Kuala lumpur: The real estate sector should support broader economic and nation-building goals instead of focusing solely on profit-driven housing developments, Deputy Finance Minister Liew Chin Tong said. He emphasized the sector's potential to address national challenges such as housing affordability, urban sprawl, talent retention, and reliance on private vehicles.

According to BERNAMA News Agency, Liew stressed the importance of the real estate sector's role in rebuilding Malaysia's metropolitan system amidst global shifts, including the ongoing oil and supply crisis. He noted that even if global conflicts were resolved, their effects would persist, necessitating solutions to national vulnerabilities.

Liew advocated for more housing developments within inner cities through various models to create 24-hour cities. He acknowledged that reversing the current trends, shaped over 50 years, might take a decade or more.

He further urged for a shift from car dependency to public transportation, encouraging people to live closer to workplaces to curb urban sprawl. Highlighting Penang, he called for developers to support the local economy, such as the semiconductor industry, by increasing housing stock for young engineers.

Liew suggested converting empty office buildings in Kuala Lumpur into housing, drawing parallels with similar initiatives in Europe and the United States. He stressed the need for housing solutions for the middle class and young people, reducing long commutes for those working in the city.

He also warned against the risks of property bubbles, citing historical examples like Japan's property bubble and the 2008 Global Financial Crisis, as well as the lingering effects of the 1997 Asian Financial Crisis, to emphasize careful management of the sector.