06/03/2025

PROPERTY THURSDAY | MAR 6, 2025

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Malaysia an Asean leader in affordable housing: IQI

Alaia Titiwangsa set to be relaunched under Windsor Collection KUALA LUMPUR: Alaia Titiwangsa, a premium serviced apartment development in Taman Tiara Titiwangsa, is set to be relaunched under the Windsor Collection, following the acquisition of Black Lotus Development Sdn Bhd, the project’s original developer by Kenneth Lau, chairman of Multifield International Holdings Ltd, Hong Kong. With a GDV of RM285 million, Lau made the acquisition as part of its strategic expansion in Malaysia. Recognising Alaia Titiwangsa’s prime location and well-designed offering, the company is relaunching the development under its Windsor Collection brand, bringing its international expertise to the local market. Multifield has over 30 years of experience in residential, commercial, corporate housing, and hospitality projects across the Asia-Pacific region. Through its Windsor Collection brand, the company has launched international-grade projects in Shanghai, Zhuhai, and now Kuala Lumpur. This relaunch marks Windsor Collection’s first foray in Malaysia and reflects the company’s commitment to enhancing urban living through quality design, curated facilities, and active community-building initiatives. Windsor Collection CEO Daryl Ng said the relaunch signifies a new chapter for Alaia Titiwangsa, injecting renewed energy and a refined living experience for homeowners and investors where community meets exclusivity. “We kept the design and features unchanged, and over 45% of our units have already been taken up, with strong demand expected to continue into the year.” Scheduled for completion in the fourth quarter of 2026, Alaia Titiwangsa comprises 436 serviced apartments across 40 storeys, with unit sizes ranging from 635 sq ft to 1,012 sq ft. Units come in 1+1, 2+1 and 3+1 bedroom configurations. Tropicana Gardens Dianthus gets green building certification PETALING JAYA: Tropicana Gardens, an award winning transit-oriented development (TOD) by Tropicana Corporation Bhd was recently presented with the Green Building Index (GBI) Silver rating certificate. Its fourth residential phase, Dianthus serviced residences successfully completed a list of green requirements, which was subsequently verified and approved by GBI appointed consultants. As a sustainable township planner, Tropicana continues its green journey in making a positive difference for the community. This includes the group’s ongoing commitment to embed green features in its developments with the aim to reduce environment impact. “Tropicana Gardens is part of Tropicana Indah, a sustainable 405-acre township that began its journey in 1996. After over 28 years, Tropicana Indah has become a highly sought-after address in Petaling Jaya, fulfilling our vision for a sustainable, livable, and prosperous township with excellent connectivity. Incorporating a Garden Living in a City theme, Tropicana Gardens won many accolades over the years from being named the best TOD by Fiabci Award 2023, the best office design by Reka awards to the best mixed-used development by StarProperty and Asia Pacific Property Awards. The residential and commercial components namely Arnica, Bayberry, Cyperus, Dianthus, mall and office tower, each have a GBI certification,” shared the management.

KUALA LUMPUR: New data from IQI reveals that Malaysia is an Asean leader in successfully expanding access to affordable housing, according to data compiled for the first time by IQI and released by the company’s co-founder and group CEO Kashif Ansari. “This is the first time the affordable housing budgets and per capita spending across Asean have been compared in this way. It took us a great deal of effort, and behind this simple table are several more spreadsheets and reams of source material. Here, we are going to examine what it means to be affordable, how much governments spend on affordable housing, and the benefits of relying on the private sector to construct homes. In the process, we will see how Malaysia outperforms many Asean peers,” he said. With its population of 34 million and per capita GDP of RM51,001, he remarked Malaysia has limited resources to dedicate to affordable housing, yet it spends a significant amount. The 2024 budget alone dedicated RM2.85 billion to the issue. Only three other Asean nations spent more. ( see graph ). “All this spending is having an impact, with Malaysia very likely to achieve its 12th Malaysia Plan target of building 500,000 affordable homes by 2026. That number seemed too ambitious when it was announced, but 443,259 units were completed by last September, meaning fewer than 60,000 must be built in 2025 and 2026,” said Ansari. He added those 500,000 units are equal to 50% of the country’s affordable housing backlog of about 1 million units. Malaysia’s progress in affordable housing is particularly remarkable when considering the situation in other Asean countries. Three countries in the region – Cambodia, Laos, and Myanmar – have essentially no government backed affordable housing construction initiatives in place. This makes Malaysia’s achievements stand out even more. Malaysian homes more affordable than Asean neighbours’ Malaysia’s investment is helping keep home prices down, according to a recent report by the Urban Land Institute. Kuala Lumpur apartments are less expensive relative to annual income than private homes in Jakarta, Hanoi, Bangkok, Manila, or Singapore. Houses in Kuala Lumpur are also relatively affordable compared to regional neighbours, outperforming homes in Hanoi, Bangkok, and Manila. Among the important developments this year is that Prime Minister Anwar Ibrahim is serving as Asean chairman. His theme is “Inclusivity and Sustainability.” Affordable housing clearly fits within that slogan. Given Malaysia’s strong performance, it could be an issue on which Malaysia leads o First-of-its-kind data shows country making remarkable progress, outperforming regional peers

government enable them to do so without losing money. This minimises financial pressure on government spending. It will take years to solve the problem of providing affordable housing to everyone who needs it, so the system needs to be sustainable over the long term. Malaysia’s system successfully avoids the risk of financial imbalances while maintaining a steady pipeline of new housing. Summary of Malaysia’s affordable housing programmes Malaysia has at least seven distinct programmes to provide affordable housing to its citizens. Some focus on renters and others on buyers. There are programmes for lower- and middle-income earners. And there are programmes that target specific demographics like civil servants or younger Malaysians. Even gig workers and the self-employed have options. The Malaysia’s Housing Credit Guarantee Scheme had a RM10 billion allocation to help these individuals secure home loans in 2024. Malaysia’s steady progress stands out In contrast to Malaysia, some Asean nations have struggled to make progress on affordable housing. The Philippines has targeted the construction of 1 million homes per year. Yet, their programme has struggled due to insufficient funding. The Philippine government has had to slash the target by two million homes. In Cambodia, the government has admirable goals for affordable housing. High land and construction costs in that country have made it difficult to encourage private-sector investment, however. “I can’t help concluding that Malaysia’s scalable and sustainable approach ensures it can make steady progress on housing without exhausting government finances. We believe that, compared to its Asean peers, Malaysia’s performance is impressive. Some spend more, but few countries of the same size have sustained their efforts year after year, like Malaysia has. “Looking ahead, I believe Malaysia is in an excellent position to significantly expand its efforts by leveraging economic growth, innovative strategies, and smart urban planning. These factors can play a crucial role in further enhancing the supply of affordable housing and meeting the growing demand across the nation,” said Ansari.

the rest of its Asean peers in 2025.

Data reveals Malaysia’s strong per formance When you compare the Malaysia data to other Asean nations, you find that the Malaysian government is very committed to housing accessibility. That is important, given the forecast that 1.4 million people will move to the country’s cities by 2030. Malaysia allocated about RM2.85 billion for affordable housing in 2024. Six other Asean countries allocated less, and three spent essentially nothing. That comparison reveals affordable housing is a critical national priority in Malaysia, but not everywhere in Asean. Malaysia’s affordable housing efforts are competitive in other ways, too. On a per capita spending basis, Malaysia outspends five Asean peers and ranks in the top five performers. “Singapore does spend substantially more than Malaysia. However, in that city state, most of the public housing actually serves middle-income rather than more needy families. More than 80% of Singapore residents live in public housing, and only about 5% of Singapore’s land is available for private housing,” said Ansari. He added Malaysia’s per capita affordable housing investment of about RM85 per person is higher than in several Asean nations. Malaysia spends about 550% more per capita on affordable housing than Indonesia and 840% more than the Philippines. “What conclusion do I draw? I believe that Malaysia is making better progress on housing affordability than several of its peers, despite strict budgetary realities,” said Ansari. Malaysia uses private sector to increase impact As a populous and geographically diverse country with a federal constitution, Malaysia has adopted a diverse housing strategy that adapts itself to the needs of different groups of residents. The government leverages each ringgit it invests in housing by incentivising private development. Instead of the government fully funding the construction of every new unit, private developers invest their own capital to build homes. The incentives these developers obtain from the

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