JOHOR BAHRU (June 4): Property developer S P Setia Bhd expects the country’s property market to return to growth after the Goods and Services Tax (GST) was zero-rated from June 1.

Its president and CEO Khor Chap Jen hopes the zero-rating of GST would improve buying sentiment, especially among the young and first-time homebuyers, reported Bernama.

“The property business has been a bit challenging over the last three years amid a soft market, but we hope this will change following the general election, with buying sentiment rising again.

“We are also seeing a decline in property speculation, so property buyers nowadays are those who really want to purchase houses. Housing demand will always be there, but it is now moving towards a stable, gradual increase,” he said after the World Environment Day celebration organised by S P Setia.

He also announced that S P Setia would be launching Setia Fontaines, a new township development project in Bertam, Penang, at the end of this year. Spanning 677ha, the project will comprise two residential collections with single- and double-storey terraced, cluster, semi-detached and bungalow houses.