S P Setia Response To Budget 2024
Setia Alam – We are pleased with the consolidation of Bumiputera investment institutions under Yayasan Pelaburan Bumiputera (YPB) and the strengthening of Pelaburan Hartanah Berhad (PHB) under PNB. This collaboration will enhance business development for Bumiputera entrepreneurs in cooperation with PNB and PUNB.
We applaud the government’s special task force under the Ministry of Local Government and Housing Development (KPKT) to address delayed and abandoned private housing projects. Efforts to restore 256 projects, involving over 28,000 housing units, with a gross development value of RM23.37 billion, are commendable.
We are encouraged by the allocation of RM2.47 billion for affordable housing projects in 2024, which will support the recovery of abandoned projects and contribute to housing development. The special guarantee fund of RM1 billion for reputable developers to restore abandoned projects is a positive step.
The allocation of RM546 million to continue the People’s Housing Programme (PPR) will provide much-needed housing, with 15 projects expected to be completed next year. The maintenance of low-cost and medium-cost strata housing with an allocation of RM100 million will ensure the safety and quality of housing.
Expanding the Housing Credit Guarantee Scheme to RM10 billion for the Homeownership Campaign is a positive measure. We appreciate the government’s takeover of the Bandar Malaysia development, highlighting people-centric projects and affordable housing.
The proposal to impose a flat stamp duty rate of 4% on property transfers by non-citizens and foreign-owned companies is necessary to control land prices. Relaxing the requirements for the Malaysia My Second Home (MM2H) programme is expected to attract more tourists and foreign investors.
The proposal to reduce stamp duty for property transfers involving beneficiaries based on inheritance laws is a welcome development. We welcome the focus on renewable energy and promoting a low-carbon economy. The National Energy Transition Roadmap (NETR) presents opportunities for investment in renewable energy sources.
To support electric vehicles (EVs), we will actively participate in the Corporate Green Power Programme. More electric vehicle charging stations and Setia eGreen Living initiatives will be introduced.
While we appreciate the government’s efforts, key areas in the property market such as affordable housing supply, property financing, and rental market regulations were not specifically addressed.
These issues need to be considered to create a comprehensive plan for industry development. Addressing these issues will contribute to a more vibrant and sustainable property market. We remain optimistic about the government’s commitment and look forward to collaborating with relevant authorities and stakeholders to develop affordable and quality housing.
