KUALA LUMPUR: The extension of the Home Ownership Campaign (HOC) will drive property gross sales within the nation and help kickstart financial development, stated the Real Estate and Housing Developers Association (REHDA) Malaysia.
Its deputy president Datuk Tong Nguen Khoong stated the property sector performs an essential function in driving development because it includes round 180 downstream industries from varied sectors of the economy.
He stated the extension of the HOC will present an amazing alternative to spur the economy as it’s a good time for individuals who haven’t owned a home or property to make purchases.
“We need to thank the federal government for really extending it from the tip of May final yr to the tip of December. However, within the interim, as you already know, there was a Movement Control Order (MCO) interval of 5 months.
“Showrooms had been closed. While there have been some gross sales on-line, I feel we missed the chance as effectively. So we’ve written to the federal government for (the extension of HOC), however we’ve but to listen to from them. As far as we all know, the HOC has not been prolonged,” he instructed reporters immediately on the sidelines of REHDA’s Institute CEO Series 2022 – Annual Property Developers’ convention.
Commenting additional on whether or not the federal government will lengthen the HOC in 2022, Tong stated it’s a troublesome name to make as there are various elements concerned in making the choice.
“The Ministry of Finance has to steadiness all elements regarding the HOC extension, so I would go away it to the federal government however I feel they’ve completely different levers on how they will transfer the economy ahead,” Tong added.
The HOC is a authorities initiative designed to assist homebuyers and encourage the sale of unsold properties. – Bernama