Rehda calls for extension of HOC, says will help kickstart economy

KUALA LUMPUR: The extension of the Home Ownership Campaign (HOC) will drive property sales in the country and help kickstart economic growth, said the Real Estate and Housing Developers Association (REHDA) Malaysia.

Its deputy president Datuk Tong Nguen Khoong said the property sector plays an important role in driving growth as it involves around 180 downstream industries from various sectors of the economy.

He said the extension of the HOC will provide a great opportunity to spur the economy as it is a good time for people who have not owned a house or property to make purchases.

"We want to thank the government for actually extending it from the end of May last year to the end of December. However, in the interim, as you know, there was a Movement Control Order (MCO) period of five months.

"Showrooms were closed. While there were some sales online, I think we missed the opportunity as well. So we have written to the government for (the extension of HOC), but we have yet to hear from them. As far as we know, the HOC has not been extended,” he told reporters today on the sidelines of REHDA's Institute CEO Series 2022 - Annual Property Developers' conference.

Commenting further on whether the government will extend the HOC in 2022, Tong said it is a difficult call to make as there are many factors involved in making the decision.

"The Ministry of Finance has to balance all factors relating to the HOC extension, so I would leave it to the government but I think they have different levers on how they can move the economy forward," Tong added.

The HOC is a government initiative designed to support homebuyers and encourage the sale of unsold properties. - Bernama