BUDGET 2018 : Rehda welcomes incentives for property sector

PETALING JAYA: The Real Estate and Housing Developers' Association Malaysia (REHDA) welcomed measures and incentives announced by the government for the property segment, under Budget 2018.
"In concert with the government's initiatives to build a better living environment for the people, we laud the government for taking the initiatives to address the high cost of living through the reduction of tax, abolishment of several tolls in Selangor, Kedah and Johor as well as subsidies for basic necessities and transportation. We believe these incentives will give the much needed boost to the populace by increasing their disposable income," its president, Datuk Seri FD Iskandar said in a statement.
The step-up financing scheme for the 1Malaysia People's Housing Programme (PR1MA ) introduced last year, which will include private developers, will assist home buyers at an initial stage of purchase especially when deposit is a major issue among buyers today.
Meanwhile, the MyDeposit Scheme which was first introduced in Budget 2016 and is only limited to 2,000 houses will encourage development of affordable housing among developers. He is also hopeful that the government will consider providing further allocation.
In addition to that he said GST exemption for the management and maintenance of stratified residential buildings provided by developers from Jan 1 2018, will definitely benefit the industry.
Upgrades on transportation networks and improved connectivity will open up more areas of development for the property sector.