Budget 2011 Highlights – New Proposals Related to Property Industry in Malaysia

Finally, our Prime Minister Datuk Seri Najib Abdul Razak tabled the latest Budget 2011 in Parliament on 15 October 2010. Here are some of the proposals related to the property industry: -

My First Home Scheme – 100% housing loan will be allocated for those with household income lesser than RM3,000 per month via Cagamas Berhad. Down payment of 10% is guaranteed by government for houses costing below RM220,000.

Instruments of Transfer Stamp Duty Exemption – 50% discount for residential property below RM350,000. It is applicable to first residential property and can be claimed once only.

Loan Agreement Stamp Duty Exemption – 50% discount for residential property below RM350,000. It is applicable to first residential property and can be claimed once only.

Low Cost Housing Financing Scheme – Allocation of RM50 million for all permanent Malaysian estate workers to obtain housing loan up to maximum of RM60,000 for buying low cost houses at 4% interest rateand loan tenure up to 40 years.

Affordable Homes For Poor and Low Income Group – Allocation of RM568 million to build thousand of affordable homes under these projects: –
Urban Housing Aid Project – 300 units
Public Housing Programme – 79,000 units
Projek Bantuan Rumah Sewa – 8,000 units

Malaysian Rubber Board Land in Sungai Buloh – Allocation of RM10 billion to develop the 2,680 acres mix development and target to be completed by 2025.

100 Storey Tower – It will be the tallest building in Malaysia at a new landmark named as “Warisan Merdeka” developed by Petronas. It’s a RM5 billion integrated mega project and target to be completed by 2020.

New Highways – Guthrie-Damansara Expressway, Damansara-Petaling Jaya Highway, Ampang-Cheras-Pandan Elevated Highway, Sungai Dua-Juru Highway, Pantai Barat-Banting-Taiping Highway, Paroi-Senawang-KLIA Highway.