• President Datuk Chua Soon Ping complimented the state government in listening to Shareda’s recommendation to set the fixed deposit amount to RM200,000 as opposed to RM1.5 million as proposed initially by the Federal home ministry.

KUALA LUMPUR (Feb 3): Sabah Housing and Real Estate Developers Association (Shareda) has lauded the state government’s decision to approve in principle a “slash” of the minimum fixed deposit, and property purchase eligibility for the state’s Malaysia MySecond Home (SBH-MM2H) programme.

Sabah Minister of Tourism, Culture and Environment Datuk Christina Liew announced on Feb 1 that the “state cabinet has approved the policies which govern the prerequisites for participation in the programme such as age requirement, medical certification and a fixed deposit account in Sabah”.

Liew revealed that a fixed deposit of RM200,000 along with a bank account with any bank were among the conditions for applicants of the SBH-MM2H.

They are also only eligible to buy apartments worth a minimum of RM600,000, she said.

Shareda president Datuk Chua Soon Ping said in a media release that the fixed deposit has no significant effect on the economic spin off of the state, however, by introducing a lower rate, this will allow SBH-MM2H participants to make greater expenditures by purchasing homes, as well as spend on vehicles and education.

“The rationale to deposit RM200,000 in banks will have no significant effect on economic spin off in the local state market but the spending on purchases of homes, cars and education fees would have multiplier effects,” Chua explained.

Chua also complimented the state government in listening to Shareda’s recommendation to set the fixed deposit amount to RM200,000 as opposed to RM1.5 million as proposed initially by the Federal home ministry.

He added the SBH-MM2H guidelines are some of the “catalysts for investments in the state, provided the costs are reasonable and attractive as Shareda has recommended in the past”, stated the media release.  

Chua also proposed several measures to make it safer and easier for applicants to carry out online applications and obtain approvals in principle, before landing in Sabah and the applicant submits documents for verification.

Shareda also stated that developers “with apartment or condominium units RM600,000 and above, as well as schools and banks, will benefit from having this online platform as all the relevant criteria and information will be available for the applicants to see in one place, making the process transparent and efficient”.

Chua hoped the government will expedite the release of the new SB-MM2H guidelines as soon as possible to bring more investment to the state.

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