Press Release by Sabah Housing and Real Estate Developers Association (SHAREDA)
Speech by Mr. Chew Sang Hai, SHAREDA President.
2018 has been a challenging year for everyone. The real estate sector in particular has experienced one of the hardest hit seen in the last decade. In fact Malaysia is not the only country as such phenomenon was also seen in major cities around the region such as Sydney and Hong Kong.
In Malaysia, the real estate market has been stagnant in the last few years, particularly in 2018 due to the election. This resulted in people adopting a ‘wait-and-see’ attitude. Before the election, everyone was uncertain of the situation and as such investments were put on hold. However, when the election was finally over and despite the victory of the present Pakatan Harapan government, the market did not pick up as fast as expected. People were still waiting to see the new changes and policies to be introduced by the newly elected government.
As the days unfold, we are very glad to see the action initiated by the government to fulfill its manifesto and promote economic activities in the country. SHAREDA, REHDA and SHEDA are supportive and progresses in line with the government’s vision to reinstate Malaysia’s economic strength.
SHAREDA, together with REHDA and SHEDA have taken a pro-active approach to revilatize the real estate industry by proposing to the government to reintroduce the National Home Ownership Campaign which was first promoted in 1998. I must say that all associations and their members are very thankful that the federal and state government has adopted our proposal.
After multiple rounds of meeting with the federal government and Ministry of Finance, a series of incentives were introduced for the benefits of home buyers, they are:
- 100% Stamp Duty Exemption on instrument of transfer for a residential property valued from RM300,001 up to RM 1 million
- 3% Stamp Duty applicable on instrument of transfer for a residential property value between RM1,000,001 to RM2.5 million
- 100% Stamp Duty Exemption on loan documents for a residential property valued up to RM2.5 million
- The above benefits are opened to ALL Malaysians (not just first-time buyers)
- Minimum 10% discount (from APDL approved price) offered by the developers.
The above mentioned incentives are clear indications of the federal and state government’s determination to reinstate confidence into the market and improve the livelihood of the RAKYAT by making home ownership easier for them.
I must say, having been in the industry for more than 3 decades, I have never seen such good offer for homebuyers. There is tremendous saving if anyone buys a property during the Home Ownership Campaign period which lasts from January – June 2019. Best of all, this is NOT limited to first time home buyers, the benefits can be enjoyed by every Malaysian, including investors who have multiple properties. This is simply Property Mega Sales!
In line with the campaign, SHAREDA encourages all members to join in the movement and take advantage of the campaign.Even though the campaign is not applicable to non-residential projects, we encourage those developers of commercial and industrial projects to offer similar incentives on their own accord in order to promote sales.
While the Home Ownership Campaign incentives are attractive, SHAREDA members still face a huge challenge when it comes to offering significant discount as Sabah is one of the only 2 states in the country where a profit cap is imposed on developers. We will continue to work with the state government on this and we sincerely hope that the profit cap can be lifted, just like our counterparts in other states.
Having said that, on behalf of all SHAREDA members, we would like to express out utmost gratitude towards all relevant ministries,the state and federal government for their effort in reintroducing the National Home Ownership Campaign. The campaign does not only benefit the real estate industry but everyone in the country, making home ownership possible for many.
To all home buyers and investors, I encourage you to visit our expo from 1st – 3rd March here in Dewan Foo Chow to learn how you can benefit from the campaign, and what are the incentives. There will be talks on buying your first home and over 30 projects to look at. Don’t miss this once in a lifetime chance. I hope everyone can take advantage fo the savings and I wish you all happy shopping.
— end of press release —
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