Latest news with #HomeOwnershipCampaign
New Straits Times
a day ago
- Business
- New Straits Times
2026 Budget: Mah Sing pushes for HOC 3.0, tax relief, financing schemes to boost home ownership
KUALA LUMPUR: Mah Sing Group Bhd is urging the government to introduce stronger housing incentives under 2026 Budget – including a new round of the Home Ownership Campaign (HOC 3.0), bigger tax reliefs, and innovative financing schemes – to help more Malaysians, especially first-time buyers, secure homes amid ongoing economic pressures. Founder and group managing director Tan Sri Leong Hoy Kum said global economic volatility, trade tensions, inflation, and a higher cost of living have made property ownership increasingly difficult, particularly for young buyers. Despite the challenges, demand for affordable homes remains strong because property is still viewed as a long-term, stable investment and a reliable hedge against inflation. The right measures can lift public sentiment and give more rakyat the opportunity to own a home, Leong said in a statement. Mah Sing's key proposal is to launch HOC 3.0 starting Jan 1, 2026, by combining the successful measures from the 2019 and 2020 campaigns. This would replace the current HOC 2.0, set to end on Dec 31, 2025. Among the measures sought are a full stamp duty exemption on the Memorandum of Transfer (MOT) and loan agreements for first-time buyers purchasing properties priced up to RM1 million, compared with the current RM500,000 limit, and a mandatory 10 per cent discount on selling prices (for properties priced RM300,000 to RM1 million) offered by participating developers. He is also calling for preferential mortgage rates and continued access to the Skim Jaminan Kredit Perumahan (SJKP). Leong said these steps would cut upfront transaction costs, boost first-time buyer participation, and help reduce unsold inventories, sustaining momentum in the property sector. He also proposed reintroducing the 5/95 financing scheme, or Developer Interest Bearing Scheme (DIBS), for first-time buyers only. Under the plan, buyers would pay just 5 per cent upfront, with no loan repayments until project completion, reducing initial financial pressure. "We propose reintroducing the scheme strictly for first-time homebuyers only, with bank loans tied to property valuation to avoid abuse and market speculation." In addition, Leong is urging the government to increase mortgage interest tax relief to RM10,000 annually for three to five years and extend eligibility to properties priced up to RM1 million – up from the current RM7,000 cap with more restrictive property price limits. "We believe these measures will significantly reduce upfront transaction costs and facilitate purchase by first-time homebuyers. In addition, this encourages the sale of unsold inventories and supports the momentum of the property sector," he said. He also welcomed the government's proposed Madani Deposit Scheme, which offers up to RM30,000 in subsidies for buyers aged 21 to 40, including gig workers, for homes up to RM500,000. However, he urged swift rollout and recommended channelling the funds directly into loan accounts or down payments to strengthen buyer commitment and assist those without sufficient EPF savings. To further ease housing prices, Mah Sing is calling for lower compliance costs and faster approvals for developers. Proposals include reducing development charges, lowering land conversion premiums, and waiving utility contribution fees. "Streamlining regulations and speeding up approval processes will assist developers in shortening project completion timelines and making homes more affordable and delivered faster to the rakyat," Leong said.
The Sun
3 days ago
- 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
3 days ago
- 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.
