Mah Sing Group Berhad says the 75 per cent stamp duty exemption on sales and purchase (SAP) agreements of properties priced from RM500,001 to RM1 million is a good move to boost the local property market.
The stamp duty exemption is for SAPs signed by December 31, 2023.
Mah Sing's founder and group managing director Tan Sri Leong Hoy Kum said a 75 per cent exemption on an RM750,000 property purchase will save the buyer up to RM15,000.
He said this will pique the interest of middle-to-upper income first home buyers as well as those who are looking to upgrade their property.
Leong expects the company's projects in this category to do well.
The projects include Cerrado Suites, Southville City: from RM530,000 (serviced apartment); Ferringhi Residence 2, Penang: from RM788,000 (condominium); Rosalia, M Senyum, Salak Tinggi: from RM560,000 (double storey terrace home); Delphy, M Aruna, Rawang: from RM550,000 (double storey link home); and, Phase 1 of M Panora, Rawang: from RM638,000 (double storey link home).
The 100 per cent stamp duty exemption for first time homebuyers remain and is applicable for properties priced RM500,000 and below. This would translate to RM6,500 savings on an RM300,000 property purchase.
Leong said this is positive news for Mah Sing's M Nova, Kepong: from RM318,000 (high-rise residential); M Arisa, Setapak: from RM380,000 (high-rise residential); M Luna, Kepong: from RM385,000 (high-rise residential); M Astra, Setapak: from RM399,000 (high-rise residential); M Senyum, Salak Tinggi: from RM450,000 (double storey terrace home); M Adora, Wangsa Melawati: from RM468,000 (high-rise residential); and M Vertica, Cheras: from RM480,800 (high-rise residential).
Leong also said the company is upbeat that Budget 2023 will inject a huge boost to the overall economy, on the back of the largest ever budget allocation of RM372.3 billion.
"We can see the government's efforts to improve people's well-being, particularly the Rakyat's income and social protection, as well as to improve business competitiveness and value chain," he said.
Budget 2023 revolves around three main objectives: reinforcing the momentum of economic recovery, strengthening economic resilience, and implementing comprehensive reforms.
"This year, we see many practical measures which will benefit the M40 including RM100 ewallet credit, and more significantly, the personal tax rate will be reduced by 2 per cent for Malaysians earning between RM50,000 to RM100,000 annually. This is a much-awaited wishlist which has finally been granted this year. Not only will it make Malaysia a more attractive labour market, it will also put more disposable income in the Rakyat's pockets, which allows them to spend on value-accretive assets like properties," Leong said.
Leong said the government has also made various allocations for homes in rural areas and People's Housing Projects.
He said private developers like Mah Sing can continue to serve the market with its affordable range of high rise and landed homes.
"These measures would be a timely catalyst in hastening the property industry's recovery, in line with the general consensus that 2023 will be a better year for Malaysia.
"With the government steering the direction, we believe that all industry players and stakeholders will work together to ensure that the incentives ultimately benefit home buyers and propel the Malaysian property market to better recovery," he said.