KUALA LUMPUR (Aug 20): Property developer Mah Sing Group Bhd (KL:MAHSING) has called for a revival of the Home Ownership Campaign (HOC) to help promote homeownership.

According to a media statement on Tuesday as part of a wishlist for Budget 2025, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the incentives given under the HOC, such as the 100% stamp duty exemption for properties priced from RM300,001 to RM1 million and 10% discount on property purchase for first-time homebuyers, have proven to be vital in helping homebuyers secure their home while reducing the housing overhang situation.

"We hope the government will implement additional measures to support first-time homebuyers, streamline the home-buying process and accelerate the recovery of the property industry. This is especially important considering the significant multiplier effect on more than 140 industries, which will positively impact the overall economy. We hope that the government will consider the following as part of its effort to help the rakyat, stimulate the property sector and advance its vision for Malaysia Madani," said Leong.

He suggested a one-off First-Time Homebuyers' Grant of RM30,000 for properties priced up to RM500,000. "This grant would significantly lower the financial burden on first-time homebuyers, especially in urban areas where property prices continue to rise. With lower and fixed-rate financing, this support would provide essential stability and predictability for young Malaysians and middle-income earners who may be concerned about rising interest rates.”

He added that the tax deduction for housing loan interest can be reintroduced as well. "This tax relief provided significant financial support to first-time homebuyers by allowing a deduction of up to RM10,000 per year on interest paid on housing loans for three consecutive years. Reintroducing this measure would provide substantial financial support to new homeowners to reduce their financial burden and encourage more Malaysians to invest in property."

Additionally, he hoped that the government would consider removing or reducing compliance costs and streamlining the approval processes to ease the pressure on development costs and house prices for the masses. Specific measures, he said, could include reducing development charges, lowering land conversion premiums and exempting utility contribution charges.

Meanwhile, he proposed greater incentives for green building and sustainable development. "These incentives would support Malaysia’s environmental goals, including the commitment to achieve carbon neutrality by 2050. By encouraging the adoption of eco-friendly construction methods, the government can help drive the real estate sector towards more sustainable practices and contribute positively to environmental conservation."