KUALA LUMPUR: The provision of additional Rumah Mesra Rakyat (RMR) projects for the B40 group, along with the return of the Home Ownership Campaign (HOC) and reduced tax rates to assist the M40 group in owning homes, should be key priorities in Budget 2025.
Syarikat Perumahan Negara Bhd (SPNB) chief executive officer Mohd Jamil Idris, said as of Aug 31 the company had received 187,267 applications for home ownership under the RMR project.
"As such, in the 2025 Budget, we hope the government will approve a larger allocation to SPNB to address the increasing demand for RMR housing and boost home ownership among the B40 group," he told Bernama.
Mohd Jamil also said the government, through SPNB, remains committed to providing affordable housing, particularly for the B40 group, as shown in the 12th Malaysia Plan (12MP).
"At the outset of 12MP, SPNB was tasked with constructing 15,000 RMR housing units, amounting to RM1.23 billion, nationwide by 2025.
"Given the high demand for RMR housing, the government has allocated additional funding to build 8,000 more units, worth RM683 million.
This brings the total to 23,000 units, valued at RM1.92 billion, representing a 53 per cent increase over the initial target set in RMK12," said Mohd Jamil.
Meanwhile, Mah Sing Group founder and managing director Tan Sri Leong Hoy Kum, believes that Budget 2025 should focus on strengthening incentives for first-time home buyers to accelerate the recovery of the real estate sector and stimulate the national economy.
He said initiatives such as reinstating the HOC would help potential buyers secure their dream homes while also addressing the issue of unsold properties.
He also highlighted the importance of maintaining the 100 per cent stamp duty exemption for properties priced between RM300,001 and RM1 million.
"We could also introduce a 10 per cent discount on first-home purchases and launch the Deposit Madani, offering financial assistance of up to RM30,000 for down payments, which is a major hurdle for home ownership," Leong suggested.
In addition, he proposed reviving the housing loan interest tax deduction initiative, similar to the one implemented by the government in 2009.
He also suggested reducing compliance costs, expediting approval processes and offering tax relief to developers incorporating green practices into their projects.
The National House Buyers Association (HBA) hopes that the government will continue its intervention in Budget 2025 to address the ongoing issues of delayed, problematic and abandoned housing projects in the country.
Honorary secretary-general, Datuk Chang Kim Loong, highlighted the need for a more transparent and detailed approach to any new initiatives in Budget 2025 aimed at helping Malaysians achieve home ownership.
"In the past and even now, numerous initiatives have been introduced by the government, but the screening system for identifying those truly deserving of the benefits is often unclear," he said.
He emphasised that it's crucial to know who is eligible and who has received the benefits, while avoiding the creation of "poor buyers" - individuals who may be able to purchase a home due to government assistance but lack the financial capacity to manage the post-purchase costs, such as monthly payments, property taxes, maintenance fees and sinking fund contributions.
Meanwhile, Malaysian Housing Contractors Association (PKPM) president Hasniro Abdullah, hopes the government will offer more incentives to landowners who wish to build houses on their own land.
He proposed financial support with low interest rates and subsidy schemes for building materials.
He also suggested that the government introduce incentives for companies adopting the Industrial Building System (IBS) and expand loan schemes to support business expansion and project financing for contractor entrepreneurs.– Bernama