PETALING JAYA (April 17): The effect of property cooling measures imposed since 2014 has been "too effective" and it is perhaps time to remove them, said Real Estate and Housing Developers’ Association (Rehda) president , said Real Estate and Housing Developers’ Association (Rehda) president Datuk Soam Heng Choon.
“Between 2010 and 2013, when there was a boom in the market, many jumped on the wagon so cooling measures were implemented. In 2017/2018 the market has already slowed down a lot, but the government has not lifted the cooling measures even then,” Soam said today during EdgeProp.my’s Facebook Live Fireside Chat “Will the Malaysian property sector survive this mother of all crises?”
“Now if the ‘medicine’ is too strong, it is perhaps time to take it away,” he opined considering the impact the COVID-19 pandemic will have on the economy and the property sector.
Rehda has submitted several proposals to the government to stimulate the housing sector in particular including bringing back the Home Ownership Campaign, removing Real Property Gains Tax, relaxing lending guidelines, among other measures.
Also taking part in the Facebook Live event was Rehda Institute Chairman Datuk Jeffrey Ng who agreed that there is a need for an enhanced stimulus package targeting the housing industry.
He said the Covid-19 Movement Control Order (MCO) imposed since March 18 which is slated to end April 28 after two rounds of extension, has raised market uncertainties including the fear of job losses.
“With fear of unemployment and concern over personal disposable income, people will not be spending. However, if the government ensures that specific sectors are above water then that fear can subside and people will buy. After all, we have a young population that will still need housing,” Ng added.
The Fireside Chat also featured MKH Bhd managing director and 1Malaysia People's Housing Programme (PR1MA) chairman Tan Sri Eddy Chen. It was moderated by EdgeProp Malaysia editor-in-chief and managing director Au Foong Yee.
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For the full report on the virtual Fireside Chat read the April 24, 2020 issue of Edgeprop.my pullout.
Missed our first Fireside Chat on ‘Undervalued Properties: Opportunities or Risk?’ which was held on April 10? Please click here to view the video.
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