Post date: Oct 10, 2010 11:58:50 PM
THE Petaling Jaya City Council (MBPJ) is liaising with Bank Negara to diffuse the property bubble by suggesting to limit housing loans at 80% from the selling price.
Bank Negara is looking at several ways to alleviate the increase of real estate value.
Councillor Tiew Way Keng said due to excessive speculation, property prices had gone beyond the reach of genuine buyers.
She said this year the property market had seen an increase of 100% since 1992, a benchmark based on the MBPJ assessment rate.
“We have asked the Valuation Department to look into the implications on the property market value,” she said, adding that it will take about two years to compile the data.
Tiew said the findings by the department would then be submitted to the state government for action.
She also pointed out that commercial lots in Lorong Utara C was priced at RM470 per sq ft, Damansara Perdana is RM235 per sq ft, Mutiara Damansara is RM380 per sq ft, Aman Suria Damansara RM219 per sq ft and Mukim Sg Buloh is RM342 to RM334 per sq ft.