PETALING JAYA (Oct 29): Mah Sing Group has lauded the initiatives tabled by the government in Budget 2022 with a total allocation of RM332.1 billion, the highest ever for Malaysia, which is anticipated to inject a huge booster to the overall economy.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum in a statement said that the property market will benefit from the newly announced measures such as the allocation of RM2 billion guarantee through the Housing Credit Guarantee Scheme to facilitate loans for those without proof of steady income as well as the real property gains tax (RPGT) waiver for property disposed of from the sixth year onwards.

“We commend the government’s extensive effort in considering every level of the property industry including the secondary market. The RPGT waiver for property disposed from the sixth year onwards is expected to stimulate more interest in the secondary market. This would also boost the overall property market’s sentiment as buyers could look to upgrade their homes after selling their older units,” said Leong.

He also shared that this is a timely catalyst in expediting the recovery of the property industry in line with the general consensus of expecting 2022 to be a better year for Malaysia.

“With the government taking the important steps in steering the direction, we believe that all industry players and stakeholders will work together to ensure that the incentives will ultimately benefit the homebuyers and propel the property market in Malaysia,” Leong added.

Meanwhile, the group also added that the one-year extension for additional tax deduction up to RM50,000 for companies registered under [email protected] in relation to the rental expenses of employee accommodation will benefit Mah Sing’s manufacturing division, which has registered under the said initiative.

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