Budget: Shareda sees ample affordable housing
KOTA KINABALU: The Sabah Housing and Real Estate Developers Association (Shareda) welcomes the National Budget 2018 in general unveiled by the Prime Minister last Friday, especially the government providing various incentives for industries and assistance to the low and middle income earners to overcome the escalation of cost of living in the country.
Its president, Chew Sang Hai, said as the government would spend RM2.2 billion for delivering affordable property through government agencies, the private developers in Malaysia, especially Shareda members, are very confident that there would be abundant supply of affordable housing to the people in Sabah.
Chew said the Federal Government had extended the PR1MA Step-Up Finance to private developers.
Shareda would like to express its sincere appreciation to the Prime Minister for taking into consideration its grievance pertaining to the high rate rejection of housing mortgage loans matter.
In line with the Federal Government’s policy, he said Shareda had also initiated the exploration with local banking financier, Sabah Credit Corporation for providing short-term loan to eligible house-buyers as their down payment or shortfall in down payment. This alternate financing was initiated with the blessing from the Chief Minister.
“The lack of efficient public transportation, and poor infrastructure and limited accessibility has been one of the predicaments for the property development industry. However, we believed with the launching of Pan Borneo Highway and other infrastructures and improvement of the public transport, we are very confident that the demand of property would pick up soon. Furthermore, Sabahans are also anticipating and looking forward to the implementation of 1B BRT and to place a light rail or tram line within the city,” he said.
Chew said SHAREDA is very much aware on the importance of the delivery of affordable rental housing besides home ownership.
“Hence, the association welcomes the steps taken by the government to allow tax incentive of 50% rental collection. This incentive would allow a healthy rental investment of housing accommodation and encourage more long-term investment flow into the property market,” he said.
Chew said the Federal Government also allows stamp duty exemption for all documents related to abandoned project. The Sabah government should take this opportunity to tackle the two (abandoned projects in Kota Kinabalu.
Looking at the poor responses from Sabahan purchasers due to the lack of marketing and branding exposures in the past two to three years, he said SHAREDA looks forward to an elevated and improved property expo “PROPEX”, and more collaboration and partnership efforts to be made with other organisations and media company to promote and heighten the awareness of affordable housing projects and schemes offered via various online advertising platforms, especially to the firsttime house buyers in Sabah.