KUALA LUMPUR: The Housing and Local Government Ministry has submitted 33 proposals worth almost RM1 billion to the Finance Ministry for the 2025 Budget Initiative, said its minister Nga Kor Ming.
He said the high-impact proposal was submitted when he was leading the ministry's delegation to the Finance Ministry.
The proposals included the development of 100 Madani Recreation Parks, Madani Deposits, transformation of reservoirs, electronic sales agreements and E-stamping to improve the well-being of the people, in line with the digital transformation and aspirations of Madani Malaysia.
"The ministry aims to build 100 Madani Recreation Parks equipped with sports equipment and jogging tracks in residential areas so that people can reduce stress and make the park a place for family recreation and a healthy lifestyle," he said in a statement today.
In addition, Nga said the ministry also plans to establish a Madani Deposit initiative, which is a deposit with a maximum value of RM30,000 to be given to first home buyers in line with the government's 'my home, my heaven' policy.
The initiative aims to ease the monthly payment commitment of first-time home buyers, especially the youth in the B40 and M40 age group, as well as realising the ministry's aspiration for every citizen to have a place to live (Shelter for All).
For this year, the ministry has implemented 12 Budget 2024 initiatives, with 10 of them successfully achieving more than 80 per cent of the target in just six months, such as installing 12,336 LED street lights in local authority areas and upgrading 1,000 public toilets.
Regarding abandoned projects, Nga said 704 sick projects with a total gross value of RM58.94 billion have been successfully restored since January 2023, helping more than 65,000 home buyers.
"We aim for no more abandoned housing projects by 2030. The ministry will amend the law so that housing developers who have been convicted of fraud will not be allowed to go abroad.
"We will also create an Escrow account. Meaning, all the money paid by the buyer will be used specifically for the project only.
"Now, without an Escrow account, developers can transfer money from project A to project B until project A becomes an abandoned project. After this amendment, such things will no longer be allowed," he said.
Nga also informed that 33 Malaysian developers have been crowned gold winners at the international FIABCI World Prix d'Excellence Awards.– BERNAMA