The Home Ownership Campaign (HOC) 2020 offers you a chance to own a property in Penang today.
The Home Ownership Campaign continues to power on, offering interested homeowners in Malaysia great benefits when purchasing a home. This includes discounts, stamp duty exemption on the instruments of transfer and loan agreement and other benefits. The HOC 2020 – 2021 campaign is slated to run until 31 December 2021.
HOC is certainly buzzing in Penang, with many developments offering interested buyers the chance to utilize the benefits under HOC. If you have been dreaming about buying into the island, this represents a fantastic opportunity to. Below are five HOC property developments that you can purchase in Penang under the HOC.
What is HOC?
The HOC was first launched by the government in January 2019 and was designed to assist aspiring homeowners in purchasing a property by offering benefits under the campaign.
How does HOC work?
As mentioned, HOC offers benefits to assist aspiring homeowners along towards owning a property. So, what are these benefits?
- There is a full stamp duty exemption on the Memorandum of Transfer (MOT) and Sale and Purchase Agreement (SPA) for homes that are priced between RM300,001 and RM1million. Homes that are valued at less than RM300,000 do not qualify for the exemption.
- Properties that fall in the RM1million -RM2.5 million price range will be subject to a reduced stamp duty of 3%, where the 3% stamp duty will only be imposed on the balance amount after RM1 million. For instance, if the property price is RM1.5 million, the 3% fee is imposed only on RM500,000.
- The 0.5% stamp duty charge on your housing loan agreement are also fully exempted – this applies for properties priced from RM300,00 to RM2.5 million.
- Homebuyers will get to enjoy a (minimum) additional 10% discount on the purchase price – This discount must be reflected in the Sale and Purchase Agreement (SPA). Property developers are required to offer at least a 10% discount for their residential projects in order to register their development(s) under the HOC.
To activate these benefits, aspiring homeowners need to satisfy a few conditions. They are:
- The property must be purchased between 1 June 2020 and 31 December 2021.
- The buyer must be a Malaysian citizen.
- Only residential properties in the primary market (homes that have been launched or completed) and purchased directly from the developer will qualify for the campaign.
- Homes in the secondary market, such as those purchased from a friend, family member or any other person that has previously bought the home from a developer, do not qualify.
To read more about HOC and how will it benefits you as a homeowner, check this article out: HOC 2020 (Home Ownership Campaign) extended until 2021! Here’s what homebuyers should know
Will HOC be extended?
Yes! Although originally slated to end on 30 June 2019, HOC has been extended thrice now and will run until 31 December 2021.
HOC 2020 projects in Penang
Looking for a home in Penang? Here we’ve listed some of the best HOC 2020 projects you should check out in Penang.
Aston Acacia – Bukit Mertajam
Aston Acacia is located in the established township of Bukit Mertajam. It is strategically located along Persiaran Aston Indah and only a short drive away from the The Summit Bukit Mertajam giving it access to good amenities. Featuring 2 blocks of 33-storey high-rise towers, offering a total of 622 serviced suites with 4 different layout designs. It will also have 38 units of shop offices will be located at the ground levels making this an integrated development that is perfect for the young working professional who is looking for a little buzz where they live.
Developer: Hua Yang
Type: Service Apartment
Built-up: 700 sq ft – 1,206 sq ft
Year of completion: 2024
Mekarsari Anggun – Bertam, Kepala Batas
Mekarsari Anggun is the first gated and guarded development at North Seberang Perai. Being only a short distance to Bandar Putra Bertam and a mere 6-minutes’ drive from the North-South Expressway, the development offers connectivity together with the comforts of living in a green lung with its landscape featuring centralized park areas and gardens at the doorsteps of your home. The spacious land area and built-up and family-friendly facilities should encourage families living here to get more into the outdoors. The accessibility to amenities such as hypermarkets like Tesco and Mydin as well as educational institutions may sweeten the deal for a lot of people.
Developer: Hunza Properties Berhad
Type: Double-storey terrace
Built-up: 2,136 sq ft – 2,394 sq ft
Year of completion: 2023
Muze@PICC – Bayan Lepas
Muze@PICC is the first residential project at PICC (Penang International Commercial City) and is designed and created for buyers who are looking for an integrated lifestyle that merges the comforts of residential living with the amenities of a commercial hub. Featuring two towers and a total of 846 units, Muse features four facility hubs that brings together amenities such as Smart home features, an outdoor gym, sparkling pools, game rooms and wellness zones to cater for any need you have or mood you are in.
Developer: Hunza Properties Berhad
Built-up: 1,087 sq ft – 5,264 sq.ft
Year of completion: 2022
Setia Sky Ville – Jelutong
To meet the growing demand at the island for more sophisticated luxury-style properties, Setia Sky Ville’s impressive list of lifestyle facilities is sure to entice buyers looking for properties of this sort. The beautifully landscaped property features an amazing 112 species of plants. Residents can also enjoy multiple swimming facilities with the azure blue swimming pool being the feature. There is also a lifestyle deck on level 7 that features a community garden, outdoor dining deck, barbeque deck, basketball court, multi-purpose court, yoga decks, jogging tracks and landscaped gardens and lawns. Setia Sky Ville is designed for people looking for an active young lifestyle in a tropical paradise.
Developer: S P Setia Group Bhd
Built-up: 1,036 sq ft to 1,424 sq ft
Year of completion: Q1 2021
Sunway Cassia – Batu Maung
Sunway Cassia is nestled comfortably in the green lung of Batu Maung and while that may make you feel like you could be living a little further away from civilization, the development’s easy access to major expressways such as both Penang bridges and the Tun Dr Lim Chong Eu Expressway suggests otherwise. Its strategic location near shopping malls, educational institutions and healthcare facilities makes this development an ideal option for a young family looking to lay roots in Penang. Sunway Cassia features 23.12 acres of freehold residential enclave with 133 units of 3-storey terrace homes and 48 units of 2-storey semi-detached homes.
Developer: Sunway Property
Type: Double-storey semi-detached
Built-up: 3,196 sq ft and 3,770 sq ft
Year of completion: 2017
So, as you can see, owning a property in Penang and investing into island living has really become a lot easier. If you have been thinking about relocating there, then this perhaps is the ideal time. Just take advantage of some of the benefits offered under HOC for the properties above and you can make it happen.
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