LBS welcomes stamp duty discount for first time home buyers

• “LBS views this positively as it stimulates home ownership and is beneficial for developments within these housing price bands, such as LBS’, whereby its properties are typically within the RM500,000 range.”

KUALA LUMPUR (Oct 8): LBS Bina Group Bhd has “applauded” the government’s move to increase the stamp duty discount for first time home buyers from 50% to 75% on properties priced between RM500,000 to RM1 million until end-2023.

This measure was announced at the tabling of Budget 2023 by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in Parliament yesterday.

“In essence, this results in savings of up to RM21,000 from RM14,500 for a property priced above RM500,000. LBS views this positively as it stimulates home ownership and is beneficial for developments within these housing price bands, such as LBS’, whereby its properties are typically within the RM500,000 range,” the developer stated in a media release.

LBS also lauded the Putrajaya for providing RM3 billion in guarantees under the Housing Credit Guarantee Scheme.

“The benefits for the lower-income households are positive as it encourages the realisation that owning a home is not beyond reach,” it said.

As LBS Bina also has a hospitality segment, it is of the view that “the incentives under Budget 2023 for the tourism industry such as, among others, the RM25 million incentive for domestic tourism whereby citizens are able to enjoy up to RM100 in the form of discounts, vouchers and rebates for accommodation and tourism packages would help stimulate the on-going recovery of the tourism industry following the pandemic”.

Meanwhile, as for the reduction of personal income tax rate by 2 percentage points for those earning between RM50,001 to RM100,000, LBS Bina said that the “additional income tax savings will enable individuals to channel their income towards basic needs, such as home ownership”.

LBS executive chairman Tan Sri Lim Hock San said “Budget 2023 has turned out to be positive through its inclusivity to provide relief for all. While the measures proposed for the property sector are minimal this year, they are indeed proactive in stimulating home ownership especially through the increase in stamp duty exemption for houses within the RM500,000 to RM1 million band range.

“Overall, we appreciate the government’s initiatives to continuously push for economic recovery and stimulate growth in the country,” he added.