KUALA LUMPUR, JAN 28 – Prime Minister Datuk Seri Najib Tun Razak announced the revised Budget 2016 to address the current challenges in the global economic environment.
Tan Sri Dato’ Sri Leong Hoy Kum, Group Managing Director of Mah Sing Group Bhd applauded the Prime Minister’s efforts to aid the lower-income group.
“The 3% reduction in employees’ contribution to EPF from March 2016 to December 2017, as well as the special tax relief of RM2,000 to individual taxpayers with a monthly income of RM8,000 or below for the year of assessment 2015, will boost domestic demand and have a positive multiplier effect on the economy,” Leong said.
About 2 million taxpayers are expected to enjoy individual tax savings of up to RM475, which will result in more disposable income for discretionary spending.
Continued focus on affordable housing
Najib announced a new policy where all houses priced up to RM300,000 will be limited to first-time house buyers only to help the younger generations to own their own properties.
“The new scheme, as well as the introduction of Integrated House Ownership Expo Road shows, will definitely boost home ownership. Mah Sing will continue to support the market’s needs for affordable housing by our attractive pricing points, with 50% of 2016 planned residential launches priced below RM500,000.
“Our future sales pipeline includes Cerrado serviced apartments in Southville City@KL South, which are affordable luxury homes indicatively priced from RM388,000; the new township of Laman Ayu township in Rawang, new blocks in D’sara Sentral and Lakeville Residence in the Central region, Ferringhi Residence 2 in Penang island and Meridin East township in Pasir Gudang with affordable landed homes, indicatively priced from RM350,000,” Leong elaborated.
Leong commented that Mah Sing will carefully time their launches to ensure products are in line with market demand while actively pursues sales from existing projects.
“About 89% of our planned residential launches for 2016 are below RM1million,” he further added.
Continued implementation of major projects to directly benefit Mah Sing
The Government’s continued commitment towards major projects such as Mass Rapid Transit (MRT) and Light Railway Transit (LRT), Cyber City Centre, RAPID Pengerang and High-Speed Rail will also directly developers within the Klang Valley region.
“Phase 1 of the MRT Sungai Buloh-Kajang Line from Sungai Buloh to Semantan is targeted for operation by the end of 2016 while phase 2 from Semantan to Kajang will become operational by 2017. This will directly benefit several of our projects.
“For instance, Mah Sing’s D’Sara Sentral is located across the Kampung Selamat MRT Station, the second station on the Sungai Buloh-Kajang MRT line while Lakeville Residence in Taman Wahyu will be near the Batu Station on MRT line 2,” Leong said.
Mah Sing strives for better connectivity will provide convenience for their residents and which also result in property appreciation especially in the vicinity of MRT stations.
“The investment will drive demand for housing in the vicinity, directly benefiting our township of Bandar Meridin East in Plentong. In view of this, we intend to preview our double-storey link homes indicatively priced from RM 350,000 within the next 3 months. The proposed implementation of the Cybercity in Cyberjaya will increase demand for both commercial, retail and residential units, within our Garden Residence@Cyberjaya and Garden Plaza@Cyberjaya,” he added.