REHDA lauds the government's move to further ease home ownership among first-time homebuyers
New Straits Times, 07 October 2022
The stamp duty exemption was raised to 75 per cent from 50 per cent for residential properties priced above RM500,000 to RM1 million, ending on December 31, 2023.
KUALA LUMPUR: The Real Estate and Housing Developers' Association (REHDA) Malaysia lauded the government's move to further ease home ownership among first-time homebuyers with the increased stamp duty exemption.
The stamp duty exemption was raised to 75 per cent from 50 per cent for residential properties priced above RM500,000 to RM1 million, ending on December 31, 2023.
"This will complement the previously announced 100 per cent stamp duty exemption for the memorandum of transfer for houses priced RM500,000 and below until the end of 2025.
"However, we appeal to the government to consider extending the 75 per cent stamp duty exemption to all buyers and not just first-time house buyers, as it will benefit a wider pool of buyers, especially the upgraders," said Rehda Malaysia president Datuk NK Tong in a statement.
He said the government's move to impose only a RM10 stamp duty for transfers made by way of gift between family members was also welcomed, as it is expected to impact the housing sector positively.
Currently, only transfers between husband and wife are given a full 100 per cent exemption, while transfers between parent and child are given an exemption of 50 per cent.
He said future homebuyers would also benefit from the RM3 billion allocation for Syarikat Jaminan Kredit Perumahan Bhd (SJKP) for 12,000 borrowers, which he noted will provide some relief to those without a fixed income, such as gig economy workers.
The association also welcomed the government's renewed commitment to the lower income group with a RM367 million allocation for new Program Perumahan Rakyat (PPR) projects in Terengganu and Perlis, and RM358 million for Program Rumah Mesra Rakyat.
Collectively, Tong said this would benefit more than 16,000 B40 households.
"The measure to increase the allocation to construct and repair houses in rural areas from RM361 million to RM460 million, the increased ceiling rate to build new homes and the construction of 3,000 new homes, including in Sabah and Sarawak, further prove the government's dedication to ensuring quality living and homes for all Malaysians," Tong added.
Meanwhile, Tong said that given the myriad of issues facing the construction and property industries as outlined in the association's Budget 2023 Memorandum to the Government, Rehda had also expected the government to take more significant measures to alleviate some of the highlighted concerns, such as the hike in building material prices and labour shortage issues.
"Despite this, REHDA pledges to continue our engagements and discussions with all industry players and will still march ahead in our nation-building role of providing quality, affordable homes for the rakyat," added Tong.
Separately, PropertyGuru Malaysia country manager Sheldon Fernandez welcomed the government's move to increase allocation for new constructions and renovations of houses outside of the city from RM361 million to RM460 million.
"Following the announcement of the targeted construction of 500,000 affordable housing units by 2025, we hope that the government will work closely with property developers to provide accessible homes for future homebuyers," said Fernandez.
He also hoped that the government will take into consideration the needs of Malaysians by ensuring that low-cost housing projects being built will not go to waste and further contribute to property overhang issues in the country.
Fernandez added as outlined in the company's wishlist, it also anticipates a focus on green development across the country eventually.
"In accordance with the 12th Malaysia Plan, more can be done to support green and resilient urban development.
"On this, we urge the government to consider incentivising developers to adopt accredited green certification tools to promote green development in the country and continue to push different industries to do their part in becoming more environmentally friendly," he added.
(Web source: https://www.nst.com.my/business/2022/10/838356/rehda-lauds-governments-move-further-ease-home-ownership-among-first-time)