The developer also welcomed the extension of personal income tax relief of up to RM1,000 for domestic tourism expenses up to the year of assessment 2022 to encourage tourism within Malaysia.
 

“The M40 is an important sector that caters for the mid segment of the property market and they play a critical role in the new properties and the secondary market. Not all property owners are financially strong,” said the association.

The PRS president was admitted to the Intensive Care Unit at Sarawak General Hospital on Sept 28

The government agencies cannot possibly build an apartment block in a place where there is only demand for landed property or built houses. Or build where there is practically no demand and which will just add to the statistics of ‘overhang’ (built and unsold) properties, said HBA’s honorary secretary general Datuk Chang Kim Loong.

The secondary market contributes more than 80% of total residential property transactions and the removal of this tax (RPGT) would help spur the sub-sale economy and trigger more demands down the supply chain,” said said Datuk Seri Koe Peng Kang, president of IFIABCI Malaysia

“It's superb that the proposal to abolish the RPGT on homes disposed of on the sixth year onwards by Malaysians and permanent residents in the country has been approved.,” said Zerin Properties CEO Previndran Singhe.

Another property sector-related measure deemed positive is an allocation of RM1.5 billion for housing projects for the lower-income group.

It is a good step but may not be enough to stimulate the property market as a whole, said one of the industry observers.

There is no exciting measure that can spur market buying interest.

President Michael Kong said PEPS’ budget wish lists to the government did not materialise except for the proposed waiver of Real Property Gains Tax (RPGT) on homes disposed of in the sixth year onwards