Weekly Industry News

Budget 2019, a boon to first time homebuyers — Knight Frank

Weekly Industry News

Knight Frank Malaysia would like to congratulate the Pakatan Harapan Government for tabling its well-rounded Budget 2019, which lives up to their social responsibility of securing the nation’s wellbeing by promoting economic growth while reducing fiscal deficit.

Sarkunan Subramaniam, Managing Director of Knight Frank Malaysia says, “The exemptions and initiatives, in particular the waiver of stamp duty on the instrument of transfer and loan agreement for residential homes valued up to RM300,000 for a 2-year period and the 6-month waiver of stamp duty charges for properties priced from RM300,001 to RM1.0 million, are expected to kick-start the housing market moving into 2019 and beyond.

“On the supply side, it was announced that there is commitment from the Real Estate Housing Developers Association (REHDA) to reduce house prices by 10% for new projects that are not subjected to price control following the Sales and Services Tax (SST) exemption on construction services and building material costs. While the commitment by REHDA members is neither binding nor enforceable but in the spirit of Malaysia Baru, they (the members) are likely support the aspiration of the Government to promote the National Home Ownership Campaign.”

Media Title: Malay Mail

Date: 21 Nov 2018

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