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REHDA: Removal of RPGT will help invigorate property market

PETALING JAYA (Oct 29): Real Estate and Housing Developers’ Association Malaysia (REHDA) lauded the government’s proposal to waive real property gains tax (RPGT) for properties sold on the sixth year onwards in the Budget 2022 announcement today.

In a post-budget statement, REHDA president Datuk Soam Heng Choon (pictured) said the RPGT was initially introduced to curb speculation during property market booming times.

“Under the current soft market conditions, we welcome the government’s move for the removal. We hope that this measure will help invigorate our property market to make it more resilient and eventually translate into a positive multiplier effect on the economy,” Soam said.

He also welcomed the RM1.5 billion allocation to continue with housing programmes such as development of Rumah Mesra Rakyat and maintenance of the public housing units, as well as the RM2 billion guarantees given to banks through the Guaranteed Credit Housing Scheme to assist those in the gig economy and alike, who have the ability to pay but do not possess income statements.

“These two (measures) will hopefully encourage more from the group to make home purchases as they now have easier access to home financing.

“As the nation slowly mends itself from the pandemic, we hope that this expansionary Budget will benefit all sectors of the economy and pave the way for national recovery and growth. REHDA looks forward to working with the Government in promoting a more stable, healthy and progressive real estate and property sector. May we all flourish and prosper in 2022 onwards,” Soam concluded.

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