KUALA LUMPUR – Industry players in the property sector have applauded the various initiatives introduced by the government under Budget 2022.
Mah Sing Group founder and group managing director Tan Sri Leong Hoy Kum said he foresees the property market will benefit from the RM2 billion allocation guaranteed through the Housing Credit Guarantee Scheme tasked to facilitate funding for those without proof of a steady income.
“We applaud the government for listening to the housing loan needs of those without a steady income – gig economy workers, small entrepreneurs, and farmers included,” Leong said in a statement.
Meanwhile, commenting on the real property gains tax (RPGT) waiver for properties disposed of from the sixth year and above, Leong said it is expected to stimulate more interest in the secondary market and boost market sentiment as buyers can look to upgrade their homes after selling off older units.
PropertyGuru Malaysia country manager Sheldon Fernandez praised the RM2 billion Housing Credit Guarantee Scheme, as a consumer sentiment study showed 46% of Malaysians face difficulties in securing home loans.
“Hence, these two announced measures will bring relief to the woes of many Malaysians, alleviate the struggles of potential homebuyers in the country, as well as further encourage homeownership in a systematic and inclusive manner as we believe that all Malaysians have the right to own their dream home,” Fernandez said in a statement.
Similarly, Fernandez said the RPGT waiver would not only help decrease the burden of non-speculative property holders, but would also assist in stimulating the property market by encouraging the sale and purchase of properties.
“While we recognise and applaud the government’s efforts, we believe more can be done to help revitalise the property sector – especially as the nation is still at the beginning stages of its journey to recovery.
“As outlined in our wish list, we hope that the government will extend the Home Ownership Campaign to 2022, and that incentives under the campaign can be extended to the secondary residential market to help spur the economy and encourage first-time homebuyers to consider buying sub-sale properties,” Fernandez added.
National House Buyers Association honorary secretary-general Datuk Chang Kim Loong said he views Budget 2022 positively, but expressed caution concerning the RM1.5 billion allocation for affordable properties.
He said although this policy would provide access to the lower-income segment of society, proper planning, allocation, distribution, and execution are required.
In a statement, Chang said information on affordable housing projects should be made available to the public domain in a public database to allow individuals to learn about the availability of these properties.
Additionally, he said government agencies must be careful with the number of properties and the locations in which they are built.
“They must build the right product at the right place, with the right pricing and numbers,” Chang said. – The Vibes, October 30, 2021
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