Budget wishlist: Mah Sing proposes to reinstate DIBS

KUALA LUMPUR: Mah Sing Group Bhd is proposing for the reinstatement of the developer interest bearing scheme (DIBS), but only for first time homebuyers.

In its Budget 2016 wishlist, Mah Sing proposed for the Government to consider bring back DIBS and to review several other issues. 

In a statement on Thursday, the company said reinstating DIBS would ease the purchase of homes by genuine homebuyers by allowing them to lock in properties at current prices. 

“We laude the Government’s continuous initiatives to encourage home ownership, especially for first time home buyers. We are also aware of the government’s concerns about the affordability of properties. 

“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,” said group managing director Tan Sri Leong Hoy Kum.

Mah Sing also proposed for the Government to consider reviewing the real property gains tax to encourage property investment, easing lending requirements, increasing house grants for youth, upgrading the status of low-cost housing to affordable housing, having a full exemption of stamp duty for purchase of first residential property, and to further reduce personal income tax for the middle income group.