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THE property market may stabilise this year, says the National Property Information Centre (Napic), but property developers are not taking any chances, due to the challenges they have been facing in the last few years.

Malaysians are still concerned about buying a house, despite the abolishment of the Goods and Services Tax (GST) that was first implemented in April 2015.

Sunway Citrine Lakehomes.
Sunway Citrine Lakehomes.

With GST,there was a once-off in crease in property prices across the board. While developers did not bill house buyers for GST, they transferred the costs implicitly via the sale price.

Since June, when the GST became zero-rated, sales have in creased for new housing projects and properties in the secondary market. However, the buying trend is expected to die down soon as the SST is re-introduced in September.

“Just like the GST, people are expecting property prices to increase with the SST, but I believe the impact may not be so bad. Asa house buyer, it pays to know what the impact of SST would be on home prices moving forward.

“Property developers who have been spending on marketing campaigns, including giving out rebates, will continue to doitso that their sales will not be affected. Tax is not the only thing impacting the market. There are other issues like challenges in getting home financing and not having enough money for down payment,” said a tax consultant.

Napic said it expected the favourable economic out look, accommodative monetary policy and continuous incentives for the housing sector would help sustain the momentum in the property sector.

The property sector recorded 311,824 transactions worth RM139.84 billion last year, down2.7 per centin volume and 3.8 per cent in value compared with 2016.

Napic said residential property continued to support the overall property sector with a 62.4 per cent market share.

The residential property market recorded 194,684 transactions worth RM68.47 billion last year, which was 4.1 per centlower in volume compared with 2016. Although volume was lower, value increased by a marginal 4.4 per cent.

MARKETING CAMPAIGN TO WOO BUYERS ,

Sunway Group recently launched its “Make it Possible” nationwide campaign, which ends on September 16, to help Malaysians own their dream properties.

According to Sarena Cheah, SunwayBhd managing director of property division, the campaign is aimed at making property ownership easier for Malaysians.

Napic says residential property has continued to support the overall property sector with a 62.4 per cent market share.
Napic says residential property has continued to support the overall property sector with a 62.4 per cent market share.

“We have a total of 16 participating projects nationwide (by Sunway Property) as part of this campaign and we are very much looking forward to welcoming new members to our communities this year,” she said.

Cheah said purchasers of Sunway Property’s variouscommercial and residential projects could look to receiving up to RM150,000 worth of rewards upon signing their sales and purchase agreement during the campaign period for selected Sunway properties in Klang Valley, Penang and Sunway Iskandar, Johor.

The rewards range from smart investment plans, fully-furnished home packages, attractive incentives and guaranteed loans, which will vary depending on the projects.

“The campaign will make it exceptionally easy for purchasers to beapart of Sunway’s communities as it is in addition to Sunway Property’s CertaintyPlus package for new owners, which includes an instalment plan on differential sum and down payment as low as three per cent,” she said.

The benefits of the campaign will be extended to Sunway GEOLake, SunwaySerene, SunwayVResidences Suites, Sunway Gandaria, Sunway Mont, SunwayEastwood, SunwayMontana, SunwayNexis and SunwayGeoFlexi Suites in the Klang Valley; Sunway Cassia and Sunway Wellesley in Penang; SunwayGRID, SunwayCitrineLakehomes, Sunway EmeraldResidences and Sunway LenangHeights in Sunway Iskandar, Johor.

Cheah said as a master community developer, Sunway Property ensures that its properties are built with in a conducive eco system that supported the community’s growth, adding that this is especially important at a time when people are cautious with purchases.

Sunway Gandaria is a participating project in Sunway Group’s ‘Make it Posibble’ campaign.
Sunway Gandaria is a participating project in Sunway Group’s ‘Make it Posibble’ campaign.

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