clock 29-04-2023
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SHAREDA President Announces New Policies to Stimulate Sabah's Real Estate Market at 30th AGM

SHAREDA President Datuk Sr Chua Soon Ping delivered a speech during the 30th Annual General Meeting, congratulating the new line-up of elected office bearers for SHAREDA and thanking attendees for their presence despite the pandemic.


Datuk Sr Chua Soon Ping discussed several policies and proposals that SHAREDA made in the past two years and the positive impact that these would have on the property industry in Sabah.



The following sections highlight the main topics addressed in the speech:



Sabah-MM2H



The Sabah State Government has announced new criteria for Sabah-MM2H, which will reduce the foreign investor threshold from RM1 million to RM600,000. The new policy also includes high-rise residential properties, commercial titled properties with residential usages, and landed properties. The fixed deposit of RM150,000 (for individuals) or RM300,000 (for families) to be placed with Sabah Development Bank (SDB) and off-shore income of RM7,000 (for individuals) or RM10,000 (for families) per month are some of the requirements for the program. The visa fee is RM500 per year, and a minimum cumulative stay of 30 days in Sabah is required. The Taiwanese Group, CSX Holdings, has expressed interest in investing in Sabah and has committed to purchasing 30 units of Sutera Bay in Kota Kinabalu.



Leasehold Issue of 99 years



To renew a leasehold with more than 40 years remaining is currently challenging, and the land becomes less bankable amongst the financial institutions. Starting from 19 September 2022, Sabah State Secretary (SKN) under the Jabatan Tanah dan Ukur Sabah (JTU) will accept the extension of land tenures back to 99 years. Applicants will be required to pay an additional premium to refresh the 99 years leasehold duration. This new development is more conducive to both foreign and local buyers.



Bumiputra status



SHAREDA has proposed a new Bumiputra status that emphasizes Bumiputra investors instead of the Bumiputra lots. SHAREDA has appealed to the State Minister for Housing and Local Government (MLGH) that properties should not be marked as Bumiputra Lots in the title, and all Bumiputra purchasers will be eligible for discounts and rebates, allowing them to purchase and sell properties within the same day if they wish to do so. This process can be repeated indefinitely, empowering Bumiputra buyers to participate actively in the real estate market.



Release Mechanism for the Full 5% Bank Guarantee



SHAREDA has proposed a release mechanism for the full 5% Bank Guarantee for Housing Developments with APDL.



SHAREDA Institute



During the AGM, a motion was passed to establish SHAREDA Institute. This new development is expected to provide the necessary training and knowledge for SHAREDA members, and it will further strengthen the organization.


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