PETALING JAYA (Oct 5): More incentives needed to encourage developers to embrace the industrialised building system (IBS) which could help reduce dependency on foreign labours, urged LBS Group managing director Tan Sri Lim Hock San (picture).

In its budget wishlist media statement today, Lim stressed that the adoption of construction technology could also reduce construction costs, which in turn making houses more affordable.

"The IBS system embraces modern technology that can reduce dependency on unskilled foreign workers, building cost and increase productivity, eventually bringing down house prices," Lim said.

Meanwhile, he observed that property affordability is still the main concern for property buyers, especially first-time home buyers, hence the extension of the Home Ownership Campaign 2020-2021, which started from June 1 this year and ends on May 31 next year, is important to spur market interest.

Lim also urged the government to introduce a special low interest rate for housing loans for first-time home owners, especially the younger generation to enable more homebuyers to secure housing loans.

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