Budget big stimulus for the property market says Mah Sing

Mah Sing Group Berhad (Mah Sing) says incentives for the property sector in the Budget 2021 will help stimulate the market.

“We commend the Government for encouraging home ownership through several initiatives announced in Budget 2021 as this would help to alleviate the people’s burden in owning their homes, which indirectly stimulate the property market,” says the property developer.

Mah Sing says the property industry provides critical multiplying effect to the economy, impacting more than 140 industries.

“We believe with the new incentives offered by the government to stimulate the property market, this will eventually benefit the country’s economy as a whole.”

STAMP DUTY EXEMPTION

The announcement of full stamp duty exemption on the instruments of transfer and loan agreement for the purchase of first residential properties worth up to RM500,000, starting from 1 January 2021 until 31 December 2025 will definitely help boost homeownership within these 5 years. This will be a boon for first time home buyers.

Mah Sing’s products positioning is in line with the government’s direction as 51% of its 2020 sales target is within this range. it says 63% of its home buyers are below the 35 years old bracket, which are likely to be first time home buyers.

The developer says it will continue to align its strategy to offer affordably priced homes at strategic locations to cater to the needs of the current markets.

“In addition, Mah Sing will continue to assist homebuyers through our existing attractive sales campaign such as Mah Sing’s Eazy to Own Campaign.”

With this campaign home buyers can benefit from HouzKEY, offered via a collaboration with Maybank Islamic. This innovative home financing solution enables homebuyers to own their ideal home today with easy entry and low monthly instalments. 

Developer Interest Bearing Scheme

While the implementation of DIBS was not announced in Budget 2021, the company hopes the government will reconsider them in the future.

“Mah Sing is open and ready to discuss with the government on the matters with other relevant stakeholders and will look forward for a win-win outcome which will benefit all parties.”