Developers: Measures help to sustain property transaction

  • Business
  • Thursday, 22 May 2003

REAL Estate and Housing Developers Association president Datuk Jeffrey Ng said the economic measures announced showed that the government had listened to industry views. 

He also believes the measures would result in a bullish property market. 

Ng said he expects property transaction this year to match that of last year, which saw 143,000 units valued at RM20.4bil sold in the primary market. 

“Most of the measures are to sustain the housing and property sector. 

“On the overall, we find that the cost of doing business has been addressed while boosting demand,” he added. 

New buyers and first-time owners of houses costing below RM100,000 are entitled to a subsidy on housing loan interest payment of 3% for the first year or interest-free loan for the first year on deposit of 10% on loans taken from Bank Simpanan Nasional Bhd. 

For those obtaining loans from other financial institutions, a cash payment of RM600 will be given and credited into their loan accounts. 

According to Ng, the highly attractive incentives would mean that buyers could go out there and bought a house without denting their pockets. 

Similarly, he said the tax exemption of RM10,000 over three years for new buyers of completed houses and first-time owners of houses costing between RM100,000 and RM180,000 was very helpful. 

“It is very clear that the government has made every effort to address the issue of the overhang in properties costing less than RM150,000, which stood at 43,000 units as of the end of last year,” he said. 

The reduction of the ceiling to RM150,000 for foreign purchasers would enable them to buy properties in areas they previously could not, Ng added. 

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