Photo Credit Borneo Post
clock 04-11-2023
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State Land for Affordable Homes - a Game Changer in Sabah's Real Estate

Sabah's Chief Minister, Datuk Seri Panglima Haji Hajiji bin Haji Noor, was the Guest of Honour for the 45th Anniversary of SHAREDA's annual event, SHAREDA Nite. Although he couldn't be present in person, Deputy Chief Minister Datuk Seri Dr. Joachim Gunsalam read out his speech, highlighting the event's theme, "The Art of Music - A Night of Harmony," reflecting the spirit of Sabah Maju Jaya. The Chief Minister's words echoed the significance of this event, especially the efforts made to support local talents and the property development industry.


Celebrating Local Talents

One of the notable highlights of this year's SHAREDA Nite was the exclusive use of 100% locally sourced performers, demonstrating a commitment to showcasing Sabah's talent on a grand stage. Hajiji expressed his gratitude for providing a platform for local talents to shine.

"We believe everyone here is very much looking forward to it, and thank you for being a platform for the local talents to shine upon," he stated, acknowledging the significance of promoting local artistry.


SHAREDA's Contributions to Affordable Housing

Hajiji commended SHAREDA for its efforts in assisting the State Government to improve the affordability of the property market. He highlighted several collaborative initiatives between SHAREDA and the State Government:

  1. Perimeters and adjustments for Sabah MM2H: SHAREDA played a pivotal role in assisting the State Government in proposing measures to enhance the Malaysia My Second Home (MM2H) program, thus contributing to the growth of Sabah's economy.

  2. Renewal of 99-year leaseholds: SHAREDA's advocacy for the renewal of 99-year leasehold properties at any point in their tenure ensures greater flexibility for property owners.

  3. Implementation of i-Miliki: Hajiji emphasized that SHAREDA's support in implementing initiatives such as i-Miliki, similar to the Home Ownership Campaign (HOC), adds to the affordability of housing in Sabah.


SHAREDA Institute and Industry Education

In addition to these achievements, Hajiji congratulated SHAREDA on the establishment of the SHAREDA Institute, designed to educate and guide the property development industry. He praised the success of SHAREDA's property chat event in September, which addressed critical issues like imprisonment and abandonment in the industry.


"To further show our sincerity in the commitment to further the real estate industry, the State Government will be allocating 60 acres of government land for SHAREDA members to construct affordable housing. This is specifically targeted for the B40 and M40 category as they will benefit the most from these developments," he announced, emphasizing the State's commitment to improving housing accessibility for various income groups.


Support for Green Building Initiatives

Hajiji recognized the global trend towards green building projects and emphasized the state government's support for such initiatives. Incentives will be provided to encourage more developers to align with environmental-friendly construction practices, ensuring that Sabah remains in tune with global sustainability efforts.


Relaxation of Bumiputera Lot Mechanism and Sabah MM2H

He also shared that discussions with SHAREDA led to the decision to relax the 5-year lock-in mechanism for Bumiputera lots. The new approach allows purchasers greater flexibility, promoting economic growth. He further announced the state government's plan to proceed with Sabah MM2H by year-end to attract Foreign Direct Investment (FDI) investors, highlighting the requirement for FDI investors to purchase high-rise residential properties valued over RM600,000 and maintain a deposit of RM300,000 with local merchant banks.


In his concluding remarks, Hajiji expressed his optimism for future collaborations between the State Government and SHAREDA, especially concerning affordable housing. In the spirit of unity and shared goals, the 45th Anniversary of SHAREDA's annual event celebrated not only the accomplishments of the property development industry but also the rich pool of talent within Sabah. The commitment to growth, sustainability, and affordability marks a significant step forward for Sabah's real estate sector, making it a night of true harmony.

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