Leading developer LBS Bina Group (LBS) has joined the clarion call for an extension of the Home Ownership Campaign (HOC) in the lead-up to Budget 2021.
In addition, it suggests the implementation of special end-financing scheme for first-time house buyers, grant incentives to township developers to assist in better infrastructure planning, as well as additional benefits to encourage wider Industrialised Building System (IBS) adoption.
“We wish to highlight these recommendations for Budget 2021 as we strongly believe this wishlist can help developers, empower home buyers and help achieve the nation’s in aspiration of increasing home ownership for Malaysians,” said LBS Group Managing Director, Tan Sri Lim Hock San.
He said, LBS remains committed to support the government’s housing agenda, and would propose key measures aimed at encouraging homeownership and uplifting property market.
Among them, LBS pointed out that property affordability remains a key challenge for the majority of Malaysians, especially first-time house buyers. LBS suggests the Government extend the HOC, as incentives under HOC will significantly reduce the burden of homebuyers.
To enable more buyers to secure housing loans, it also urges the Government to introduce a special low interest rate for housing loans for first-time home owners, especially the younger generation.
Furthermore, LBS is of the view that the government should widen its incentives to developers who adopt IBS technology over the traditional construction system. The IBS system embraces modern technology, which can reduce dependency on unskilled foreign workers, building cost and increase productivity. Eventually, this will aid in reducing house prices.
The company also believes that it is important for the Government to grant more incentives to township developers, as it will help our nation in greater city planning as we move towards the future.
“With the right strategies and Government supporting policies in place, it will definitely boost the property market and contribute to stimulating the country’s economy growth,” said Lim.