00:00Regarding the event, can you comment on the residential units overhang?
00:04Because I think it has been on the rise since the Q1 from the report by the Conditioning Department.
00:11I think it's important to look at it as an overall.
00:15The key for us is overall market still is stable.
00:20And the government continues to look at ways and means to support the segment in the market.
00:26And in this instance, if you look at what we put into RMKT, there are some priorities in terms of housing reform.
00:33So our housing reform focuses on allowing development of affordable housing.
00:40So that will be a priority for Malaysia going forward.
00:43And we're looking at new models to help Malaysians to be able to own and afford housing.
00:51That means the utilization of concepts such as brand to own will be something that we will continue to push.
00:58And hopefully also trying to reduce instances where projects are not completed and abandoned projects are a challenge.
01:05We're trying to move the system towards build themselves.
01:09As opposed to people pay progressive payment and later on, the project gets abandoned.
01:14That is an issue for the buyer.
01:16What we also do is we have an opportunity looking at the budget that's coming up in October.
01:21We will look also at the support mechanisms to help in the direction that we want in terms of housing reform.
01:27And the priority is actually for people are looking for affordable housing.
01:31And this is one area that we will look at.
01:33So do you think the causes, is it because of affordability or just like normal fluctuation in the residential market?
01:40I think if you look at the concept that the Kerajaan Mandani has been focusing on,
01:44which is meningkatkan siling, meningkatkan lantai,
01:47one of the key areas is actually to increase the wealth that exists in society.
01:55So we've seen us do a lot of labor market reform by pushing in minimum wage, increasing wage levels,
02:04encouraging progressive wage, and also encouraging companies to adopt living wage as a base rather than just minimum wage.
02:11And I think that is one of the big drives in order to balance wealth in the country along the way.
02:20So we hope by doing a lot more of these reforms, we will allow people to have more affordability.
02:25And if you've seen some of the programs that the government has run, like our SJKP scheme,
02:30that's allowing people that doesn't have steady income, yeah,
02:34they can go and get the SJKP guarantee mechanism, yeah, and that helps them to actually get on to the block together.
02:40So we have to look at creative solutions like this to actually address the issue.
02:45But the most important area is fixing the basis of what is affordability of the country,
02:51and also addressing the income base.
02:55That's why under RMK 13, we're also trying to address share of labor to the whole tech.
03:01So we're trying to drive it up from 33% to 40% within the RMK 13.
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