The Housing and Local Government Ministry (KPKT) is developing an Affordable Housing Price Index for each location nationwide as a guide for developers, prospective buyers and local authorities to determine the appropriate price of affordable housing in an area or locality.

Its minister, Datuk Seri Reezal Merican Naina Merican said the index should be set up as there are different standards or definitions of affordable housing in various localities and states.

“For example, affordable in Shah Alam might not be the same as affordable in Hulu Selangor. That’s why we need to have a different standard to be guidelines for housing developers or entities to develop or build affordable housing,” he said during his speech as the launch of the Home Ownership Programme (HOPE) and the Jom Beli Rumah Carnival at Mid Valley Exhibition Centre near here last Friday.

Both programmes are among government initiatives aimed to make house ownership easy for B40, M40 groups and youth.

“Every Malaysian family needs and should be helped to own a home. This is our joint objective – One Family One House,” he said.

Reezal also informed that the Jom Beli Rumah Carnival held last Friday will be expanded throughout the country and over 130,000 affordable houses as well as over 330,000 residences at open prices will be offered in the series of carnivals.

“It will not just be in Mid Valley only, but will be taken to Malaysian families in the north, east coast, south as well as Sabah and Sarawak,” he said.

He said special offers, including discounts of up to 10 per cent, reduction or exemption of legal fees along with facilities to make the 10 per cent deposit by instalments, will be given to visitors.

Meanwhile, he said 386,000 units out of 500,000 houses targeted for construction throughout the 12th Malaysia Plan (12MP) were in the implementation stage.

Source: Bernama

RHB Investment Bank Research (RHB IB) said the stamp duty waiver announced by the government will have minimal impact on the overall property market.

In a note on Monday (July 18), the research house said ongoing market headwinds such as rising inflationary pressure and weakening of the ringgit continue to dampen market sentiment.

“Coupled with expectations of higher interest rates ahead, potential homebuyers may defer their purchase of big-ticket items over the next six months.

“We maintain our ‘neutral’ call for the sector.

“Top picks: Matrix Concepts Holdings Bhd and IOI Properties Group Bhd,” it said.

RHB IB said Mah Sing Group Bhd, LBS Bina Group Bhd, Matrix Concepts Holdings Bhd and Tambun Indah Land Bhd will benefit from the incentive, as these developers have relatively high exposure (more than 60%) to property products priced below RM500,000.

It said potential benefits to the bigger players may not be that significant, as mid-range products make up a smaller percentage of their overall portfolio.

“Although demand-driven incentive is now reintroduced, cost pressure remains a big concern for developers as building material prices remain at high levels, while labour shortage issues have yet to be resolved.

“Therefore, we foresee potential downside risk to developers’ earnings in the coming quarters,” it said.

Source: TheEdgeMarkets.com

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

First-time homebuyers will get a stamp duty exemption on the instrument of transfer and loan agreement under the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), says Datuk Seri Ismail Sabri Yaakob.

The Prime Minister said homes valued at RM500,000 and below will get a 100% exemption, while properties over RM500,000 to RM1mil will get 50%.

The exemption will apply for sales and purchase agreements that are completed from June 1 to December 2023.

Announcing this at the launch event of the Home Ownership Programme (Hope) and “Karnival Jom Beli Rumah”, the Prime Minister said the initiative was to help Malaysian families own their first homes.

“Although this stamp duty exemption will reduce revenue collection for the country, I would like to stress that this is the government’s commitment towards all Malaysian families.

“According to the Inland Revenue Board (LHDN), the stamp duty exemption claim under the Home Ownership Campaign (HOC) is RM957.8mil.

“In fact, the highest stamp duty exemption claim is for house prices of RM500,000 and below.

“In supporting the Hope programme, I would like to announce i-Miliki, or the Keluarga Malaysia Home Ownership Initiative, which offers stamp duty exemption on instrument of transfer and loan agreement for the purchase of first homes,” said Ismail Sabri in his speech at the event here.

Also present was Housing and Local Government Minister Datuk Seri Reezal Naina Merican.

The “Karnival Jom Beli Rumah” programme at the Mid Valley Megamall Exhibition Centre (MVEC) will be held for three days from July 15-17.

“This campaign will have more than 130,000 affordable homes and over 330,000 free-range properties on offer for the rakyat.

“Homebuyers can enjoy special offers at this carnival, such as discounts, legal fee reductions as well as installment facility for deposit payments,” said Reezal in his speech.

Spearheaded by the Housing and Local Government Ministry, Hope is a programme created to assist the B40 and M40 group to own affordable, decent first homes, in line with the government’s “One Family One Home” vision.

Reezal said so far, 368,000 units of affordable homes are either under construction or at the development stage in the country.

This, he said, is part of the government’s target to build 500,000 affordable homes throughout the 12th Malaysia Plan.

He added that the Malaysian Housing Financing Initiative (i-Biaya) will also assist homebuyers with financing options.

Source: TheStar.com.my

Newly proposed affordable housing development by MHL Development Sdn. Bhd. at Bukit Mertajam. Located off Jalan Indah 5 in Taman Bukit Indah, adjacent to The Retreat Condominium. It is just a mere minute drive to the famous St. Anne Church in Bukit Mertajam and BM Country Club, neighboring with an abundance of essential amenities such as banks, schools, popular eateries and markets.

This development will see the construction of a 24-storey condominium, featuring 204 affordable residential units with 6 levels of car parking podium.

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

READ MORE ABOUT AFFORDABLE HOUSING:

• Full list of affordable housing in Penang
• Eligibility and the requirement of buying affordable housing

Project Name : (to be confirmed)
Location : Bukit Mertajam
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 204
Indicative Price : RM250,000 onwards (affordable housing price guide)
Developer : MHL Development Sdn. Bhd.
Last Update: Apr 2024

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.