The Home Ownership Campaign (HOC) 2019 was successfully launched by the Prime Minister of Malaysia, Tun Dr Mahathir Mohamad on 1st March 2019 at their flagship property expo, Malaysia Property Expo (MAPEX) 2019 in KL Convention Centre.
HOC 2019, organised by Real Estate & Housing Developers’ Association (REHDA) Malaysia and Ministry of Housing and Local Government (KPKT), aims to halve the total overhang residential units in Malaysia by offering various discounts and incentives. While doing so, the government is committed in their efforts to increase home ownership among the rakyat.
The incentives and benefits offered under HOC 2019 are as follows:
- Stamp duty exemption on property sales and purchase agreements (SPA) for properties priced up to RM1 million and for loan agreements of up to RM2.5 million
- Minimum 10% discount on property from developers
- Mortgage support for first-time homebuyers with a household income of up to RM5000 by Cagamas Bhd
- Schemes to assist first-time homebuyers – Youth Housing Scheme, My First Home Scheme, MyDeposit, FundMyHome+Depositku, BNM Fund for Affordable Homes
MAPEX 2019 so far
Perbadanan PR1MA Malaysia (PR1MA) has received bookings for more than 1,600 units for PR1MA homes nationwide between March 1 and March 8, indicating that more homebuyers are purchasing properties.
With the amount of potential savings that homebuyers can get, it is also no surprise that the recent MAPEX held in Kuala Lumpur Convention Centre (KLCC) raked in some RM285 million from booked units.
At the same time, a total of 227 buyers managed to buy government-linked homes at the first MAPEX 2019 alone.
It is considered a good opportunity for homebuyers to get first-hand consultation from the various agencies to work out property purchases and applications. There’s a designated government pavilion featuring agencies like Rumah SelangorKu, RUMAWIP and PRIMA Homes where visitors can go to. Financial institutions were also there, where visitors can get loan consultation and generate their CCRIS report right on the spot.
More purchases is expected to come in soon as the home expo, running the efforts of HOC, is on tour nationwide till June. The expo that is going to be held in Klang Valley; Mid Valley Exhibition Centre on 26 – 28 April and One Utama Shopping Centre on 12 – 16 June, are expected to help achieve the target of RM3 billion sales set by REHDA, the main organiser of MAPEX.
Click here to visit MAPEX website for more info.
Stay tuned to PEPS Malaysia Facebook & LinkedIn page to get more updates & read discussions on HOC and MAPEX 2019.
Article & infographic contributed by Property Advisor.