KUALA LUMPUR: LBS Bina Group Bhd has issued a "2022 Budget wishlist" to stimulate the housing economy as the nation progresses towards recovery.
This included permanent implementation of the Home Ownership Campaign (HOC), relaxation of requirements for Malaysia My Second Home (MM2H) programme, and waiver of levy on foreign labours in the construction sector.
LBS said the HOC had been a welcome boost for property developers in generating property sales as buyers grew more cautious due to the Covid-19 pandemic.
"As the country returns to pre-pandemic normality, the group has first-hand witnessed the positive impact of the HOC on the property market and hopes the government will consider a permanent implementation of the HOC along with full stamp duty exemption for up to the first RM1 million of the property's purchase price.
"This will ensure the entire supply chain of the construction and property development industry will continue to carry on without disruption while buying sentiment remains," it said in a statement today.
The company said the recent revisions to the MM2H programme requirements for new applicants might be too stringent and deter foreigners from choosing to work and live in Malaysia.
Hence, it proposed that the government revise the MM2H criteria by lowering the qualifying minimum income for an applicant back to the original RM10,000 per month, reducing the minimum amount of liquid assets to RM500,000 compared to RM1.5 million now, reducing the minimum amount of fixed deposits in a Malaysian bank account to RM300,000 from RM1 million, and maintaining the duration of the MM2H pass at 10 years.
LBS also hopes for incentives for the adoption of the Industrialised Building System and to counter the rising cost of materials, as well as a reduction in compliance costs.
"LBS wishes for the government to reduce compliance costs borne by developers for example, reducing development charges, land conversion premiums or strata title application. Any savings from these measures would be hugely beneficial and can be passed on to homebuyers via a more affordable pricing point."
It also hopes for a reduction in minimum threshold for foreign property ownership to RM500,000 for all states.
LBS executive chairman Tan Sri Lim Hock San said with the pandemic and implementation of the Movement Control Order (MCO), the market had been sluggish and had caused uncertainty among investors.
"Thus, hopefully with the right aid from the government, this could lead to an increase in home ownership for Malaysians," he added.
