Budget 2019 news (refresh for updates)

Get the latest reports on the Budget 2019 tabled today (Nov 2). Refresh this page for new reports. (Updated 11:48pm)

Reports

* Budget 2019: Increase RPGT rates within first 5 years would make more sense, says PEPS

* Budget 2019: HBA urges measures to slow down property price growth

* Budget 2019: IDEAS applauds REHDA’s commitment to lower house prices by 10%

* Budget 2019: A budget with 'more answers than questions', says MIEA

* Budget 2019: A mixed bag, says RHB Research Institute 

* Budget 2019: SC supports use of tech such as property crowdfunding platforms in driving economy

* Budget 2019: Property sector biggest winner of Budget 2019, says Maybank chief

* Budget 2019: How will govt monitor new home prices, asks Kenanga

* Budget 2019: Property consultant expects more deals closed before higher RPGT kicks in

* Budget 2019: Rehda lauds move to have innovative property crowdfunding platform

* Budget 2019: Good news for first-time homebuyers, but not for investors, says Savills Malaysia

* Budget 2019: RPGT hike could discourage foreign property buyers, says CBRE|WTW 

* Budget 2019: Mah Sing wants clarity from Rehda about 10% discount on house prices

* Budget 2019: Property crowdfunding model an interesting and forward thinking initiative, say developers

* Budget 2019: MBAM requests government to take holistic approach in foreign employment issues 

* Budget 2019: MIPEAC lauds government’s effort to resolve market mismatch problems

* Budget 2019: MAHB - Airport REIT formation a way for govt to 'securitise' its infra assets

* Budget 2019: S P Setia applauds initiatives to improve economy and property sector

* Budget 2019: No big impact expected from higher RPGT, say industry experts

* Budget 2019: Government approves alternative financing for first-time home buyers

* Budget 2019: Malaysia set to have the world's first airport REIT

* Budget 2019: Putrajaya’s property market measures

*Budget 2019: Bank Negara sets up RM1b Fund for Affordable Homes

*Economic Report 2019: Half of RM1.16 trillion household debt is housing loans

*Economic Report 2019: Household income growth can’t catch up with escalating house prices

*Economic Report 2019: Construction sector to grow at moderate pace

*Economic Report 2019: More SMEs joining DTFZ, propping up e-commerce

*Economic Report 2019: Malaysia economy to grow at 4.9% in 2019, says MoF

*Economic Report 2019: Direct tax collection up 15%, but indirect tax down one-third

*Economic Report 2019: Malaysian domestic demand growth to remain resilient at 4.8% in 2019, says MOF

Budget 2019 highlights:

Property 
- The government will allow property crowdfunding driven by the private sector as an alternative for the purchase of a first home. The platform will be regulated by the Securities Commission under the peer-to-peer financing framework.

- Six-month stamp duty exemption for first time buyers of houses priced between RM300,000 to RM1 million.

-  Government to spend RM1.5bil on affordable housing.

- To help those earning no more than RM2,300, a fund will be set up by Bank Negara Malaysia for them to purchase homes of up to RM150,000 at an interest rate of 3.5% through selected banks.

-  For first time homebuyers who wants to purchase RM500,000 property, government will waive stamp duty of SPA and loan agreement for two years till end-2020.

- For first time homebuyers with household income of RM5,000, government will allocate RM25 million to Cagamas Bhd for mortgage support, help homebuyers pay deposit. Cost savings of between 7% and 11% to homebuyers.

- Stamp Duty for transfer of property valued at over RM1 million will be raised by 1 percentage point, from 3% to 4%. 

- Real Estate Housing Developers' Association Malaysia (Rehda) have agreed to reduce by 10%, the prices of houses that are not subject to price controls.

- Real property gains tax (RPGT) to be increased from fifth year onwards. For companies, individual non-citizens and non-permanent residents, the rate of RPGT increased from 5% to 10%; for individual citizens and permanent residents, the rate of RPGT increased from 0% to 5%. The government will improve the real property gains tax (RPGT) to profit from the disposal of real estate and shares in property companies.

- Creating real estate investment trust for the airport, or Airport Real Estate Investment Trust (REIT). Through this initiative, the government hopes to gain funds of RM4 billion from the sale of 30% REIT equity.

- The Inland Revenue Board will review and investigate any unusual wealth shown by ownership of luxury goods such as jewelry, watches, handbags, luxury cars or property.

 

Transport infrastructure 
- To increase usage of public transport, the government allocates RM240 million to introduce an RM100 unlimited monthly pass that encompasses rail and bus RapidKL, starting January 1 2019.

- The government will freeze raises of toll charges on all highways within the city in 2019, which involves a financial implication that is estimated to be RM700 million.

- Build and upgrade roads, rural roads and bridges with an allocation of RM926 million.

- RM2.46 billion for upgrading works and rejuvenating railways to enhance national transport infrastructure.

- The government will continue the implementation of the Pan Borneo Highway project in Sabah and Sarawak, subject to review of cost rationalisation.

 

Development
- Financing a Sustainable Development Fund of RM1 billion aimed at supporting sustainable development and the Agenda 2030 for Sustainable Development and the 17 Sustainable Development Goals (SDG) of the UNDP.

- Drive the development and growth of the Zon Sempadan Khas Ekonomi Kota Perdana project at Bukit Kayu Hitam. For the initial stages of this project which includes the development of the truck depot, an allocation of RM25 million will be provided.

- Duty free facilities to duty free shops in Port Swettenham in Penang to encourage cruise ship tourism.

- The government is committed to make Pangkor Island a duty free island to realise the true potential of the island

- The status of Langkawi Island as a duty free island will be developed more.

- Khazanah will spearhead the public-private partnership project for conservation and restoration of the Sultan Abdul Samad building in Kuala Lumpur. Urban regeneration projects will see collaboration with local heritage company ThinkCity, and an international organisation recognised by UNESCO.

- RM85 million allocated to Kampung Baharu for the purpose of upgrading and preserving basic infrastructure such as roads, community halls and open spaces.

- Govt to designate 380 acres of land in Pulau Indah, Selangor as free trade zone to support and catalyse shipping and logistics activities in Port Klang.