KOTA KINABALU: While the 30% ownership quota for Sabah bumiputra homebuyers stays, the rule has been changed to disallow developers from allocating only specific units for this purpose.
This is among changes to the policy for bumiputra home ownership in the private housing sector as decided by the state, said to be the first such move in the country. The new changes take effect tomorrow.
Deputy Chief Minister II and state Local Government and Housing Minister Datuk Seri Dr Joachim Gunsalam said Sabah bumiputra homeowners will get better deals on their properties.
“First, the 30% of the bumiputra quota for private homebuyers – where the private sector must allocate 30% of the units (of each project) for sale to the bumiputra – stays. But now the developers are no longer allowed to allocate specific units for this purpose, as practised before.
“Secondly, these bumiputra homeowners can now resell their homes to whoever they want to, regardless of whether they (the buyers) are bumiputra or not,” he said in a statement yesterday.
Dr Gunsalam said for ownership grants issued on bumiputra lots or houses purchased before this new policy takes effect, owners can apply to get the previous prohibition clause omitted at the Land and Surveys Department, based on the standard operating procedure.
Other than that, whatever discounts or rebates given by developers to non-bumiputra buyers must be applied to bumiputra purchasers as well but with an additional 5% off, he said.
“For example, if non-bumiputra get a 15% discount or rebate off a unit, bumiputra must get 20% off,” Dr Gunsalam added.
This new policy, he said, is the state government’s initiative to reduce bureaucracy in the sale of homes to bumiputra.
Dr Gunsalam said he believes that this way, the value of bumiputra-owned properties will also be on a par with those owned by the non-bumiputra.
Meanwhile, Sabah Housing and Real Estate Developers Association (Shareda) president Datuk Chua Soon Ping said the policy change opens up new opportunities for bumiputra homebuyers to actively partake in the property market.
“We are especially pleased to see the successful realisation of a key proposal that Shareda has been advocating for over the last two years,” he said.
Chua said the decision to allow bumiputra buyers to resell their houses without a holding period is a major step in empowering property owners.
“Furthermore, we are proud that Sabah is the first state in Malaysia to implement such a transformative policy,” he added.
Chua also lauded the timing of the change ahead of the launch of the Sabah Malaysia My Second Home programme next year.
“The ability for bumiputra buyers to freely resell their houses will further boost the market’s attractiveness to both local and foreign investors,” he said.
