PETALING JAYA (Sept 30): Close to 9,000 homes worth RM12.83 billion in the Klang Valley and Negeri Sembilan will be showcased during the Home Ownership Campaign-Malaysia Property Expo 2020 (HOC-MAPEX 2020) this weekend.
Rehda: Expect lower HOC sales
Organised by the Real Estate and Housing Developers' Association (Rehda) Malaysia, the property fair will be held at the Mid Valley Exhibition Centre (MVEC) in Kuala Lumpur from Oct 2 to 4 (Friday to Sunday) from 10am to 9pm.
There will be 25 developers, six government agencies and three financial institutions participating in the exhibition, which serves as a one-stop platform for potential property buyers to seek products and services from private developers, financial institutions and government agencies.
The participating government agencies include the Credit Counselling and Debt Management Agency (AKPK), National Housing Department (JPN), Housing and Strata Management Tribunal (TPPS), Public Sector Home Financing Board (LPPSA), Employees Provident Fund (EPF) and Lembaga Perumahan dan Hartanah Selangor (LPHS).
Public Bank, RHB Bank and United Overseas Bank (Malaysia) Bhd are also taking part in HOC-MAPEX 2020.
The event will be officiated by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz who will lead a tour of the exhibitors' booths on Oct 4, 2020 at 2.30pm.
In a media conference today, Rehda Malaysia vice president Datuk Tong Nguen Khoong said property sales have started to pick up lately, as there is significant pent up demand.
“This is the time for people to play catch up with property buying. They may or may not buy during this coming weekend, but HOC-MAPEX 2020 offers a good opportunity for them to compare the deals,” he added.
Meanwhile, Rehda Malaysia president Datuk Soam Heng Choon said consumer consumption could spur economic growth and it’s important to have catalysts that could stimulate the property market.
“The property development sector growth has a huge spillover effect to the economy, as it supports over 200 other upstream and downstream sectors,” he added.
The reintroduction of the Home Ownership Campaign (HOC) 2020-2021 was announced by the government in June this year under the short-term Economic Recovery Plan (Penjana) in order to stimulate the property sector.
Under the initiative, eligible home buyers can enjoy 100% stamp duty exemption for the instrument of transfer for any residential home purchase up to a value of RM1 million, and for properties worth more than RM1 million and up to RM2.5 million, a 3% stamp duty needs to be paid for the instrument of transfer. There is also 100% stamp duty exemption for the instruments on securing loans for properties worth up to RM2.25 million.
Apart from discount and stamp duty waivers offered by HOC, the developers will also provide attractive discounts and packages for home buyers during the property fair.
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