KUALA LUMPUR: Initiatives outlined in the short-term Economic Recovery Plan (Penjana) will help alleviate the financial burden of home-ownership and ultimately contribute to the growth of the economy, the Real Estate and Housing Developers' Association (Rehda) said.
Its president Datuk Soam Heng Choon welcomed the government's announcement on the various incentives to address the fiscal challenges brought forth by Covid-19 and the implementation of Movement Control Order (MCO) and Conditional MCO.
"With the theme 'Bersama Menjana Ekonomi', the ERP (Penjana) announcement speaks volumes of the government's commitment to protect businesses and individuals from all socio-economic status.
"We believe that these measures will play a key role in reforming the economic standing of all industries by encouraging consumption as well as spending, and at the same time boost employment," he said in a statement today.
Soam said Rehda welcomed the incentives given to the property sector and in particular was gratified over the announcement of three measures, which includes the reintroduction of Home Ownership Campaign (HOC) effective June 1, 2020, until May 31, 2021. Others were the exemption of Real Property Gains Tax (RPGT) effective from June 1, 2020, until Dec 31, 2021; and removal of Loan-to-Value (LTV) Ratio for residential units priced from RM600,000 and above during HOC period.
"We would like to take this opportunity to express our gratitude to the government for taking note of our proposals during our various engagements.
"As our frontliners continue to fight the pandemic, Rehda pledges our support to the government in working together towards a more robust and vibrant housing market and economy for the benefit of all who are affected," he added.