Rehda expects lower HOC sales

Property News/ 1 October 2020 Leave a comment


The sales of the Home Ownership Campaign (HOC) 2020-2021 are expected to be lower than last year owing to the lacklustre performance in the first half of 2020, said Real Estate and Housing Developers’ Association (Rehda) Malaysia president Datuk Soam Heng Choon.

HOC 2019 recorded sterling sales of 57,000 units and property value of RM37 billion after discount, based on Rehda’s figures.

While the market will gradually pick up in tandem with economic recovery next year, Soam does not expect HOC 2020-2021, which started from June 1 this year and ends on May 31 next year, to achieve last year’s performance in the current challenging market conditions.

According to National Property Information Centre (NAPIC)’s data, property transaction volume for the first six months of 2020 fell by 27.9% year-on-year (yoy) to 115,476, while transaction value plunged 31.5% to RM46.94 billion.

Meanwhile, Rehda Malaysia vice-president Datuk Tong Nguen Khoong revealed that the sales certified under HOC 2020-2021 have surpassed RM800 million and expects more sales to come next year.

“The RM37 billion sales achieved by the HOC 2019 campaign was unusually high, as compared with historical property sales numbers,” he noted.

Currently, properties worth around RM55 billion have been registered for the HOC 2020-2021 campaign, since registration started in August 2020.

Commenting on the discounts given by developers, Tong added that participating developers would need to register the project details and declare the “before and after” selling price to Rehda.

“After sales are done, developers then need to send in certifications to be cross checked by Rehda to ensure that there is at least a 10% discount,” he explained.

Properties under the HOC 2020-2021 campaign are subject to at least a 10% discount given by developers. The campaign also offers stamp duty waivers on instruments of transfer and on loan agreements for Sale and Purchase Agreements signed from June 1, 2020 to May 31, 2021.

Source: EdgeProp.my


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