Malaysia Real Estate Sector Affected by the Election in 2018 - SHAREDA President
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The President of SHAREDA, Chew Sang Hai highlighted how 2018 has been a challenge for the real estate sector during his speech at KK One Stop Property Centre grand opening yesterday.
“Due to elections in Malaysia, people are adopting wait and see attitude,” said Chew. He believed that such market sentiment has caused buyers to be cautious, and directly affecting buying decisions by the general public.
Chew further commented that the government has started to fulfill their manifesto by adopting SHAREDA, REHDA and SHEDA's proactive approach to vitalize the real estate industry by agreeing to reintroduce the National Home Ownership Campaign, which was first promoted in year 1998.
Below are the incentives introduced for the benefits of home buyers in conjunction with this campaign;
1. 100% Stamp Duty Exemption on instrument of transfer for residential property valued up to RM1,000,000.
2. 3% Stamp Duty applicable on instrument of transfer for residential property value between RM1,000,001 – RM2,500,000
3. 100% Stamp Duty Exemption on loan documents for residential property valued up to RM2,500,000.
4. The above benefits are opened to ALL Malaysian buyers (not just first time buyers).
5. Minimum 10% discount (from APDL approved price) offered by the developers.
“This is simply a Property Mega Sales!” Chew commented on the incentives.
He also thanked ministries, the state and federal government for their effort in reintroducing the National Home Ownership Campaign.
“The campaign does not only benefit the real estate industry, but everyone in the country, making home ownership possible for many”, Chew added.
During his speech, Chew also commended KK One Stop Property Centre for setting up a property gallery to showcase a wide varieties of projects throughout Malaysia. Members of the public can now have easy access to real estate and investment information through the centre.
He ends his speech by encouraging the attendees to visit Home Ownership Campaign Expo (HOC) from 1 – 3 March 2019 in Dewan Foo Chow, during which buyers can take advantage of the above mentioned incentives, and choose their desired properties from over 30 projects.