LBS Bina Group hopes for more flexible financial guidelines for the property market

LBS Bina Group hopes for more flexible financial guidelines for the property market

KUALA LUMPUR, September 28 — LBS Bina Group Bhd hopes that the government and Bank Negara Malaysia will be more flexible with end financing guidelines and grant further incentives for first-time house-buyers.

In a statement Monday, the property developer said some inducements should also be granted for second-time house-buyers who need to upgrade due to expansion of family members or an increase in their household income.

“The group hopes that the government would review and ease the cooling measures on property to cushion the current economic challenges,” it said on its pre-budget 2016 wish list.

It added the government could enhance development projects by supplying more land to private developers at reasonable prices through joint venture and sale agreements.

“The government can add value by providing good infrastructure,” said LBS Bina, adding that the government could provide more incentives for affordable housing to ease the burden of the middle- and lower-income groups.

The property developer also suggested that the government could control and create policies to lower the cost of construction materials for affordable housing.

“The government should allocate more funding to benefit the community within and the surrounding development such as upgrading the current infrastructure and improving and enhancing public transportation services,” it added.

LBS Bina said the government should also ensure that land prices are not marked up to prevent them from escalating to unattainable levels.

The group also suggested the government look into allowing the sale price range to be lowered back to RM500,000 from the existing minimum of RM1 million to encourage foreign investment inflows to revive the property market.