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Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
Sunday, 26 December 2010 17:11

Here is the Budget Wish Lists by some of the property industry’s players. It’s noteworthy that three out of 5 wished that the Government will increase incentives to developers to ‘green’ their developments. Interestingly, agents would like to see the Government providing grants/subsidies for first-home buyers.

Mr Ho Hon Sang, Managing Director

Property Development Division, Malaysia
Sunway City Berhad

  1. Overall for the upcoming budget, we hope that it will translate to initiatives that will support the growth and development of the Malaysian property sector and to increase its competitiveness in the global arena.
  2. For example, we hope that there will be no increase in the Real Property Gains Tax which is currently at 5% for disposals within five years. This is to spur the growth of the property market.
  3. We also hope that the Government will not impose the 80% Loan to Value ratio for mortgages as only landed properties in strategic locations are enjoying high capital appreciation.
  4. To have greater financial and tax incentives for property developers that comply with the Green Building Index and other green related initiatives during construction. Sunway City Berhad is one of the pioneers in developing green buildings and we are focused on continuing our commitment in promoting green technology and building standards for our properties.
  5. We also support and look forward to the speedier and realistic implementation of the Economic Transformation Programme which will help to boost the property market.
  6. The effectiveness of the MM2H programme should also be reviewed and targets should be set for relevant ministries to attract foreign buyers under MM2H. Malaysia Property Incorporated will certainly play a major role in promoting Malaysian properties as well.
  7. With regards to the Bumi quota, we hope there can be a clear policy on the release of unsold Bumi units to the open market as this will facilitate the selling process.
  8. Reduction of corporate tax by another 2%.

Mr Brian Koh

Executive Director
DTZ Nawawi Tie Leung Property Consultants Sdn Bhd

  1. Ensure adequate and quality affordable housing which are linked to proposed transport hubs in the Greater KL plan
  2. Incentives for green initiatives for housing developments, and also land located in sensitive areas.
  3. Protection of forests from rampant developments such as mass plantations, golf course, etc.

Mr Gerard Kho (compiled from the agents)

Senior Vice President
Reapfield Properties Sdn Bhd

  1. Interest rates for loan would remain.
  2. More incentives to encourage more new buyers of their first home eg. 90% loan, subsidy of 5K.
  3. Interest rate incurred on bank loan can be used for tax exemption for one house.
  4. Cost of renovation on secondary properties can be used for tax exemption.
  5. RPGT is to maintain at current rate for stability and consistency of policy.
  6. Allowing us to withdraw 10% from our EPF account 1 to purchase first home. Currently we can only withdraw from Account 2. We are entitled to withdraw 10% from Account 1 to invest in Unit Trusts. It will be good if we can use the 10% to invest in our own owner-occupied property which yields better returns than Unit Trusts.

Mr Gavin Tee

President of SwhengTee International Real Estate Investors Club

  1. The green incentives that the Government offered last year weren’t that much, and the procedures to obtain them were very complicated. So we all hope this year that the Government can provide more incentives for new and existing projects
  2. For the past 3 years, I have been talking about tourism-related types of real estate i.e. hotels, resorts and retreats. Real estate agents can help in the tourism industry. So hopefully, the Government can give some kind of incentives to tourism-related real estate.
  3. Many people think that there is no more FIC (Foreign Investment Committee) requirements, and that everything has been relaxed. However, the fact is foreigners don’t feel we are friendly to them, and that our property market is not attractive to them, so there are not so many foreign investors. I am looking forward to see if the Government can come up with some kind of interesting plans to change the perception of our property investment market

Mr. Adrian Wang

CBD Properties founder & CEO

  1. To provide MPI (Malaysia Property Inc) with more funds to promote Malaysian properties overseas & for Malaysia My Second Home Programme through the active registered agencies. As one of MPI’s selected members, we hope to work very closely with the Government to create awareness on the growth potential of our property market.
  2. To expedite the creation of infrastructure and improvements on public transportation throughout the Klang Valley, as this will help to alleviate the traffic problems.
  3. Government to provide grants for first-home buyers.

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