Malaysian Government Plans to Bring the Home Ownership Campaign Back
Malaysia anticipates a return of the Home Ownership Campaign (HOC) as the government discusses it’s part in the country’s economic recovery plan to combat the effects of the global pandemic and Movement Control Order (MCO).
In 2019, the HOC saw tremendous results of RM948,897,110 in sales throughout Malaysia. Sabah was the highest performing state, selling 34% of the 5158 registered units in Sabah. Prior to the MCO, president of Sabah Housing and Real Estate Developers Association (SHAREDA), Datuk Chew Sang Hai asked the National Finance Council to seriously consider the extension of the HOC until December 2020.
Since then, the proposal to reintroduce the HOC was made following meetings involving the Ministry of Housing and Local Government (KPKT), the Ministry of Finance (MOF), the Real Estate and Housing Developers’ Association (Rehda) Malaysia and the Malaysian Institute of Estate Agents (MIEA), according to a property industry source.
“The announcement will most probably be made by the Prime Minister on June 5. In the meantime, we are continuing with our discussions with the government to fine-tune [the details],” said the president of Real Estate and Housing Developers’ Association (Rehda) Malaysia, Datuk Soam Heng Choon (pictured).
If implemented, the length of the proposed HOC is expected to be over a six-month period until the end of the year. However, with the challenges that the market is currently facing, extending the HOC to 18 months, until the end of 2021 seems to be a more viable option.