addressing the issue of affordable housing in Kuala Lumpur. This initiative has the potential to help numerous low- and middle-income families fulfill their aspiration of owning a home.