In the newly announced Budget 2024 Madani, themed “Madani Economy: Empowering the People” the government has allocated a total of RM393.8 billion, reflecting a slight increase from the previous budget of RM388.1 billion set in February 2023.

The government looks committed to driving the New Industrial Master Plan 2030 (NIMP) mission, earmarking up to 10% of the total NIMP investment (RM95 billion) for this purpose, starting with an initial fund of RM200 million in 2024.

Sick and abandoned projects 

This year, the government has mobilised a special task force under the Local Government Development Ministry (KPKT) to solve the problem of late, sick and abandoned private housing projects. As of August, 256 sick housing projects comprising 28,000 housing units have been restored, involving a gross development value of RM23.37 billion.

On top of that, a “special guarantee fund” amounting to RM1 billion is allocated to incentivise reputable developers to revive selected abandoned projects.

Public housing 

1) RM2.47 billion has been allocated for public housing projects (PPRs) in 2024, out of which RM546 million is allocated to sustain 36 PPRs, including a new project in Kluang, Johor. There are 15 more PPRs targeted for completion in the coming year, benefiting 5,100 residents.

2) RM385 million is allocated for the construction of 14 affordable housing projects (Program Rumah Mesra Rakyat), involving 3,500 housing units.

3) RM460 million is allocated to aid 65,000 underprivileged individuals for building new or repairing worn-out house units in rural areas

4) RM100 million is allocated to maintain low- and medium-cost stratified public and private housing nationwide. This will cover repair works on water tanks, roofs, wiring systems and security such as installation of CCTV.

5) RM100 million is allocated to upgrading the infrastructure and community facilities in Chinese New Villages.

6) RM2.4 billion is earmarked to construct, improve and maintain the housing facilities for civil servants, teachers, hospitals, and the police, army and fire brigade forces under the The Special Task Force on Agency Reform (STAR).

7) Permodalan Nasional Bhd (PNB) is set to manage Pelaburan Hartanah Bhd, supported by the government’s strategic land injection for housing projects in Kuala Lumpur.

Senior living care facilities 

Private nursing homes approved by the Ministry of Health will receive an industrial building allowance equivalent to 10% of the total construction expenses for either building new facilities or making modifications and improvements.

Stamp duties on property transactions 

1) Currently, the stamp duty for transfer of properties between parents and children, and grandparents and grandchildren, is fully exempted for the first RM1 million and given a 50% discount (subject to an valorem duty rate) for the balance above RM1 million.

In 2024, a fixed stamp duty fee of RM10 will be introduced to replace the previous variable rate for real estate transfer documents. This change will apply to cases where beneficiaries are relinquishing their rights to eligible beneficiaries in accordance with a will, Faraid, or the Distribution Act 1958.

2) As a move in controlling property price, the government plans to impose a 4% flat rate stamp duty on memorandum of transfers on purchases by foreign individuals and companies except for permanent residents.

Housing Credit Guarantee Scheme 

In 2023, the scheme received RM5 billion in funding to assist up to 20,000 borrowers with no fixed income from the gig economy in obtaining loans.

Come 2024, an allocation of RM10 billion will be provided to expand the Housing Credit Guarantee Scheme, benefiting 40,000 borrowers in this category.

En-bloc sale 

To facilitate the redevelopment of strata schemes, the residents’ approval threshold for en-bloc sales will be reduced from 100% to a level consistent with international practices, as seen in Singapore. This change aims to promote urban renewal and encourage the redevelopment of old buildings in cities.

Easing conditions of MM2H 

The government has decided to ease the current conditions for Malaysia My Second Home (MM2H) applications to boost the arrival of foreign tourists and investors into Malaysia.

Source: EdgeProp.my

About Lucerne Residences

The final phase of residential development by Ideal Property Group at Ideal Vision Park in Bayan Lepas. It is just a short drive to Penang International Airport, 10 minutes walking distance to Straits International School. The project will see two blocks of 36-storey skyscrapers featuring a European living concept. It offers 480 residential units with a 5-storey parking podium.

Find out more about Lucerne Residences

About Taman Nara by Jayamas Property Group

Jayamas Property Group broke ground on Taman Nara in Alma on Tuesday. The development is located next to Taman Sejahtera, about 5 minutes walk to SMK Taman Sejahtera. It is only a mere minutes drive from abundant of amenities, such as AEON Mall, Tesco Hypermarket, banks, schools, just a name a few. It encompasses a diverse range of properties, including landed terraces, semi-detached houses, and bungalows.

Find out more about Taman Nara

PTT Synergy Group Bhd has entered into a sale and purchase agreement (SPA) to acquire two parcels of freehold development land for RM70.56 million via indirect wholly owned subsidiary Projek Tetap Teguh Sdn Bhd (Projek TT) today.

In a filing with Bursa Malaysia, the group said the 7.28 hectares (18 acres) are located in Seberang Perai Selatan, Penang.

The company said the proposed acquisition is expected to strengthen the group’s involvement within the industrial development segment and is “a valuable addition” to the group’s landbank.

“The group is currently focused on industrial development as its key synergistic pillar and core competence” with a “built-to-suit and warehousing solution” to cater exclusively to its customers’ needs, the filing said.

The group has also proposed to undertake a private placement of up to 36 million new shares, representing approximately 20 per cent of total shares issued at a price to be determined later.

As at Sept 18, 2023, being the latest practicable date prior to this announcement, its issued share capital is RM173.21 million, comprising 180.08 million shares. It does not have any treasury shares.

Source: Bernama

Yet another proposed mixed development located in Nibong Tebal, near the state border of Penang and Perak. Undertaken by SYK Resort @ Development Sdn. Bhd, the development is situated between Taman Tempua and Taman Golden Jade along Jalan Permatang Tok Mahat. It’s approximately 500 meters from the state border.

Comprising a blend of residential and commercial components, it includes 21 units of 2-storey shop offices, 64 units of 2-storey semi-detached houses, and 2 units of 2-storey bungalows. Additionally, a community hall is planned to serve the residents of the area.

The project is still in its planning stage. More details to be available upon official launch.

Project Name: (to be confirmed)
Location: Nibong Tebal
Property Type: Mixed development
Built-up Size: (to be confirmed)
Total Unit: 21 (shop office), 64 (semi-detached), 2 (bungalow)
Indicative Price: (to be confirmed)
Developer: SYK Resort @ Development Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.