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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

HOC , REHDA , property , economy growth , sale , Tong Nguen Khoong


Next In Business News

Oil steadies after choppy trade, US says export ban not ruled out
Ekuinas exploring key investments
Putin’s state oil champion suffers biggest production drop
Zafrul: Economy in the right direction
Strong first-quarter performance for UMW
Rafiza Ghazali is KAF’s Digital Islamic Bank CEO
Sime Darby 3Q net profit dips 18.67%
Farm Fresh net profit jumps 51% to RM17.7mil in 4Q
Pekat's net profit down to RM4.40mil in 1Q
KLCCP Stapled Group’s 1Q net profit rises to RM161.44mil

Others Also Read