LBS hopes Budget 2017 will make first-time homeownership more accessible

PETALING JAYA (Oct 19): Property developer LBS Bina Group Bhd believes it is imperative for Budget 2017 to continue being rakyat-centric, particularly in making homes within reach for first-time homebuyers.

In a statement today, LBS managing director Tan Sri Lim Hock San said the key areas Budget 2017 should address are easier access to home financing, incentives and measures to improve the earnings of middle income groups as these will greatly boost Malaysia’s efforts in housing the nation.

Lim noted that growing families also need easier access to financing to upgrade their homes for a better quality of life.

Other measures to consider include offering a stamp duty exemption on loan agreements involving properties under RM500,000, and greater flexibility with housing loan policies.

Lim added that further tax incentives or allocations could promote the development of new township projects, providing convenience and better quality of life for Malaysians.

On the Malaysian economic outlook, Lim believes the interest rate policy will remain accommodative to homebuyers while supporting steady economic growth. This comes as Bank Negara reduced its overnight policy rate (OPR) from 3.25% to 3% recently.

“We believe Bank Negara’s expectations for the economy to grow at 4% to 4.5% this year is achievable,” said Lim. “This is supported by demand for homes, particularly affordable homes, by Malaysia’s younger demographic population.”

He said LBS is optimistic about its steady growth as the property developer has strategically aligned its growth plans to suit the current market environment.

“Our offerings continue to enjoy steady demand, and we are optimistic about achieving our sales target of RM1 billion by the end of 2016,” he said.