The Real Estate and Housing Developers' Association (REHDA) Malaysia will continue its nation-building mission of producing quality, affordable homes for the Rakyat, despite certain setbacks in the housing and construction sectors.
Rehda had anticipated that the government would take more drastic action to address some of the many issues that the construction and real estate sectors are currently facing, which are detailed in the association's Budget 2023 memorandum to the government, such as the rise in building material prices and problems with labour shortages.
"Despite this, Rehda pledges to continue our engagements and discussions with all industry players, and will still march ahead in our nation-building role of providing quality, affordable homes for the Rakyat," said Rehda president NK Tong.
Tong said that in order to benefit a wider pool of purchasers, particularly those who are upgrading, Rehda urges the government to consider extending the 75 per cent stamp duty exemption to all property buyers.
"Rehda would like to express our gratitude to the government for its inclusive Budget 2023. However, we appeal to the government to consider extending the 75 per cent stamp duty exemption to all buyers, and not just first-time house buyers," he said.
Rehda applauds the government's initiatives to make it easier for first-time homebuyers to become homeowners, including the rise in the stamp duty exemption from 50 per cent to 75 per cent for residential properties priced between RM500,000 and RM1 million, which will end on Dec 31, 2023.
He said this will complement the previously announced 100 per cent stamp duty exemption for memorandums of transfer for homes priced at or below RM500,000 till the end of 2025.
People without a stable income, like gig economy workers, will benefit from the RM3 billion allocated to Syarikat Jaminan Kredit Perumahan Bhd (SJKP) for 12,000 borrowers.
Tong said the move to raise the budgetary allotment for building and repairing homes in rural areas from RM361 million to RM460 million, the raised ceiling rate for new home construction, and the building of 3,000 new homes, including in Sabah and Sarawak, further demonstrate the government's commitment to providing all Malaysians with high-quality housing.
He also expressed his gratitude for the RM10 stamp duty for transfers made by way of gifts between family members and predicted a beneficial effect on the home market.
Only transfers between husband and wife currently qualify for a full 100 per cent exemption, while transfers between parents and children only qualify for a 50 per cent exemption.