Property News

Budget 2024: Govt allocates RM24.7b for people’s housing projects

KUALA LUMPUR – The government has allocated RM2.47 billion to implement people’s housing project (PPR) next year, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also the Finance Minister, said this included a special RM1 billion guarantee fund to encourage responsible developers to rebuild abandoned projects which have been identified.
He said about 256 sick projects or more than 28,000 housing units with a gross development value of RM23.37 billion had been revived as of August this year.

“In addition, RM546 million will be allocated to continue 36 PPRs, including a new project in Kluang, Johor.
“Insya Allah, 15 PPRs for 5,100 potential new residents are expected to be completed next year,” he said when tabling the Malaysia MADANI Budget 2024 in the Dewan Rakyat today.
Anwar said a total of 14 Rumah Mesra Rakyat projects also continued to build 3,500 housing units involving RM358 million. In addition, RM460 million has been allocated to help about 65,000 poor families in rural areas to build new houses or repair dilapidated houses.
He added that RM100 million was allocated for the maintenance of low- and medium-cost stratified public and private housing nationwide, including the repair of water tanks, roofs, cable systems and the installation of close-circuit television (CCTV) cameras.
According to him, funding for the Housing Credit Guarantee Scheme will be increased to RM10 billion, benefiting 40,000 borrowers.
To facilitate the redevelopment of the strata system, Anwar said the threshold for residents’ consent to sales within a block will be lowered from 100 per cent to a uniform level, following the model of international practices such as in Singapore.
“Under the Unity Government, the government has taken charge of the development of Bandar Malaysia to ensure that strategically important land is optimally utilised for people’s projects based on MADANI values,” he said.
Anwar said the government will also allocate RM100 million to Chinese new villages to provide basic infrastructure and social amenities.
To control property prices, the Prime Minister said the government planned to impose a flat stamp duty of four per cent on property transfers by non-citizens and foreign-owned companies, except for permanent residents of Malaysia.
“The government is also proposing that next year, the instrument transfer of property’s ownership involving beneficiaries giving up their rights to entitled beneficiaries under a will or faraid (the Islamic law of inheritance) or the Distribution Act 1958 will only be subject to a stamp duty of RM10 instead of ad-valorem stamp duty rate as previously imposed. – BERNAMA

Source: The Malaysia Reserve