Price cap on low-cost flats

18/04/2008 New Straits Times

KUALA LUMPUR: Prices of low-cost housing will remain stable despite the rising cost of goods worldwide.

This was the assurance given by Housing and Local Government Minister Datuk Ong Ka Chuan.

Prices of steel and cement have been on the increase worldwide.

"I can't promise that it will not go up, but I can promise that it will not surge," he said after presenting excellent service awards to ministry staff here yesterday.

He said the Cabinet Committee on Inflation has agreed to put a cap on government-built low-cost flats in urban areas at RM40,000.

At the moment, the cost of the flats is around RM35,000, depending on their location nationwide.