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Home Ownership Rate Of 85% By 2035
March 19th, 2019 | 11:55 AM | 1813 views
BANDAR SERI BEGAWAN
The Ministry of Development will continue its efforts to provide suitable housing for citizens requiring assistance to own homes through the National Housing Scheme and uphold the house ownership targeted rate of 85 percent by 2035. For the Financial Year 2019/2020, an allocation of over 39 million dollars is allocated for national housing.
Yang Berhormat the Minister of Development said that to-date the rate of home ownership is 65 percent. With the 39 point 2-4 million dollar allocation under the 11th National Development Plan for the Financial Year 2019/2020 and with the overall plan price of 2 hundred 65 million dollars, 2 major projects for the provision of more than 2 thousand housing units at the Lugu and Tanah Jambu Housing Schemes will be carried out. Apart from that, the Ministry of Development and Ministry of Finance and Economy will also work together to study an alternative financing mechanism including the public private partnership or PPP method for the provision of more housing to fulfil the current and future housing requirements. The alternative mechanism is also hoped to reduce the funding cost of the National Housing Scheme in the long-term.
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