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Developers’ Budget 2022 wishlist: Extension of HOC

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PETALING JAYA (Oct 21): According to Real Estate and Housing Developers’ Association Malaysia (REHDA), as at Sept 30, 2021, a total of 73,503 houses worth of RM56.96 billion (RM47.38 billion after discount) have been sold under the Home Ownership Campaign (HOC) since June 1, 2020.

Currently, 71% of the “REHDA Property Industry Survey 1H2021 and Market Outlook 2H2021” survey respondents are participating in HOC 2020-2021 and believed that the campaign helped to boost property sale. The survey was released today.

“We asked our respondents what their Budget 2022 wish list would be, and the extension of HOC topped the list because we have lost four months due to the lockdown. We are hoping that the HOC, which is ending on Dec 31, 2021 can be extended,” said Real Estate and Housing Developers’ Association Malaysia president Datuk Soam Heng Choon.

The other two top Budget 2022 wish lists of the developers are the waiver or reduction of the Real Property Gains Tax and the reduction of compliance costs.

The HOC was reintroduced on June 1, 2020 to May 31, 2021, as part of the government’s Economic Recovery Plan to stimulate the residential market following the Covid-19 outbreak.

On May 31, 2021, the Ministry of Finance announced a seven-month extension for the HOC to Dec 31, 2021 under the government initiatives – PEMERKASA+ Stimulus Package.