KUCHING: The Sarawak Housing And Real Estate Developers’ Association (SHEDA) welcomes the Malaysian Home Ownership Initiative (i-Miliki), making it easier for first-time homebuyers to own a home.
According to Steve Tan, the organising Chairman of SHEDA Property Expo 2023, homebuyers will now receive a minimum discount of 10 per cent on the original selling price of residential properties. This discount will be clearly stated in the Sale and Purchase Agreement (SPA).
In a statement released today, Tan said these savings are beneficial for homebuyers who face challenges with the initial lump sum payment required when purchasing their first property.
Furthermore, Tan explained that buyers of homes priced at RM500,000 and below will be fully exempt from paying stamp duties on the Memorandum of Transfer (MOT) and loan agreement.
For residential units priced above RM500,000 up to RM1 million, buyers will receive a 75 per cent reduction in the two stamp duties.
“All of these measures aim to make the home-buying process more affordable for potential homeowners,” said Tan.
To take advantage of the i-Miliki initiative, Tan specified that SPAs must be signed between June 1, 2022, and December 1 of this year. The residential properties eligible for this initiative include houses, such as condominiums, apartments, flats, serviced apartments, and small office home offices (SOHO), and the agreements must be made between individuals and property developers.
In light of this, Tan encouraged anyone interested in purchasing a property to visit the SHEDA Property Expo from July 14 to 16 at the Borneo Convention Centre Kuching (BCCK).
The main sponsors of the event are Ibraco Berhad, Lee Onn Development Sdn. Bhd., and Chen Ling Development Sdn. Bhd. It is also supported by the Ministry of Public Health, Housing and Local Government, Sarawak (MPHLG), the Construction Industry Development Board Malaysia (CIDB), Sarawak Metro Sdn. Bhd., and the Centre of Technical Excellence Sarawak (CENTEXS).
For those interested in booth availability or seeking further information, please contact Michelle at 016-8972723 or Florence at 016-5789541, or email secretariat@sheda.org.my.
