Property
A REIT to deal with overhang units
Joseph Wong | 11 Jan 2019 00:30
The Real Estate and Housing Developers’ Association’s (Rehda) proposal for a residential real estate investment trust (REIT) to provide housing for rental to the bottom 40 (B40) income group is an eyeopener.

As an alternative solution to home ownership, this REIT could potentially be the first of its kind in Malaysia should it eventually take shape and be approved by the authorities. Moreover, the scheme is also very specific as it only focuses on property units for rental.

At the moment, the details of the REIT are still being ironed out by the association’s research arm, Rehda Institute. Despite this, Rehda is moving forward by spearheading the proposal with the assistance of investment bankers and accountants.

“Once we have formalised it, we will be making submissions to the [Ministry of Finance and Ministry of Housing and Local Government],” says Rehda Institute chairman Datuk Jeffrey Ng during the Budget 2019 conferenceorganised by the institute recently.

“If they are agreeable, then the next step is to go to the Securities Commission,” he explains.

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