Mah Sing hopes more flexible schemes for private projects in Budget 2018

KUALA LUMPUR (Sept 29): While Mah Sing Group Bhd lauds the government’s continuous initiatives to encourage homeownership, the developer hopes for more flexible schemes for private developers’ projects to be announced in the coming Budget 2018.

“We aware of the government’s concerns about the affordability of properties. Property industry has a larger multiplier effect than other industries, affecting more than 140 sub-sectors. Hence, stimulating the property industry should therefore have a larger impact on the wider economy,” said Mah Sing group managing director Tan Sri Leong Hoy Kum in a media release.

As property developers work towards supporting the national vision, Mah Sing hopes for the government to launch more flexible schemes for private developers’ projects.

“There are many good housing schemes in the market that enable buyers to own a home, such as PR1MA’s Skim Pembiayaan Fleksibel. If such flexible schemes can be extended to private developers with projects where the houses are priced below RM500,000 and with first-time homebuyers, this will enable more buyers to own a home,” said Leong.

He also hopes to see the continuing of MyDeposit Scheme and said the reintroduction of the My First Home Scheme would be good for homebuyers. Rather than having more consumption loans for cars and other debts, it is better for individuals to purchase a home, which will appreciate in value in the long run.

Meanwhile, Leong believes the continuation of waiving off 100% stamp duty for homes below RM300,000 is a good move to lessen the burden for first-time homebuyers. “It would further ease home ownership if the stamp duty exemption is applicable for homes below RM500,000. More subsidies will also encourage a higher take-up rate for first-time homebuyers.”

Besides that, Leong’s other Budget 2018 wishlists are: reduce compliance costs; lower price threshold for foreigners to promote more foreign investment in Malaysia; claim GST input tax credit for afordable residential projects; provide tax relief of 10% to 20% for developers to encourage more affordable homes project by private developers; lower personal income tax rate to allow individuals to have more disposable income to be used for investment; and increase EPF Account II percentage allocation so contributors have more funds to pay for housing down payment.