After lunch today, I took a short walk around another part of the neighbourhood which mainly consisted of low cost apartments. But before that, this is what I ate for lunch:
Interestingly before June 1998, the ceiling price for low cost housing was fixed at RM 25,000 per unit for those with a household income of less than RM 750. Nonetheless, some property investors / speculators still manage to obtain some of these apartments for their own interests despite not having the stipulated household income, and thereafter rent their units out to foreigners / students for a healthy sum. It just robs the rest of the underprivileged folks from the opportunity for a decent home to live in.
Arguably, not many developers are willing to build low cost apartments because of their low profit margin. Our tight arse government also doesn't give any special incentives to developers to build low cost housing, hence its no wonder that they're quite disinterested.
It's a pity that the availability of low cost apartments are becoming increasingly rare nowadays. In the face of an incoming economic recession, increasing price hikes of essential goods and stagnant pay checks, the need for low cost housing has become even greater than ever. Are we just going to sit down and do nothing about it and watch others burn?