clock 26-02-2024
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Sabah MM2H to Be Launched Very Soon - SHAREDA President Updates

MM2H Launch: A Golden Opportunity for Sabah's Economy

In a recent speech at the Bay Suites Chinese New Year Celebration, Datuk Chua Soon Ping, President of SHAREDA, shed light on the impending launch of the Sabah Malaysia My Second Home (MM2H) program slated for March. With the theme "遍地黄金" translating to "properties are GOLD and plentiful," Datuk Chua emphasized the significance of this initiative, particularly in Kota Kinabalu, where seafront properties are expected to experience a surge in demand.

Under the Sabah MM2H criteria, prospective investors are required to invest in high-rise residential or commercial suites exceeding RM600,000 or landed residential properties surpassing RM1 million. Datuk Chua outlined the potential economic impact, projecting substantial investments into the local market, especially in Kota Kinabalu, the capital city, if 2,000 investors each spend around RM1.5 million annually. This influx could inject up to RM3 billion into the state's economy, with a potential cascading effect tripling that figure to RM9 billion.

Aside from the Sabah MM2H program, SHAREDA expressed gratitude to the State Government for allocating 70 acres for the development of affordable housing for the M40 and B40 income groups. This collaborative effort between the government and private developers aims to address the housing needs of middle and lower-income segments, with SHAREDA currently in the planning stages pending technical input from consultants.

Acknowledging challenges such as electricity and water shortages, SHAREDA is advocating for sustainable solutions, including the installation of solar panels and rainwater harvesting tanks in residential projects. By harnessing rainwater for non-drinking purposes like cleaning and gardening, SHAREDA aims to alleviate pressure on existing water resources and mitigate flooding risks. Additionally, efforts are underway to collaborate with BOMBA to integrate rainwater harvesting systems into firefighting infrastructure, enhancing disaster resilience within communities.

SHAREDA President, Datuk Chua Soon Ping, Guest of Honour, YB Ginger Phoong and BOMBA 

Moreover, SHAREDA highlighted the potential of solar energy to supplement the local power grid, reducing reliance on traditional energy sources and contributing to sustainability efforts. Through initiatives facilitated by the Sabah Energy Commission, households can leverage renewable energy sources to decrease utility expenses while promoting environmental stewardship.

In conclusion, Datuk Chua expressed gratitude to attendees for commemorating the auspicious occasion and emphasized the collaborative efforts required to harness the economic potential of initiatives like the Sabah MM2H program. With a strategic focus on sustainable development and inclusive growth, Sabah is poised to capitalize on its abundant opportunities and pave the way for a prosperous future.

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