REAL estate developers are appealing to the government to consider extending the 75% stamp duty exemption to everyone, not just first-time house buyers, as it will benefit a wider market.

Real Estate and Housing Developers’ Association (Rehda) Malaysia president N.K. Tong said he had hoped the government will take more measures to address the concerns in Budget 2023.

“Given the myriad of issues facing the construction and property industry, we had also expected the government to take bigger measures to alleviate some of these concerns, such as the hike in building material prices and labour shortage issues.”

He said that despite this, Rehda would continue to provide quality, affordable homes.

Tong said he has high hopes in the responsive, responsible and reformist agenda as defined in today’s budget.

“We applaud the measures to ease the increased stamp duty exemption to 75% from 50% for residential properties of RM500,000 to RM1 million, which will end on December 31, 2023.

“This will complement the previously announced 100% stamp duty exemption for the memorandum of transfer for houses valued RM500,000 and below until the end of 2025.”

He also said the government’s generosity to only impose a RM10 stamp duty for transfers made by way of gift between family members was appreciated.

“Currently, only transfers between husband and wife are given a full 100% exemption, while transfers between parent and child are given an exemption of 50%.

“Future homebuyers will also benefit from the RM3 billion for Syarikat Jaminan Kredit Perumahan Bhd (SJKP), which will surely provide some relief to those without a fixed income, such as gig economy workers.”

Tong said the industry also welcomed the government’s renewed commitment for the lower income group with RM367 million for new PPR projects in Terengganu and Perlis, and RM358 million for PRMR.

“Collectively, this will benefit more than 16,000 B40 households. The increased ceiling rate to build new homes and the construction of 3,000 new homes including in Sabah and Sarawak further prove the government’s dedication to ensure quality living and homes for all Malaysians.” – October 7, 2022.