GEORGE TOWN – First-time house buyers will get to enjoy a stamp duty exemption for properties priced RM500,000 and below under Budget 2021.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz also announced an allocation of RM1.2 billion to subsidise home ownership for the B40 group.
He said another RM1 billion will be set aside to build 5,000 affordable homes under the PR1MA scheme.
Meanwhile, Penang Real Estate Developers’ Housing Association chairman Tan Hun Beng said the property incentives mean that the Budget is people-centric.
“It is aimed at resolving problems for people from all walks of life.”
He added that the housing industry had expected more goodies from Budget 2021, such as an extension of the House Ownership Campaign (HOC).
“HOC will expire in May, and we hope the government will review the matter to extend the campaign to address the property overhang.
“In Penang alone, we have about 11,000 unsold residential units, and we believe that there are more than 100,000 units all over the country. Hence, the extension of HOC will help boost the industry.”
Tan welcomes the government’s stamp duty exemption for first-time buyers of houses priced RM500,000 and below.
“The buyers will save between RM8,000 and RM9,000 in stamp duty.”
IQI Real Estate executive Brian Ng said the exemption will encourage the younger generation to buy houses.
“I welcome the stamp duty exemption as it will boost the property market next year.” – The Vibes, November 6, 2020
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