The change in government after the historic GE14 has sent shock waves across the country and the international stage as well as jolted business owners and share market players.
Here are the compilations of what you can expect in the property market in Malaysia for the next quarter of 2018:
1. The Implementation of SST
The reintroduction of the sales and services tax (SST) in September this year will see lower prices of goods in general, but there could be a potential spike in the prices of some items, including the cost or charges for services rendered.
For property prices, i.e., new houses are expected to experience a slightly cheaper price since they can save from input costs.
2. National Affordable Housing Council to begin work on August
The National Affordable Housing Council is expected to begin its work by August once papers regarding its setting up are finalised by the Cabinet, said Housing and Local Government (KPKT) Minister Zuraida Kamaruddin.
The council will be tasked to monitor the construction of affordable housing, coordinating databases and to implement a self-renting scheme for the B40 and M40 groups nationwide.
3. Six mil sq ft Retail Space Incoming By End 2018
With a recorded 3% year-on-year (YoY) growth in the Greater Kuala Lumpur, an incoming supply of 6mil sq ft is scheduled for completion by the end of this year according to the Savills World Research Asian Cities report.
4.Government Housing Projects To Be Unified Into A Single Body & The Credit Rating And Lending Policies For The housing Loan Will Be Review
KPKT is planning to combine all existing housing projects by the previous government into a single entity. KPKT will file the Cabinet papers to coordinate the projects from all government agencies such as PR1MA, SPNB, RUMAWIP, PP1M, among others.
There will be a meeting between KPKT, Ministry of Finance (MoF) and Bank Negara Malaysia (BNM) to review the credit rating and lending policies for the housing loan.
5. Deadline For Foreigners To Vacate PPR Housing
KPKT has given owners of People’s Housing Project (PPR) units three months to vacate their houses from being rented by foreigners. The move is being taken to ensure that foreigners no longer occupied the PPR units and it would begin with houses under the supervision of KPKT and subsequently, it would move to the other sectors,” she said at a media conference at her ministry, here today.
The enforcement was being implemented to ensure that local people were being given priority to get the houses besides social issues that were frequently raised by the foreigners who occupied these houses.