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Announcement

Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
Mah Sing: Second Stimulus Package, A Confidence Booster Print E-mail
Wednesday, 11 March 2009 16:22
KUALA LUMPUR, March 10 (Bernama) -- The RM60 billion stimulus package announced today is a confidence booster for the property industry as it focuses on employment and domestic spending, said Mah Sing Group Bhd group managing director,Datuk Seri Leong Hoy Kum.

"This is good news for the industry as sentiment has proven to be a key factor affecting property purchases," he said in a statement today.

Leong said the government's drive to create employment opportunities and the big focus on small and medium enterprises (SMEs), would indirectly benefit the property sector.

He said the tax relief on interest paid on housing loans up to RM10,000 a year for three years would encourage buyers to make purchases as the exemption lowers their tax bracket.

Similarly, the Real Estate and Housing Developers' Association Malaysia (REHDA) also agreed that the tax relief would spur more buying interest as well as reduce the cost of homeownership.

However, the association is of the opinion that the second stimulus package lacks high impact measures that would help stimulate the property sector on a wider scale immediately.

"REHDA is hoping for a comprehensive home ownership package, which includes stamp duty waivers and other measures to generate demand for houses amongst Malaysians in general," its president, Datuk Ng Seing Liong said.

Ng said REHDA welcomed the inmprovement to the Malaysia My Second Home programme and a new programme to attract high net worth and skilled individuals.

"We are confident that these moves would help create demand for investment properties especially in the higher end market in urban areas.

"REHDA has been advocating such a programme for a long time and we are happy that our proposal is finally being taken up," added.

-- BERNAMA
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