Bumi property discounts stay, says Azmin Bumi property discounts stay, says Azmin
Share this on WhatsAppThe confusion over whether bumiputera property discounts will be abolished or retained was cleared by Menteri Besar Datuk Seri Mohamed Azmin... Bumi property discounts stay, says Azmin

The confusion over whether bumiputera property discounts will be abolished or retained was cleared by Menteri Besar Datuk Seri Mohamed Azmin Ali, confirming that there will be no change in the policy.

He said the news on the standard prices for all races following the new guidelines only applies to certain property types.

State exco Datuk Teng Chang Khim was reported last week as saying that prices of serviced apartments, small office/home office (SoHo) and small office/versatile office (SoVo) have been lowered for all buyers regardless their racial background.

Azmin said the state has only streamlined the prices for these types of properties to about  RM270,000, which are usually price between RM450,000 and RM600,000 per unit for SoHo and SoVo.

He said the original prices are so out of reach of the target group that a 10 per cent discount is ultimately meaningless.

“The selling prices for other projects and developments are still the same, the bumiputera discount has not been abolished and this does not erode the rights and privileges of bumiputeras,” he said.

Earlier, Teng said the state has also set the selling price of these properties between RM230,000 and RM270,000, adding that the maximum household income for eligible buyers would be revised from RM8,000 to RM15,000, thus allowing more people to qualify for the purchase of such properties.

He also said the 30 per cent quota for bumiputera property ownership remains.

Meanwhile, Chang Kim Loong, honorary secretary-general of National House Buyers Association (HBA), said the move would ensure that no person would be left out of the affordable housing equation.

He said when a percentage of their units is sold at a discount, the price of the remaining properties will have to be marked up to ensure that the projected level of profits is met as property developers are profit-oriented and are not in the business of doing charity work.

Chang said it is meaningless to grant discounts to one particular race at the expense of others when all of them are on the same level playing field, with similar household income criteria.

Property 360 Online

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