KUALA LUMPUR (Feb 3): The Sabah Housing and Real Estate Developers Association (Shareda) has lauded the state government’s decision to reduce the fixed deposit minimum to RM200,000 and property purchase eligibility to RM600,000 for its Malaysia My Second Home (MM2H) programme. 

In a press release on Thursday (Feb 2), Shareda president Datuk Chua Soon Ping said, “The rationale to deposit RM200,000 in banks will have no significant effect on the economic spin-off in the local state market. [However, introducing a lower rate will allow Sabah-MM2H participants to make greater expenditures] by spending on purchases of homes, cars and education fees, [which] would have multiplier effects.”

Chua also complimented the state Cabinet in listening to Shareda’s recommendation to set the fixed deposit amount at RM200,000 as opposed to RM1.5 million as proposed initially by the federal Home Ministry.

Additionally, he said the Sabah MM2H guidelines are one of the catalysts for investments in the state, provided that the costs are reasonable and attractive, as Shareda has recommended in the past. 

To make things safer and easier for applicants, Chua proposed online applications, so that applicants who have obtained approval in principle before landing in Sabah can later submit documents for verification. 

The statement added that developers with apartment or condominium units priced at RM600,000 or above, as well as schools and banks, will benefit from having this online platform as all the relevant criteria and information will be available for the applicants on a single platform. 

Chua also said he hopes the government will expedite the release of the new Sabah MM2H guidelines as soon as possible to bring more investments to the state.

https://www.theedgemarkets.com/node/653957