Latest news with #ArasResidences
The Sun
11-08-2025
- Business
- The Sun
WCT Land eyes green incentives, measures to help buyers and developers in Budget 2026
KUALA LUMPUR: Property developer WCT Land Sdn Bhd is urging the government to include green incentives, extended Home Ownership Campaign benefits, corporate tax relief for developers and reduction in Real Property Gains Tax in Budget 2026 to support buyers and developers. Chief operating officer (property development) Chong Wah Hing said the wishlist, submitted ahead of the budget announcement on Oct 10, also includes calls for measures to address rising construction material costs and incentives for first-time homebuyers. 'To push the market, we need some form of assistance from the government. Green incentives would encourage more sustainable developments, while extended HOC benefits and targeted tax relief could help both developers and buyers,' he told reporters after the launch of the Aras Residences showroom today. Chong added that enhanced incentives could motivate developers to incorporate more environmentally responsible features into their projects, providing buyers with better access to affordable, sustainable housing. Aras Residences is a freehold, park-front serviced residential project within the 63-acre WCity OUG integrated development in Kuala Lumpur. Since opening for sales last month, the RM1.04 billion project has achieved a take-up rate of more than 30%. The development offers two-bedroom units of 850 sq ft and three-bedroom units of 1,062 sq ft, with completion targeted for 2029. It will feature more than 50 lifestyle facilities, including an Olympic-length infinity pool, onsen pool, landscaped sky terraces and a two-acre park at the heart of the township. Chong said the pricing strategy is competitive compared with surrounding standalone developments due to the project's integrated township concept, which will include retail offices, a food merchant hub and improved connectivity to key transport and lifestyle hubs. 'Within WCity OUG, we have 63 acres of planned development, which gives us room to provide amenities such as a green lung and space for future retail and office components. This makes our offering different from independent, standalone developments in the area.' The first retail office component is expected to launch next year, with a food merchant already signing a memorandum of understanding to operate within the township. The launch is supported by a partnership with Malayan Banking Bhd (Maybank) to offer buyers up to 120% financing. Eligible purchasers can obtain up to 90% home financing plus an additional 30% under the Maybank Home MyDecor scheme for interior design and furnishing, capped at RM250,000. 'Knowing that living costs are getting higher, we discussed with Maybank what package they could offer to lighten the burden for homebuyers,' Chong said, adding that the scheme is also available for WCT's Maple Residences in Kuala Lumpur and Adison Serviced Apartments in Johor Bahru. Maybank executive vice-president and head of mortgage, community financial services, Tracy Pan Nyuk Sam, said the bank's Green Home Financing initiative was designed to make sustainable living accessible to all. 'We believe in enabling homeownership choices that are both financially and environmentally responsible, while allowing customers to personalise their space.' She added that the MyDecor financing component allows buyers to align the green home concept with a personalised living space, supporting a greener community environment. On education facilities, Chong said WCT is providing a kindergarten and study rooms within the township and is open to exploring vertical school concepts if there is sufficient demand and suitable operators. He added that the company complies with all requirements for space allocation in residential developments and sees education facilities as an important community asset. Aras Residences forms part of WCT Land's broader pipeline of green-certified projects, which also includes Pavilion Mont' Kiara, The Maple Residences and Adison Serviced Apartments.
New Straits Times
11-08-2025
- Business
- New Straits Times
WCT Land calls for stronger green housing push, HOC revival in 2026 Budget
KUALA LUMPUR: WCT Land Sdn Bhd is pushing for a policy shift in the 2026 Budget that could re-energise Malaysia's property market – urging stronger green housing incentives, a broader Home Ownership Campaign (HOC) and targeted tax relief to counter rising development costs. Chief operating officer Chong Wah Hing said the market is at an inflection point, with sustainability now a defining factor in buyer decision-making and developers under pressure to meet net-zero targets while keeping homes affordable. Strengthening green housing support and widening HOC benefits could help revitalise the sector and encourage more buyers to commit to sustainable properties, Chong said at the Maybank Home Financing: Solutions for Sustainability-Designed Homes conference here today. Chong urged the government to review the Real Property Gains Tax (RPGT)—often seen as a hurdle for market liquidity—and introduce corporate tax incentives for developers to absorb surging material and labour costs. Industry observers say such measures, if included in the Oct 10 Budget, could act as a sector catalyst, boosting sales momentum and stimulating construction activity. WCT Land has already achieved 80 per cent green certification across ongoing projects (excluding affordable housing) and pledged that all new developments will carry green credentials, in line with its net-zero 2050 commitment. Its latest flagship, Aras Residences in the 25.5-hectare WCity OUG masterplan, has secured a Provisional Green Real Estate (GreenRE) Silver Certification. The 1,272-unit park-front serviced residential project in Taman Overseas Union, Kuala Lumpur, has achieved a 30 per cent take-up rate since its launch last month, with completion targeted for end-2029. To convert green interest into sales, WCT Land has partnered with Malayan Banking Bhd (Maybank) to offer up to 120 per cent financing for buyers of its GreenRE-certified projects – Aras Residences, Maple Residences in WCity OUG, and Adison Serviced Apartments in W City Larkinton, Johor Bahru. The package includes a 95 per cent margin plus an additional 5 per cent to cover ancillary costs, alongside Maybank's MyDeco Financing, which offers up to 30 per cent extra (capped at RM250,000) for interior design and furnishings. Conventional and Islamic options are available, with flexible repayment tenures of up to 10 years or until age 70.
