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

Mekarsari Anggun, the latest addition to Mekarsari by Hunza Properties Berhad, a gated and guarded development at Northern Seberang Perai. Only a mere minutes drive to Bandar Putra Bertam, about 6 minutes’ drive from North-South Expressway via Bertam Toll Plaza.

This development comprises a mix of 2-storey garden home and super-link with built-up size ranges from 2,136 sq.ft. – 2,394 sq.ft. Key features  include spacious built-up and land area, centralised park concept, garden at doorstep, family-oriented facilities, with low maintenance cost.

Project Name: Mekarsari Anggun
Location : Bertam, Kepala Batas
Property Type : Gated & guarded
Tenure : Freehold
Land Area: 1,540 sq.ft. – 1,680 sq.ft.
Built-up Size: 2,136 sq.ft. – 2,394 sq.ft.
Indicative Price: Below RM500k
Developer : Bandar Kepala Batas Sdn. Bhd. (Hunza Group)

Location Map:

Ageson Bhd will launch Prins Bay, a mixed development project comprising a hotel, serviced apartments, and retail shops in Penang next year.

The property and construction company is launching the project in Batu Ferringhi, and the estimated gross development value is RM178 million.

Executive director Datuk Sri Chin Kok Foong told NST Property there will be about 80 units of luxury hotel-managed serviced apartments in Prins Bay.

Chin is upbeat on the development which is located along the seaward side of Jalan Batu Ferringhi.

The location has other well-known hotels and resorts such as Bayview Beach Resort Penang, Hard Rock Hotel Penang, Parkroyal Penang Resort, Holiday Inn Resort Penang, Lone Pine Hotel, Golden Sand Resort Penang by Shangri-La, and Shangri-La’s Rasa Sayang Resort & Spa.

Find out more about Prins Bay

Chin said the target market for the Penang project is young professionals, including engineers, financial accountants, legal advisors, and enterprises.

He said Ageson will introduce the Internet of Things (IoT) concept for the development to get the buyers in.

According to him, IoT features will be a necessity in property development in Penang, using new construction technology such as Building Information modelling (BIM) for better manage construction timeframe and costing.

“IoT features provide an obvious competitive advantage such as better property valuation and user-friendliness, Gen X living styles, safety and luxury feel for the residences,” he said.

Chin said it will take about two to three years to complete the project.

Current projects by Ageson include Sri Gombak, comprising condominium units worth RM50 million collectively, and an affordable housing project in Pahang, with a GDV of about RM100 million

Chin said the two projects are developed using IBS (Industrialised Building System) and they also feature the IoT concept to create value for the purchasers.

“The IBS method and BIM will reduce construction cost, time, and future maintenance cost,” he said.

On future plans, Chin said Ageson will focus on forming a collaboration with government agencies to jointly develop land on a profit-sharing structure.

Chin said Ageson’s next major developments will come from various states.

He said the company is also exploring overseas ventures to expand the property development division.

On the outlook, Chin said despite the economic headwinds, the local property market is expected to remain resilient in the coming year.

“Developing affordable houses and finding the right solutions to the property overhang will continue to be the main agenda of the government,” he said.

Chin said the close monitoring of the implementation of programmes under the National Housing Policy 2.0 (2018 – 2025) and various incentives introduced to promote homeownership among Malaysians are expected to contain the overhang situation in the coming year.

“The competitive advantage that Ageson possesses is our flexibility in the project launches. The joint venture structure allows us to be flexible in the type of projects that we are going to launch, as well as the pricing of the property.

“We have a profit-sharing structure with the landowner and partners with the latest construction technology companies to jointly develop our on-going project,” he said.

Source: NST Online