The Penang government has expressed its appreciation to the federal government for introducing the rent-to-own (RTO) scheme for housing units during the Budget 2021 announcement.

In welcoming the move, State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo today said that in fact Penang had introduced the RTO scheme in 2014 to enable more people to own their first home.

He said the RTO in Penang had helped homebuyers to purchase low-cost (LC) or low-medium cost (LMC) units at a zero interest rate within 10 to 20 years.

“To date, we have identified 2,474 RTO housing units throughout Penang, which are almost half of the number of RTO housing units proposed during the Budget 2021 announcement,” he said in a press conference here.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, in his maiden Budget speech yesterday, said the government would be cooperating with selected financial institutions to provide RTO housing units until 2022, involving 5,000 PR1MA housing units nationwide valued at more than RM1 billion and reserved for first-time homebuyers.

In the Budget, he also proposed that another RM125 million would be allocated for the maintenance, repair and upgrade of LC and LMC housing units nationwide.

Meanwhile, Jagdeep hoped that the federal government would allocate not less than RM32 million in housing maintenance funds to Penang.

He said the state government had spent RM259.8 million for repairing and upgrading public and private housing schemes in Penang.

“From the previous budget (Budget 2020), RM31.7 million worth of maintenance fund has been allocated from the federal government to Penang.

“We are grateful for that and we hope we could receive not less than that for the housing of Penang residents for 2021,” he added.

Source: Bernama

The government has just announced a month-long conditional movement control order (CMCO) in Kedah, Penang, Perak, Melaka, Johor and Terengganu from Monday due to the rising number of Covid-19 cases in the states.

The CMCO will start on 9 Nov (Monday) and end on Dec 6.

“It will be for all states in Peninsular Malaysia, except for Perlis, Pahang and Kelantan,” said Senior Minister for Security Ismail Sabri Yaakob at a press conference today.

He emphasized that inter-district and inter-state travel are not allowed unless it is approved by the police. Employees who travel between districts for work during the Conditional Movement Control Order (CMCO) period are required to present a valid employee’s pass or letter from their employers confirming their employment status.

All schools will also be closed.

The rules under CMCO are as follows*:

• Only two members of a household may leave the house to buy necessities;
• All schools, higher education institutions, training institutes, kindergartens, childcare centres, public parks and recreational centres will be closed;
• Activities in the economic, industrial and trade sectors would be allowed to operate as usual, but the working hours may be limited;
• All forms of public transport such as buses, taxis and e-hailing services are allowed to operate from 6am to 12am;
• Daily markets are allowed to open from 6am to 2pm, while wholesale markets may operate from 4am to 2pm, and night markets 4pm to 10pm;
• Clinics and public hospitals will be allowed to open for 24 hours while pharmacies and medicine stores may operate from 8am to 11pm;
• Fishing, farming and the agriculture sectors may operate as usual; and
• All social gatherings, including weddings, and entertainment activities are not allowed.

*Based on information released earlier for CMCO at KL, Selangor and Putrajaya

The 2021 budget is expected to give a big push to the housing market and enable more Malaysians to own their first home, according to a real estate group.

International Real Estate Federation Malaysian Chapter immediate past president Michael Geh said the five-year extension of the stamp duty exemption, aimed at reviving abandoned projects, would benefit both contractors and house buyers.

Geh, who is also senior partner of Raine & Horne, said the stamp duty exemption for the memorandum of transfer and loan agreement would stimulate and move both primary and secondary markets in the property market sector.

“The strong emphasis on affordability by home buyers in the budget will bring the Malaysian House Price Index downwards to levels that are affordable to most people.

“The next five years would be the best time for Malaysians to buy their first home,” he told Bernama today.

Finance Minister Tengku Zafrul Aziz, in his maiden budget speech yesterday, proposed a full stamp duty exemption to be given for deeds of transfer and loan agreement for the purchase of the first house worth up to RM500,000 to encourage home ownership.

He said the exemption is applicable for the sale and purchase agreements on purchases that are completed from 1 Jan 2021 until 31 Dec 2025.

Tengku Zafrul said the federal government would also extend the stamp duty exemption on loan agreements and deeds of transfer given to rescue contractors and original buyers of abandoned houses for another five years.

Source: FreeMalaysiaToday.com

The Malaysian Budget 2021 (Belanjawan 2021) is being tabled by finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in parliament today. Below are some of the highlights pertaining to housing:

1. Full stamp duty exemption on Memorandum of Transfer (MOT) and loan agreement for the first home priced below RM500,000. This is for agreements inked in January 2021 to December 2025;

2. The extension of the stamp duty exemption on loan agreement and MOT given to rescue contractors and original buyers of abandoned and houses for another five years. This exemption is effective for the loan agreements and MOT executed from January 2021 to December 2025 for abandoned housing projects certified by the Ministry of Housing and Local Government (KPKT);

3. RM1.2 billion provision for the construction of comfortable and quality housing for low-income earners:

• RM500 million to build 14,000 housing units under People’s Housing Project (PPR);
• RM315 million for 3,000 units of Rumah Mesra Rakyat built by Syarikat Perumahan Negara Bhd (SPNB);
• RM125 million for maintenance of low and medium-low cost strata-housing and also for upgrading of old houses and those damaged by natural disasters;
• RM310 million for Malaysia Civil Servants Housing Programme (PPAM)

4. Government to cooperate with selected financial institutions to provide a Rent-to-Own scheme. This programme will be implemented until 2022 involving 5,000 PR1MA houses with a total value of more than RM1 billion and reserved for first-time homebuyers.

Source: EdgeProp.my

Roadblocks reported in Waze as at 11:30am today

Penang police yesterday announced a list of 10 roadblocks to be mounted as part of the conditional movement control order (CMCO) to be enforced at the larger Bayan Baru-Bayan Lepas area from today until Nov 19.

Southwest district police chief A Anbalagan said a 328-strong team of officers from the police, armed forces, civil defense, and Rela would be involved.

At the press conference, he urged those living outside the CMCO area but who had to travel into the area to apply for travel permits at their nearest police station.

Those working in the area would only need to show their work passes and authorised letters from their employers, he said.

The CMCO begins at 12.01 am today and end at 11.59 pm on Nov 19. The CMCO covers a 2,670ha area in Mukim 12, Southwest district on the island.

The roadblocks are as follows:

1. Second bridge (entry ramp to Batu Kawan and exit ramp coming out of Batu Kawan into the island)
2. Queensbay (in front of Putra Marine Condominium and Putra Place Condominium)
3. Tun Dr Lim Chong Eu Expressway (Bayan Baru roundabout and across Eastin Hotel)
4. Sungai Nibong (near Shell petrol station towards Pesta grounds)
5. Jalan Datuk Ismail Hashim (both directions; in front of Setia Triangle)
6. Jalan Teluk Kumbar (both directions; near Pavilion Resort)

Source: FreeMalaysiaToday.com