Sabah Developers Association welcomes extension of HOC until year-end
Last Update: 05/07/2019
TUARAN, July 5 (Bernama) -- The Sabah Housing and Real Estate Developers Association (SHAREDA) welcomed the government’s move to extend Home Ownership Campaign 2019 (HOC) until year-end, saying it is a step in the right direction to boost the real estate and housing market in the country.
Its president Chew Sang Hai said, the extension till December 31 this year would also stimulate the nation's overall economic growth while at the same time addresses the issue of unsold houses, besides revitalising the housing industry.
"It will subject more improvement in the number of housing loan approvals as well as the positive policies and incentives for economic stimulators given by the federal and state government," he said in a media conference here today.
According to him, past HOC had been effective in stimulating an increase in property transactions as well as being an effective short-term catalyst for the property industry.
The association also thanked the Finance Ministry for extending the stamp duty exemption on all property transaction up to RM1 million for another six months until Dec 31, 2019, instead of June 30.
Chew, nevertheless, pointed out the needs to address several drawbacks in order to boost housing demand, including devising more innovative financing packages or schemes, especially for those who are first- time house buyer.
Innovative financing packages such as Rent-To-Own (RTO) according to him, should be made accessible to the prospective buyer.