News about Budget

TA Securities said the property sector is expected to benefit from likely initiatives to promote homeownership among low-to-middle-income first-time buyers and make it more affordable, develop developer-friendly policies for affordable housing, incentives for green development and clarity regarding infrastructure development and special economic zones.

The groups believe the proposed luxury tax is a "lose-lose proposition" where the country will "lose foreign tourist arrivals and lose Malaysians from buying locally, coupled with the loss of foreign exchange".

Johan said the government is also working on ways to reduce subsidies for diesel that has seen huge leakages.

In comparing the revised budget and the previous October budget, the honorary secretary-general of HBA Datuk Chang Kim Loong has expressed the association’s support, concern and disappointment on matters relating to the Malaysian property sector.

Anwar stressed the government’s aim is to alleviate the rakyat’s struggles amidst the economic challenges, while ensuring a sustainable fiscal growth for the nation.

The budget themed “Menbangun Malaysia Madani” is aimed at helping the rakyat and boosting the economic prospects of the country.

“We reiterate that should the issue be left idle for too long it will have an adverse impact on house prices in the open market.

“The Madani Budget must have the ability to bring together all the strengths to be translated into new solutions.

“Ahead of the announcement, LBS wishes to make various proposals which it believes is crucial towards revitalising the property sector and is hopeful that the government will take these into account.

“In Penang, for example, the blanket ban that they proposed is probably a regulation that doesn’t make a lot of sense because there have to be ways in which challenges can be managed without an activity being banned, which is why we are suggesting that the existing Strata Management Act 2013 (SMA2013) be used at a building level to pass bylaws that are suited for the specific buildings instead.