PETALING JAYA: Property developer LBS BINA GROUP BHD has called for greater measures to boost house ownership in Malaysia and to lift the property sector.
Group managing director Tan Sri Lim Hock San said Budget 2020 presents an opportunity for policies and measures to be put in place to encourage house ownership to be reviewed in view of the challenges facing the sector.
“This can be done through incentives for potential buyers, and easing the cost of doing business for property developers, ” he said.
Among the five key thrusts of LBS’ wish list for the upcoming Budget 2020 are the extension of the home-buying campaign; extension of property financing tenure to a maximum of 40 years and 100% housing loan for young graduates and professionals; adjustment of the Real Estate Profit Gain Tax (RPGT); further incentives to encourage wider Industrialised Building System (IBS) adoption and lowering the threshold for foreign buying of properties to RM700,000 for a limited two-year period to help resolve the issue of unsold residential units.
“Home ownership plays a key role in ensuring the well-being of the nation, both socially and economically.
“We at LBS hope the government will continue to uphold its commitment to ‘house the nation’ by delivering more affordable units, ” Lim said, adding that LBS is committed to support the government’s housing agenda.
He added that LBS will continue to focus on providing more innovatively-designed houses, at affordable prices, to help the government realise its plan to deliver one million affordable units in the next 10 years to shape a more sustainable future for the Malaysian property sector.