Home Ownership Campaign (HOC) is ending in around 3 weeks’ time. Has the results been positive thus far? Briefly, yes. Many have also been asking me if I believe the HOC 2019 may just become HOC 2020 as well. I think they may be thinking if they should proceed now or wait till next year. First advice is to buy a good property and not buy because the developer gave you extra discount because of HOC yeah.
As for the question of extension, if you ask me, I would think HOC may just be extended but will ONLY be open to first-time home buyers only. This was not a programme aimed at letting all the property owners with many units to buy ever more units. This was a temporary solution to ensure our total unsold units in the market does not rise to become higher than the highest peak in South East Asia; Mount Kinabalu. (Yes, I climbed it before, twice)
Article in themalaysianreserve.com Housing and Local Government Minister Zuraida Kamaruddin announced recently in Parliament that the Home Ownership Campaign (HOC) has surpassed the projected RM15 billion sales target. It had sold a record 27,823 residential units valued at RM17.66 billion sold as of Nov 11.
PR1MA was also taking advantage of HOC and it offered discounts of up to 30% for its housing projects. Due to this as of Sept, a total of RM3.4 billion worth of PR1MA homes were sold. A total of 16,200 homes under PR1MA were sold via the HOC-related events, with loan approvals for 4,000 units pending.
If we look at actual demand for homes, we will see that Selangor leads with 8,269 units sold followed by Kuala Lumpur with 4,775 units, Johor (2,026), Penang (1,401), Melaka (1,394), Negri Sembilan (991), Perak (516), Kedah/Perlis (361), Pahang (48), Terengganu (nine) and Kelantan (four). For more details, do refer to the Article in themalaysianreserve.com
Whether HOC is extended or not will depend on what’s the actual number of unsold units by the end of 2019. If the numbers remain super huge and the prices of those properties are above RM600,000 for example, then I think chances that the extension will continue is extremely high.
As for first-timers who are looking at PR1MA units, it may be better to buy now than hoping that PR1MA may continue this huge discount next year. Their earlier buyers who bought at the launching price are very complaining loud already and they are very dissatisfied because later buyers were given lower prices. Early bird did not catch the worm this time. Happy understanding that there are always two sides to any coin.
Please LIKE kopiandproperty.com FB page or Sign Up for free to get daily updates about the property market. Else, follow me on Twitter here.
Next suggested article: Stories of potential buyers and owners of today
