KUALA LUMPUR: Budget 2025 should prioritise the provision of additional Rumah Mesra Rakyat (RMR) projects for the B40 group, the return of the Home Ownership Campaign (HOC), and reduced tax rates to assist the M40 group in owning homes.
Syarikat Perumahan Negara Berhad (SPNB) chief executive officer Mohd Jamil Idris said that as of Aug 31, the company had received 187,267 applications for home ownership under the RMR project.
"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 on Saturday (Oct 5).
"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 said Budget 2025 should focus on increasing incentives for first-time home buyers.
He said initiatives such as reinstating the HOC would help potential buyers and address the issue of unsold properties.
He also said that maintaining the 100% stamp duty exemption for properties between RM300,001 and RM1mil is important.
“We could also introduce a 10% 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,” said Leong.
He also said the government could bring back the housing loan interest tax deduction initiative, reduce compliance costs, expedite approval processes, and offer tax relief to developers who include green practices in 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.
Its honorary secretary-general, Datuk Chang Kim Loong, said new initiatives in Budget 2025 need to be more transparent and detailed.
"The government has introduced numerous initiatives, but the screening for identifying those deserving of the benefits is often unclear,” he said.
He said knowing who is eligible and who has received the benefits is essential.
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 said the government should provide financial support with low interest rates and subsidy schemes for building materials.
He also said that the government should 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
