'Not suitable' for rich bumiputra buyers to have property discounts, says Bursa Malaysia chairman

• Tan Sri Abdul Wahid Omar: Property discounts for bumiputra buyers who want to buy a RM2 million ringgit bungalow are not suitable.

KUALA LUMPUR (March 3): The bumiputra property discount should only be maintained for homes that are not within the luxury segment.

This was the view Tan Sri Abdul Wahid Omar (pictured), who presented the findings of a cluster on wealth creation at the Bumiputra Economic Congress 2024, reported The Star yesterday.

Wahid, who is also Bursa Malaysia chairman, said that the earnings from such a discount should be channelled into a fund that would help lower income bumiputra own homes.

"Property discounts for bumiputra buyers who want to buy a RM2 million ringgit bungalow are not suitable," he said.

Wahid was at a session presenting the findings of the congress' 10 clusters.

The Star reported that ending practices that benefited rich bumiputras in favour of needs and merit based initiatives was one of four thrusts under the cluster headed by Wahid.

"If our policies are needs and merit based, it will be embraced by everyone," he added.

Later, deputy prime minister Ahmad Zahid Hamidi said that bumiputra discounts on the prices of low-cost and affordable housing should only be maintained to help those in the low-income bracket to own homes, reported news portal FMT.

He also added that the discounts should not be given to those in the middle or higher-income bracket.

Zahid, who is also the rural and regional development minister, was responding to Wahid’s statements above.

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