Mea­sures in­suf­fi­cient to stim­u­late prop­erty mart

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

PETALING JAYA: The mea­sures an­nounced in Bud­get 2017 last Fri­day are in­suf­fi­cient to stim­u­late the prop­erty mar­ket, said Malaysian In­sti­tute of Es­tate Agents (MIEA) im­me­di­ate past pres­i­dent Siva Shanker.

“What­ever mea­sures they have in­tro­duced now, I think it is not enough to stim­u­late the mar­ket but it is a good start, at least it ad­dresses one strata of so­ci­ety and one seg­ment of the prop­erty mar­ket. The real test will be in the de­liv­ery,” he told buy­ers but the avail­abil­ity of such homes is lim­ited.

CH Wil­liams Tal­har & Wong Sdn Bhd man­ag­ing di­rec­tor Foo Gee Jen said al­though there were many ini­tia­tives an­nounced for af­ford­able homes, the over­all im­pact is neu­tral on the prop­erty sec­tor.

“I think they could have done a bit more in ad­dress­ing the is­sue of the de­liv­ery of units. I’m also not too happy with too much fish be­ing given to the rakyat rather than teach­ing them how to fish. Too many free­bies were given when em­pha­sis should be more on how to el­e­vate the in­come of the rakyat,” he said.

Foo ap­plauded the gov­ern­ment’s move in boost­ing the sup­ply of houses for young peo­ple who are en­ter­ing the job mar­ket in Kuala Lumpur, es­pe­cially the 10,000 houses in ur­ban ar­eas that will be made avail­able for rental to youths at be­low mar­ket rates.

“That is a good start. It gives op­tions to the young peo­ple as it is not just about buy­ing. I think that sends the right sig­nal to the peo­ple to not buy if you are not ready. That is a good strat­egy by the gov­ern­ment as it pro­vides an al­ter­na­tive mar­ket. We should not only talk about own­er­ship,” he said.

Both Siva and Foo said the in­crease in stamp duty for prop­er­ties priced RM1 mil­lion and above is a neg­a­tive move as it would fur­ther slow down trans­ac­tions and af­fect prop­er­ties in the big cities namely Kuala Lumpur, Pe­nang and Jo­hor. – by Eva Yeong

Shanker (left) and Foo.

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