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Govt measures to stimulate construction

BUKIT MERTAJAM, 30 Dec 2008: The government has implemented various mechanisms to stimulate the growth of the construction industry during the world economic slowdown.

Housing and Local Government Minister Datuk Seri Ong Ka Chuan said the housing loan repayment period had been extended to enable buyers to pay less monthly.

State governments have been urged to lower the prices of land earmarked for low- and medium-cost housing projects as the ministry wants developers to build more houses in the two sectors, he added.

Ong said the government had also introduced the credit guarantee scheme for those who could not apply for housing loans because they did not have income statements.

“The Finance Ministry has set up a fund for the purpose,” he told reporters after handing over a Proton Arena to the Machang Bubuk Fire Volunteers Association today.

In his speech, he said fire-damaged properties totalled RM4.3 million so far this year while properties worth RM6.5 million went up in smoke last year. — Bernama


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