Sabah Malaysia My Second Home To Launch Soon, KPKT Wants Full Stamp Duty Exemption For Properties Priced RM500,000-RM1mil And, More
20th September – 26th September
Sabah Chief Minister Datuk Seri Hajiji Noor revealed that the state Cabinet has approved the launch of the Sabah Malaysia My Second Home (SMM2H) programme.
Meanwhile, The Ministry of Housing and Local Government (KPKT) is hopeful that its application for full stamp duty exemption for ownership by first-time homeowners of properties priced between RM500,000 and RM1 million will be approved at next month’s tabling of Budget 2023.
1) Sabah Malaysia My Second Home to launch soon
Sabah’s state Cabinet has approved the launch of the Sabah Malaysia My Second Home (SMM2H) programme, said Chief Minister Datuk Seri Hajiji Noor.
He shared that the programme will be launched once the final adjustments are made, reported Bernama.
Hajiji explained that Sabah’s programme will not include the new requirements imposed under the federal MM2H.
“With our own SMM2H, we aim to make Sabah more attractive to foreigners wishing to move to and live in Sabah,” he said. “We hope to see high-value foreigners and talents moving to Sabah, and creating economic spin-offs.”
He noted that the state has remained consistent in attracting foreign investments. In fact, the Malaysian Investment Development Authority (MIDA) has revealed that Sabah has secured foreign investments worth RM9.9 billion from January to September this year – the third highest in Malaysia.
“Sabah will push this momentum and we are confident Sabah is and will continue to be an attractive destination for investment. We strive to be investor-friendly and be rest assured that the state government will ease all hurdles to facilitate investments,” added Hajiji.
2) KPKT wants full stamp duty exemption for properties priced RM500,000-RM1mil
The Ministry of Housing and Local Government (KPKT) is hopeful that its application for full stamp duty exemption for ownership by first-time homeowners of properties priced between RM500,000 and RM1 million will be approved at next month’s tabling of Budget 2023.
KPKT Minister Datuk Seri Reezal Merican Naina Merican noted that full stamp duty exemption is currently offered only to first-time homeowners of properties priced from RM500,000 and below via the Keluarga Malaysia Home Ownership Initiative (i-MILIKI).
Those priced above RM500,000 to RM1 million are subject to 50% stamp duty exemption, he said.
“I hope the Ministry of Finance will consider giving a 100% stamp duty exemption for houses priced above RM500,000 to RM1 million because property buyers in this price range usually comprise those from the M40 group,” said the minister as quoted by Bernama.
“I do not want us to be seen as only defending the needs of the B40 group and I hope this application will be approved, on condition it is for the first house and developers give a discount of 10% to the buyers,” he added.
3) 1,264 affordable homes to be completed by end-2023
A total of 1,264 affordable housing units is being built in Bandar Putra, Kulai, with completion expected by end of 2023.
Johor Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor said IOI Properties Group Bhd’s (IOIPG) development was divided into four projects – two Rumah Mampu Milik Johor (RMMJ), one Johor Community Housing Type A (PKJA) and one Johor Community Housing Type B (PKJB).
He shared that the RMMJ units will go for RM150,000 each, while each of the PKJA and PKJB units will be priced at RM42,000 and RM80,000, respectively.
“The four projects are currently being developed by IOIPG, with the first RMMJ in Kampung Pertanian expected to be completed by the end of this year,” said Mohd Jafni as quoted by The Star.
RMMJ Kampung Pertanian is a 306-unit townhouse project, with unit sizes measuring about 1,000 sq ft.
“We expect the open ballot process to commence before the end of this year,” added Mohd Jafni.
4) Affordable housing project to rise in Bukit Jelutong
The Selangor government has reiterated its commitment to fast-track its agenda to build affordable housing units for the middle-income earners as well as the B40 group.
According to Mentri Besar Datuk Seri Amirudin Shari, the state government hopes to provide quality housing via the Rumah Idaman high-rise projects, reported The Star.
The Rumah Idaman Bukit Jelutong in Shah Alam, for instance, will feature 1,260 units of semi-furnished apartments. Spanning 1,000 sq ft, the three-bedroom with two bathroom apartments will be priced at RM250,00 each.
The units will be fitted with a television, air conditioners, closets, refrigerator, kitchen cabinets and water heaters. Each unit will also have two parking bays.
The homes are being developed by Gagasan Nadi Cergas in collaboration with PNSB Construction Sdn Bhd, which is a subsidiary of PNSB.
Facilities at the development include a jogging track, swimming pool, badminton court, multipurpose hall, children’s playground, barbecue area, study room, yoga deck and rooftop garden. There will also be a community farm and kindergarten.
5) Council homes to be offered at below market rental rates
The Federal Territories Ministry has assured that the rents for council homes in Kuala Lumpur will be offered at below market rates.
“The rent must be half or below the current market rate. If the market rate is now between RM1,500 and RM2,000, then they (council home tenants) will probably need to pay only RM700,” said Minister Datuk Seri Shahidan Kassim as quoted by Bernama.
He noted that the move is part of efforts to help city dwellers save enough money to acquire their own home as well as to enable council homes to be a profitable asset for the Kuala Lumpur City Hall (DBKL).
“Council home will give the opportunity to low-income city dwellers to live in a comfortable home measuring 800 sq ft with three bedrooms and two bathrooms,” said Shahidan.
He revealed that DBKL targets to build 5,000 council homes this year, with works at four projects currently ongoing while two others are in the pipeline.
6) 10 abandoned Felda housing projects to be rebranded
The Pahang government is set to take over from Felda management 10 abandoned Felda Second Generation Housing Project (PGBF) sites.
According to State Local Government and Housing Committee Chairman Datuk Abd Rahim Muda, the project will be rebranded into a housing scheme called Rumah Pahang.
“The implementation of the project is through the Pahang Housing and Real Estate Board (LPHP) in a joint venture with the developer, which is Syarikat KMDI Holding Sdn Bhd,” he said as quoted by The Star.
“The project began in August and is expected to be fully completed by the end of 2023.”
He noted that LPHP will manage the selection of eligible buyers via the eHousing system, subject to conditions set by the state.
“Interested applicants can start applying through the link eperumahan.pahang.gov.my as soon as this project is launched,” he added.
7) S P Setia partners Affin Bank to provide home financing options
S P Setia has partnered with Affin Bank Berhad to provide home finance options known as “Home Step Fast/i” to homebuyers who acquire a property in certain projects by the developer.
With “Home Step Fast/i”, homebuyers will enjoy a margin of financing of up to 90%, with an additional 5% set aside for home loan insurances, stamping and valuation fees as well as legal and documentation expenses, reported New Straits Times.
The developer revealed that there is also no early settlement penalties or lock-in restrictions, while the loan term could last up to 30 years or until the borrower reaches 70.
Throughout the campaign, homebuyers can also convert their loan into a savings plan should they need cash for an emergency.
Among the participating projects of S P Setia within the Klang Valley include Setia Alam Impian, Setia Alamsari, Setia EcoHill, Bandar Kinrara and Setia Alam.
Projects in Johor that are also part of the “Home Step Fast/i” initiative include Setia Tropika, Bukit Indah, Setia Sky 88 and Setia Eco Gardens.
