Finance Minister Lim Guan Eng said the HOC 2019 aims to help provide affordable housing to the low-income group, as well as reduce the current level of overhang in the country.
Lim said the overhang currently stands at RM19.5bil.
“With this campaign, we would like to reduce the overhang as much as possible,” he said at a press conference today to announce the Malaysia Property Expo (Mapex), which will be held at the KL Convention Centre from March 1-3.
The number of unsold units nationwide below RM150,000 currently stands at 16,528.
The six-months campaign will see a number of initiatives being offered by developers, such as residential units priced between RM300,000 and RM1mil being exempted from any stamp duties.
For houses sold above RM1mil to RM2.5mil, stamp duty exemption applies for the first RM1mil, and the rest will be charged at 3%.
Meanwhile, Mapex, which is being held in conjunction with the HOC, is a collaboration between the Real Estate and Housing Developers’ Association (Rehda) Malaysia and the Housing and Local Government Ministry.
The expo is expected to see 180 developers showcasing over 20,000 units of overhang properties worth RM22.5bil with attractive discounts or packages for home buyers.
Other than private developers, several government and government-linked agencies will also be taking part in HOC 2019, namely the Housing and Local Government Ministry, Uda Holdings Bhd, Perbadanan PR1MA Malaysia, Syarikat Perumahan
Negara Bhd and Permodalan Nasional Bhd.
The HOC was announced during the tabling of Budget 2019 in November last year.
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