Mah Sing hopes govt will continue to promote home ownership
KUALA LUMPUR: Mah Sing Group Bhd hopes the government will continue to promote home ownership, especially for firsttime house buyers by relaxing the lending guidelines for housing loans.
Mah Sing group managing director Tan Sri Leong Hoy Kum said it had been challenging for the property industry in the past few years especially with the loan eligibility issues.
“We are looking forward to the introduction of the upcoming National Housing Policy and new initiatives which are expected to be beneficial for the first-time home buyers and addressing the demand for affordable houses,” he said in a statement on the company’s budget wishlist.
He added that the property industry has a larger multiplier effect than other industries, hence stimulating the property industry should therefore have a larger impact on the wider economy.
Besides that, Leong also said that he hoped the government would continue to exempt stamp duty expenses for first-time house buyers and extend the incentive to affordable properties priced below RM500,000
“The initiative by the Government to exempt 100 per cent property stamp duty for first property up to RM300,000 currently is a good move to lessen the burden for first- time home buyers.
“However, we hope that the initiative could be extended to first property under RM500,000, taking into account the affordable property prices in the main cities of Malaysia,” he said.
Leong also said that, as a property developer, he hoped that the government would reduce the compliance cost as it remained the most significant factor affecting developers’ cash flow.
“We also hope that the government could initiate the home ownership campaign which involves collaboration of all stakeholders to come up with a strategic plan to encourage home ownership especially for affordable houses.
“This will help to reduce the unsold stock in the market,” he added.