The Real Estate and Housing Developers’ Association Malaysia (Rehda) hopes the Government will not implement any major systemic change for the property sector in Budget 2012.
While applauding the current system, its president Datuk Seri Micheal KC Yam said frequent changes in the taxation and property-buying segment would disrupt the immense investment in property by both locals and foreigners. — Bernama
He said a change, would deepen the negative perception of Malaysian legislation by foreigners, and even locals, that things are always changing.“If the system keeps changing for every budget, then the confidence level for a person to invest in local properties will also be very low.“Sustainability and standardisation of property taxes, as well as a market friendly environment, is very important for Malaysia to compete on the international arena,” Yam said after the opening of the “Green Solutions for Property Development 2011” forum here today.
It was officiated by Housing and Local Government Minister, Datuk Wira Chor Chee Hueng.
He added that the result of an inconsistent system has resulted in only four per cent of households in Malaysia being owned by foreigners.
He said the current system was good in ensuring the competency of the local property market among neighbouring countries.“However, the property segment players must be given time to adjust to a certain legislation system.“Usually, when the players are ready to adopt a new system, it is then being enhanced or upgraded, thus, making it difficult for the property developers to put it into practice,” he added.
Meanwhile, Yam said REHDA hopes the government will review the low cost housing scheme requirements and reconsider the release of unsold Bumiputera-property units, due to less demand from the respective quarter.“This will enable the Malaysian property segment to be a more market and demand-driven,” he said.
News Source: The Star