JOHOR BARU: Prospective housebuyers in Johor should take advantage of the reintroduction of the Home Ownership Campaign (HOC) that is ongoing until May 31 next year, said the developers association.
Johor Real Estate and Housing Developers Association (Rehda) chairman Datuk Steve Chong Yoon On said the campaign offered a wide range of residential properties for sale by 140 Johor Rehda members.
“Now is the best time to buy property. The government is also encouraging home-ownership among Malaysians.’’
He said the campaign would help to boost Johor’s property market.
He explained that the reintroduction of the HOC under the short-term Economic Recovery Plan (Penjana) would act as an immediate catalyst to address the current property overhang.
“There are positive signs as the government understands the dilemma faced by developers in this challenging times and economic uncertainties, ’’ said Chong.
He said even during bad times, there were buyers with extra cash who were looking for properties.
“This campaign is a good platform for them to buy property.
“Developers are focusing on clearing existing stock and holding back new property launches.
“The HOC will help to ease their financial constraints, ’’ he added.
Of the more than 10,000 existing stock of residential units in Johor, Chong said 60% were landed properties and the rest high-rise properties.
He noted that demand for landed properties in Iskandar Malaysia remained good.
“Tebrau Growth Corridor, Iskandar Puteri and Kulai-Senai Corridor are the sought-after locations in Johor when it comes to buying property, due to developments taking place, ’’ he said.
Besides the HOC, there is also exemption of the Real Property Gains Tax for disposal of residential units between June 1,2020 and Dec 31,2021.
Stamp duty exemption will be provided on the instruments of transfer and loan agreement for the purchase of residential units priced between RM300,000 and RM2.5mil, limited to the first RM1mil of the home purchase price.
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