Petaling Jaya, 19 October– Property developer, LBS Bina Group Berhad (LBS), believes it is imperative for Budget 2017 to continue being rakyat-centric, particularly in making homes within reach for first time home buyers.
“As a Malaysian property developer, we play an important role in supporting the national agenda of housing the nation. This is why LBS has proactively developed projects like the Rumah SelangorKu. We believe easier access to home financing, incentives and measures to improve the earning of those from middle income groups will greatly boost Malaysia’s efforts in housing the nation. These are key areas Budget 2017 should I address,” said LBS Bina Group Berhad Managing Director, Tan Sri Lim Hock San.
Sharing his suggestions on ways to boost the residential property industry in Malaysia, Tan Sri Lim said that growing families also need easier access to financing to upgrade their homes for a better quality of life. Other examples he shared included offering an exemption for stamp duty on loan agreements involving properties under RM500, 000, and greater flexibility with housing loan policies. Tan Sri Lim added that further tax incentives or allocations could promote the development of new township projects, providing convenience and higher quality of life for Malaysians.
With regards to the Malaysian economic outlook, LBS believes that the interest rate policy will remain accommodative to home buyers while supporting steady economic growth. This comes as Bank Negara reduced its Overnight Policy Rate (OPR) from 3.25 per cent to 3.0 per cent. The property developer added that inflation is expected to be at the lower end of the 2 per cent to 3 per cent range for 2016, and will remain relatively stable in 2017 given the environment of low global energy and commodity prices, and generally subdued global inflation.
“We believe Bank Negara’s expectations for the economy to grow at 4 per cent to 4.5 per cent this year is achievable. This is supported by the demand for homes, particularly affordable homes, by Malaysia’s younger demographic population. LBS is equally optimistic about our steady growth as we have strategically aligned our growth plans to suit the current market environment. Our offerings continue to enjoy a steady demand, and we are optimistic of achieving our sales target of RM1 billion by the end of 2016,” concluded Tan Sri Lim.