LBS Bina Group Bhd is grateful that the government has prioritised lower-income households in Budget 2022 by providing RM2 billion in guarantees under the Housing Credit Guarantee Scheme for those without a consistent source of income.
Tan Sri Lim Hock San, the company's executive chairman, said that this makes it easier for gig workers, small business owners, and farmers to obtain housing loans and own their own homes.
LBS strives to provide more affordable homes in the market as a leading affordable housing developer, he said.
Lim also welcomed the elimination of real property gains tax (RPGT) on properties sold after six years from the date of acquisition.
"LBS believes that this is a significant step toward stimulating the secondary property market and encouraging long-term investment. The general public would be more open to home improvements and property ownership," he stated in a statement.
Lim also stated that the extension of personal income tax relief of up to RM1,000 for domestic tourism expenses until the fiscal year of assessment 2022 is beneficial to encouraging domestic tourism within Malaysia.
This is especially good now that LBS has reopened its own SCAPES Hotel in Genting Highlands to tourists earlier this year, he said.
According to Lim, the effective re-opening of the tourism sector has a positive multiplier effect on the economy.
Another point he brought up was the spending on healthcare, job creation, and economic recovery, all of which would ultimately benefit the real estate market.
"The initiatives under Budget 2022 appear balanced, to assist businesses and the rakyat in their post-pandemic economic recovery," he said.
Lim also stated that it was a blessing that the government did not impose any new taxes on families, which bodes well for LBS because there is a greater opportunity for more funds to be channelled into the property development sector.